Heat Pump Market - Size, Share, Outlook, and Opportunity Analysis, 2018 – 2026
Heat pump is a device that collects heat from sources such as air, water, and ground, and transfers the heat to another location, typically against a temperature gradient. Heat pumps have many advantages such as low running costs, less maintenance, less carbon emissions, and long life span among others. Usage of heat pump is the most energy efficient way to provide heating and cooling to various processes in the end-use industries such as pharmaceutical, textile, food processing and cold stores, automobile, and hotels. Request For Sample Copy of this Research Report : https://www.coherentmarketinsights.com/insight/request-sample/2167 Increasing consumption of energy in buildings is one of the major factors driving growth of the market One of the major factors attributed to growth of the market is the rising consumption of energy in buildings. For instance, according to the International Energy Agency (IEA) analysis, in 2015, building and building construction sectors were accounted for around 37% of the global final energy consumption and around 40% of total direct and indirect CO2 emissions whereas, energy consumed by transportation sector was 28%, by iron, steel, and cement manufacturing industries was 30%, and others 5%, respectively. According to this statistics, buildings and construction accounted for around one-third of global final energy consumption. Therefore, rising consumption of energy in buildings will positively increase the installation of heat pumps near buildings. This heat pump is a highly energy-efficient alternative over the furnaces and air conditioners, which results in less energy usage. Hence, this factor is expected to fuel growth of the global heat pump market over the forecasted period. Global Heat Pump Market: Restraints High cost of heat pump is one of the major factors hindering growth of the market. For instance, according to Coherent Market Insights’ analysis, price for 1.5 Tons, 800cfm, 5kw heat pump was US$ 3,350, price for 2.5 Tons, 1200cfm, 7kw heat pump was US$ 4480, and price for 5 Tons, 2000cfm, 10kw heat pump was US$ 6890. Therefore, the price of heat pump depends on the capacity of the heat pump.