Heat Pump Market Regional Analysis:
APAC Market Insights
The share of the heat pump market in Asia Pacific, amongst the market in all the other regions, is projected to be the largest with a share of about 35% by the end of 2035. The growth of the market can be attributed majorly to the rapidly growing industrialization in the region, especially with the expanding chemical, paper, textile, and automotive industries besides the increasing demand for efficient space and water heating solutions in single and multi-family residential buildings with the rising population and their disposable income. As per findings, the Asian region had the largest regional chemical market in the world. Asia accounted for a nearly 59% share of the global chemical industry's revenue in 2021.
North American Market Insights
The North American heat pump market is estimated to be the second largest, registering a share of about 25% by the end of 2035. The growth of the market can be attributed majorly to the increasing adoption of policies to phase out fossil fuels as a means of heating backed by the climate policy revolution and government initiatives. For instance, as per the plan approved by the New York Commission, all new houses built in the state after 2025 need to use electric systems rather than those running on natural gas, oil, or propane, seeking to require homeowners to replace all fossil-fuel-burning systems with non-carbon-emitting ones after 2030.
Europe Market Insights
Europe region is anticipated to register substantial growth through 2035. The regional market is anticipated to grow on the back of the European Union’s strategy to curb annual emissions as well as increase investment in renewable energy besides the adoption of heat pumps in buildings for heating and cooling. As per findings, the United Kingdom plans to introduce a ban on oil and gas boilers within the next 5 years and has announced a target of selling 600,000 heat pumps annually by 2028. Moreover, research that covered data from 21 countries unveiled that a total of over 16 million heat pump units were installed in these countries of Europe in 2021.
