Global sales of heat pumps has reached $ 6,491.7m so far in 2016, witnessing a Y-o-Y growth of 5.8% over 2015.

Western Europe continued to be the largest market for the devices, accounting for nearly 41% share of global revenues. APEJ, a fast-growing market for heat pumps, is expected to emerge as a lucrative market for heat pumps in the future.
Heat pump
Rapid growth of the global construction industry, along with a strict implementation of new environmental friendly buildings especially in China, Japan, United States, South Korea, and Europe is expected to drive the residential use of heat pumps in these regions.

Countries such as United States, Japan, Australia, and the European Union are providing subsidies on the purchase of heat pumps in order to reduce their carbon footprint and be more conscious towards the environment by encouraging the use of renewable energy for heating and cooling. This is also a major driving factor for increase in the usage of heat pumps globally. However, high cost of installation and low public awareness about the benefits of heat pumps may act as restraints in the global heat pumps market.

Electric power source heat pumps are witnessing higher demand, owing to large availability and lower cost. This segment is anticipated to witness a substantial growth and register a CAGR of 7.2% in terms of value through 2026.