Heat Pump Market: Global Market Estimation, Dynamics, Regional Share, Trends, Competitor Analysis (2017-2021) and Forecast (2022-2028)

Description

Heat Pumps Market size was valued at USD 84,658.6 million in 2021 and is poised to grow at a significant CAGR of 8.9% over 2022–2028. Heat pumps powered by the Internet of Things (IoT) allow for real-time monitoring, proactive maintenance, and remote diagnosis. Smart thermostats that help monitor environmental changes and connect with their water heater equipment are part of the Internet of Things (IoT)-based heat pumps. Their structures and methods of functioning, however, have not changed. The development of next-generation heat pumps has placed a high priority on automation and remote control. Heat pumps now come with LCDs and warning lights to make them easier to understand. To save energy and improve efficiency, research is also being done worldwide to incorporate machine learning and artificial intelligence into heat pumps. The researchers used machine learning techniques to create equations for heat pump design charts based on the results of 500,000 simulations. The heat pumps’ integration eliminates the need for physically turning on or off heat pumps with machine learning and artificial intelligence, which can investigate consumer consumption patterns and analyze their operational time and length. These elements are anticipated to increase demand for heat pumps and produce profitable opportunities for market participants. The market for heat pumps is projected to increase as consumers want more environmentally friendly and technologically advanced heating and cooling equipment. To reduce the carbon intensity, Heat pumps have much value. Compared to conventional electric resistance heating appliances, they can assist cut the amount of electricity used for cooling and heating applications in half. Compared to conventional heat pumps, modern technology heat pumps like ground-source heat pumps (GSHP) require just one-fourth of the electrical energy and three-fourths of the environmental energy.

Recent Market Developments:

In January 2022, Johnson Controls has acquired FogHorn, a leading developer of Edge AI software for industrial and commercial Internet of Things (IoT) solutions. This development will help Johnson Controls to boost its building solutions business.