A new report, Heat Pumps Market: Global Industry Analysis and Opportunity Investment, 2016 - 2026, estimates that global sales of heat pumps will be valued at US$6491.7M by the end of 2016. This represents year-on-year growth of 5.8% over 2015.
According to the report published by Future Market Insights, Western Europe is estimated to account for a value share of 40.7% in the global heat pumps market by the end of 2016, but Asia Pacific excluding Japan (APEJ) is anticipated to gain a higher growth rate in later years of the forecast period.
Rapid growth of the global construction industry, along with a strict implementation of new environmentally friendly buildings, especially in China, Japan, the United States, South Korea and Europe, is expected to drive the residential use of heat pumps in these regions. The provision of subsidies for the purchase of heat pumps is also expected to drive growth within countries such as the United States, Japan, Australia and the EU.
Responding to the figures, Ice Energy Founder and Managing Director, Andrew Sheldon said: "This is extremely encouraging news which continues to demonstrate the global support for heat pumps.
"The fact that countries such as China and the US, which are not traditionally recognised for addressing climate change or reducing carbon, are also expected to see significant growth in the adoption of heat pumps, is equally encouraging.
"It is now time for a sustained and unified initiative by governments and businesses alike to significantly increase the profile of heat pumps if we are to maximise the appetite there clearly is for these products."