Market drivers include government policies,
decarbonization efforts, fuel costs and scarcity
BOULDER,
Colo., July 9, 2024 /PRNewswire/ -- A new
report from Guidehouse Insights evaluates the market for
residential heat pumps in cold climates around the world.
Technological advances, primarily in
inverter-driven compressors, have enabled heat pumps to perform
well in cold climates. According to a new report from Guidehouse
Insights, shipments of heat pumps in cold climates are anticipated
to grow from 4.8 million to 7.3 million between 2024 and 2033, at a
compound annual growth rate (CAGR) of 5.4%.
"As governments and stakeholder organizations
pursue building decarbonization goals as part of broader climate
initiatives, many are calling for the use of heat pumps in cold
climates as a way to decarbonize heating," says Hannah Bastian, research analyst with Guidehouse
Insights. "These efforts are likely to be the primary driver for
heat pump adoption in cold climates over the next 10 years."
Despite these advances, the adoption of heat pump
technologies in cold climates has remained relatively low. Three
predominant heat pump technologies are on the market today and
suitable for homes in cold climates: air to air heat pumps, air to
water heat pumps, and ground-source heat pumps. Recent historical
shipment data shows growing adoption of each of these technologies
in cold climates in North America,
Europe, and Asia Pacific. While air to air heat pumps have
historically been the dominant technology in world markets, air to
water heat pumps are becoming more common, particularly in
Europe. A few emerging
applications of heat pump technology for residential heating in
cold climates are also showing growth potential, including hybrid
heat pump systems, district heating, and shared geothermal arrays
(also known as shared ground-source heat pumps), according to the
report.
The report, Residential Heat Pumps in Cold
Climates, explores these market trends in detail along with
market drivers and barriers specific to cold climates. The analyses
evaluate the estimated shipments and revenue of heat pump
technologies in cold climates from 2024 to 2033. They are segmented
by region (North America,
Europe, and Asia Pacific) and technology type (air to air,
air to water, and ground‑source heat pumps). The analyses also
provide detailed insights into the unique trends in shipments and
revenue growth for each region, including explanations of potential
reasons why different technologies appear to be growing faster than
others in each region. An executive summary of the report is
available for free download on the Guidehouse Insights website.
About Guidehouse Insights
Guidehouse
Insights, the dedicated market intelligence arm of Guidehouse,
provides research, data, and benchmarking services for today's
rapidly changing and highly regulated industries. Our insights are
built on in-depth analysis of global clean technology markets. The
team's research methodology combines supply-side industry analysis,
end-user primary research, and demand assessment, paired with a
deep examination of technology trends, to provide a comprehensive
view of emerging resilient infrastructure systems. Additional
information about Guidehouse Insights can be found at
www.guidehouseinsights.com.
About Guidehouse
Guidehouse is a
leading global provider of consulting services to the public sector
and commercial markets, with broad capabilities in management,
technology, and risk consulting. By combining our public and
private sector expertise, we help clients address their most
complex challenges and navigate significant regulatory pressures
focusing on transformational change, business resiliency, and
technology-driven innovation. Across a range of advisory,
consulting, outsourcing, and digital services, we create scalable,
innovative solutions that help our clients outwit complexity and
position them for future growth and success. The company has more
than 16,000 professionals in over 55 locations globally. Guidehouse
is led by seasoned professionals with proven and diverse expertise
in traditional and emerging technologies, markets, and
agenda-setting issues driving national and global economies. For
more information, please visit www.guidehouse.com.
* The information contained in this press
release concerning the report, Residential Heat Pumps in
Cold Climates, is a summary and reflects the current
expectations of Guidehouse Insights based on market data and trend
analysis. Market predictions and expectations are inherently
uncertain and actual results may differ materially from those
contained in this press release or the report. Please refer to the
full report for a complete understanding of the assumptions
underlying the report's conclusions and the methodologies used to
create the report. Neither Guidehouse Insights nor Guidehouse
undertakes any obligation to update any of the information
contained in this press release or the report.
For more information, contact:
Cecile Fradkin for Guidehouse
Insights
+1.646.941.9139
cfradkin@scprgroup.com
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SOURCE Guidehouse Insights