Western Europe is projected to account for a value share of 40.7 percent of the market by year end
November 11, 2016
Global sales of heat pumps is estimated to be valued at $6.5 billion by the end of 2016, witnessing a year-over-year growth of 5.8 percent over 2015, according to a new report from Future Market Insights.
Up until recently, sales of air-source heat pumps were on a tear, growing from 1.6 million units in 2009 to 2.3 million units in 2014, according to the Air-Conditioning, Heating, and Refrigeration Institute (AHRI). But, in 2015, sales of heat pumps slipped 3.6 percent from the previous year.
Most heat pumps in colder climates still require some sort of backup heat — often an oil- or gas-fired furnace — but they are an excellent option that can provide customers with a more energy-efficient year-round solution.
A key aspect that contractors can consider to determine whether or not a heat pump is the right choice for a customer is their region. And in areas where natural gas supplies are limited and other sources like electricity, propane, and oil are used, the return on a heat pump investment can often be seen quickly.