LONDON — Technavio analysts forecast the global air source heat pump market to grow at a compound annual growth rate (CAGR) of almost 11 percent during the forecast period, according to their latest report. The research study covers the present scenario and growth prospects of the global air source heat pump market for 2017-2021. The market is segmented based on product (air-to-air heat pumps and air-to-water heat pumps) and geography (Europe, Middle East and Africa, the Americas, and Asia-Pacific).
The global air source heat pump market is projected to reach $192.9 billion by 2021. Heat pumps are deemed as the most efficient and cost-effective heating units in the market these days. They are environmentally friendly and can reduce the carbon footprint and energy bills drastically. These characteristics have enabled heat pumps to achieve a mass market status, and they are set to reach technological maturity in the coming years.