LUTON, Bedfordshire, UK, March 18, 2023 (GLOBE NEWSWIRE) — Exactitude Consultancy, the market research and advisory arm of Ameliorate Digital Consultancy Private Limited, has completed and published the final copy of the detailed research report on the heat pump market.

The globe heat pump market The size is estimated at $48.58 billion in 2022 and is projected to reach $109.95 billion by 2029, at a CAGR of 9.5%. Industry growth is expected to be driven by increasing demand for energy-efficient and cost-effective space heating and cooling applications in residential and commercial buildings. The various lockdown procedures put in place by governments around the world to contain the spread of the COVID19 virus have made it difficult to obtain the raw materials needed for manufacturing. In addition, the pandemic has affected this industry due to the halt in construction of residential and commercial facilities.

Industry Developments

• In January 2022, Johnson Controls acquired FogHorn, a leading developer of edge AI software for industrial and commercial Internet of Things (IoT) solutions. This development will help Johnson Controls strengthen its building solutions business.
• In October 2021, Carrier Global acquired Nlyte Software, a leading provider of data center infrastructure management (DCIM) software. The development will add automated solutions to the HVAC business field.
• In June 2021, DENSO and NTT Data announced the completion of a joint verification test to improve mobility experiences by leveraging vehicle and people flow data. The test aims to improve mobility experiences and services and help companies to attract potential customers with the changing consumer behavior.

Get a free sample PDF of the report:

https://exactitudeconsultancy.com/reports/5026/heat-pump-market/#request-a-sample

Market overview for heat pumps:

The heat pump market has grown rapidly in recent years, driven by increasing demand…