International. Technavio analysts forecast that the global air source heat pumps market will grow at a compound annual growth rate (CAGR) of nearly 11 percent during the forecast period (2017-2021), according to its latest report.
The global air source heat pump market is projected to reach US$192.9 billion by 2021. Heat pumps are considered to be the most efficient and cost-effective heating units on the market these days. They are environmentally friendly and can drastically reduce your carbon footprint and energy bills. These features have allowed heat pumps to reach a mass market state, and are expected to reach their technological maturity in the coming years.
Technavio analysts highlight the following four factors that are contributing to the growth of the global Air Source Heat Pumps market:
- Operational benefits over conventional systems;
- Tax benefits in the installation of heat pumps;
- Increase in global energy consumption, together with the resurgence of the housing sector; and
- Robust growth in the construction industry.
