Commercial Heat Pump Market Regional Analysis:
APAC Market Insights
Asia Pacific industry is poised to dominate majority revenue share of 55% by 2035, Due to rapid urbanization and population growth in this region, the market is developing as more buildings use heat pumps for water, cooling, and space heating.
China, one of Asia-Pacific's largest marketplaces, demands heat pumps in commercial, residential, and industrial sectors. Heat pumps are popular in China because they use renewable energy to heat. This country is estimated to be worth 21,011.7 Mn by 2030.
Sustainable technology awareness, stricter rules, environmental concerns, and Construction of residential and commercial buildings are driving the commercial heat pump market growth. South Korea and other countries are promoting energy-efficient heat pumps because of their energy savings and environmental benefits.
North America Market Insights
By 2035, North America commercial heat pump market is set to dominate over 25% share, Eco-friendly and energy-efficient heating choices are in demand as people become more environmentally conscious.
With USD 169 million in the 2023 climate bill, the US supported nine projects to expedite heat pumps and other energy-efficient cooling and heating systems.
The government in Canada is making heat pumps more accessible for Canadians. Low-to-median-income Nova Scotia households that heat their homes with oil receive up to USD 30,000 in funding to buy a heat pump, including up to USD 15,000 from the Government of Canada's OHPA program and USD 15,000 from the Province of Nova Scotia, with Efficiency One as the co-delivery partner.
