HEAT PUMP MARKET ANALYSIS

Heat Pump Market, By Pump Type (Air-water Heat Pump, Air-air Heat Pump, Ground Source Heat Pump, and Hybrid Heat Pump), By Capacity (Up to 10kW, 10-20kW, 20-30kW, and Above 30kW), By Application (Residential, Industrial, and Commercial), By Geography (North America, Latin America, Europe, Asia Pacific, Middle East & Africa)

In September 2023, a U.K.-based energy provider, Octopus unveiled a high-temperature heat pump as part of its efforts to expedite the transition to more sustainable heating solutions
In August 2023, Glasgow-based energy infrastructure company, Smart Metering Systems (SMS plc) acquired the home services division of Evergreen Energy, a Manchester-based company specializing in heat pump solutions and Europe-made renewable energy equipment.
In March 2023, Mitsubishi Electric developed an air-source heat pump utilizing propane (R290) as the refrigerant, capable of producing heat and domestic hot water up to a temperature of 75°C
In October 2022, Midea Group began constructing a new base in Feltre, Northern Italy, with a USD 65 million investment, dedicated to producing, researching, and developing heat pumps. This initiative supports Midea Group's international market expansion and involves collaboration with Clivet, a Europe-based company specializing in cooling, heating, air ventilation, and air purification systems.