The global heat pump market is projected to surpass USD $55.4 billion in annual sales by 2031, for a gain of more than 75 per cent over last year’s USD $31.5 billion mark. A new market research report attributes the anticipated 5.8 per cent yearly growth to rapid urbanization and demand for green, energy-efficient building performance. Accelerated uptake is expected in the commercial, residential and industrial sectors.

The report examines demand for various product types based on end-user needs and regional factors. Globally, centrifugal pumps for water-based circulation systems currently enjoy the largest market share. The twin outcomes of thermal comfort and energy savings are considered a major selling feature, while researchers expect technological advancements will reduce production costs and support commercialization and a wider range of offerings to the market.

“The main characteristics that make it a favourite choice in commercial and domestic businesses are cost-effectiveness, easy maintenance and enhanced safety,” distributors of the report state. “The use of 3D printing and computer modelling in HVAC pump manufacturing has resulted in tremendous growth potential for market players across the sector.”