Brooklyn, New York, June 23, 2021 (GLOBE NEWSWIRE) -- According to a new market research report published by Global Market Estimates, the Dual Fuel Heat Pumps Market will grow with a CAGR value of around 12 percent over the forecast period [2021 to 2026].
Increasing demand for energy-efficient heating and cooling system in limited spaces such as residential and light commercial has positively influenced the Dual Fuel Heat Pumps Market Growth. These systems are proven to be more effective, versatile, less space-taking, energy-efficient, and low operating costs. Dual fuel heat pump provides the combination of both, a gas furnace and electric heat pumps which makes them a suitable solution for users living in extreme climates.
Increased consumer spending on high-performance home appliances and heating systems to attain long-term benefits are another reason to induce demand for dual fuel heat pumps. Moreover, the availability of a wide product variety with different features suiting diversified requirements making the industry more competitive and exclusive.
Application Outlook:
The residential sector has dominated the application segment and accounted for more than 60% of the share in 2019. However, from a demand perspective, the pandemic has significantly impacted consumer spending behavior due to external economic factors such as inflation, interest rates, and increasing health expenditure.
Light commercial spaces are expected to witness the highest growth in the coming years. The increasing trend of book stores, cafes, salons, clinics, and other recreational activities groups are resulting in high demand for these energy-efficient heating and cooling systems.
Distribution Channel Outlook:
In the case of distribution channels, the multi-brand retailers led the demand owing to their wide product availability and discounting offers. The product is for residential purposes, thus the user is more interested to scrutinize different products and their after-sale service. Due to the covid-19 pandemic, the major portion of the sale is shifted towards the online shopping channel. But, it will be a long period to surpass the sale from physical stores in reality.
Regional Outlook:
Europe is projected to lead the regional share and accounted for more than 30% of the share by 2026. Extreme weather conditions in Nordic countries along with high spending on home comfort products will support the regional growth. Also, government intervention to invest more in energy-efficient products to support an eco-friendly environment is another major factor for the high adoption of these products.
Competitive Landscape:
Product development and long-term partnership with the supply chain participant are the major strategies in the dual fuel heat pumps market. The global share is partially consolidated as few brands lead the revenue share. Major industry players are Heil (ICP), Lennox, H & H Heating And Air Conditioning Inc., Rheem, Carrier, Goodman, AirQuest, Trane, Daikin, Fujitsu, Hartman Brothers, Empire Heating Systems, Williams Heating & Air, York Electric Cooperative, Amana-brand PTAC, Emerson, Honeywell, Arzel, Lochinvar, and Kohler among others.
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Covid-19 Impact:
Concerning the supplier or manufacturer side, the covid-19 pandemic has affected the consumer durable goods industry in terms of material supply, financial aspect, and fluctuation in operation or cash flow. However, wider product reach, effective after-sale service, and stable value chain network are key strategies witnessed among small-scale players.
Due to unpredictable economic and national conditions, the market is likely to get impacted by various ways, including but not limited to:
- High growth will be witnessed in online purchase channels due to social distancing and shut down or reduction in visiting stores.
- In developing countries, it is expected a shift in consumer preference for more generic, value offering, and lower-priced products to the economic downturn. However, in developed countries, more focus will be on high-end products.
- The industry will witness disruptions and delays in product advancement, modification, and development which may adversely impact the company’s objective to achieve the desired goals.
- Currency fluctuation against the U.S. dollar may negatively impact the financial results in currency transaction losses.
- An increased need to work from home has made people invest more in home essential goods such as air conditioners and heating systems.
- Inability to change the trade promotion methods and advertising campaigns to get aligned with the changing consumer buying behavior. More customer engagement through online channels is witnessed.
Request a Sample Copy of the Report @ https://www.globalmarketestimates.com/market-report/global-dual-fuel-heat-pumps-market-3260
Market Tables:
Component Outlook (Revenue, USD Million, 2019-2026)
- Heat Pump
- Gas
Application Outlook (Revenue, USD Million, 2019-2026)
- Residential
- Light commercial
Distribution Channel Outlook (Revenue, USD Million, 2019-2026)
- Direct
- Retailers
- Online
Regional Outlook (Revenue, USD Million, 2019-2026)
North America
- U.S.
- Canada
Europe
- Germany
- UK
- France
- Italy
- Rest of Europe
Asia Pacific
- China
- India
- Japan
- South Korea
- Australia
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Rest of MEA
Website: Global Market Estimates
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June 23, 2021 at 09:18PM
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Global Dual Fuel Heat Pumps Market Size - Forecast to 2026 - GlobeNewswire
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