COVID-19 Impact: Monolithic Microscale Heat Pumps Market Trends, Forecast 2027

Monolithic Microscale Heat Pumps Market: Introduction

A monolithic microscale heat pump is a kind of thermally activated heat pump that is employed to generate cooling from waste heat streams, such as engine exhaust, or directly from combustion of liquid fuels. Thermally activated heat pumps operate on the basis of two technologies: absorption and desiccants. Absorption is the most extensively used technology in thermally activated heat pumps.

Key Drivers and Restraints of Global Monolithic Microscale Heat Pumps Market

Increase in the demand for energy-efficient and compact heat pumps for maintaining an effective work environment in residential and commercial establishments is likely to drive the global monolithic microscale heat pumps market during the forecast period. These thermally activated heat pumps can increase the energy saving associated with combined heat and power by 10% to 25%. This factor is anticipated to boost the global market during the forecast period.
Introduction of government funding, favorable government initiatives for the construction sector, surge in spending on single and multi-storied buildings and small commercial establishments, and growth of urban areas are factors expected to propel the global monolithic microscale heat pumps market during the forecast period
Growing efforts to reduce carbon emissions by enhancing the adoption of renewable technologies is another key factor that is projected to fuel the global monolithic microscale heat pumps market in the near future. Several initiatives and regulations have been introduced by governments to enhance penetration of the renewable technology in primary energy consumption and thereby, reduce carbon emissions.
High upfront costs and long payback period are some of the factors expected to hamper the global monolithic microscale heat pumps market during the forecast period

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Construction Segment to Hold a Major Share of Global Market

The global monolithic microscale heat pumps market can be segmented based on application and region
In terms of application, the global monolithic microscale heat pumps market can be classified into residential, commercial, and industrial. The residential segment is estimated to witness rapid growth in the near future, due to increase in the construction of multi- and single-housing units along with rapid urbanization. Moreover, surge in the demand for revamp and replacement of conventional heat pumps is anticipated to drive the segment during the forecast period.

Asia Pacific to Dominate Global Monolithic Microscale Heat Pumps Market

In terms of region, the global monolithic microscale heat pumps market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
The monolithic microscale heat pumps market in Asia Pacific is expected to expand at a rapid pace during the forecast period, due to ongoing investments in the infrastructure sector in the region. Growth in construction activities in developing economies, such as India, China, and nations in Southeast Asia, is estimated to boost the market in these countries during the forecast period. Migration of population toward urban areas from rural areas, rise in the living standards, and increase in the disposable income are some of the key factors driving the market in the region.
North America is also expected to hold a considerable share of the global monolithic microscale heat pumps market during the forecast period, due to ongoing spending on the construction of single- and multi-storied buildings backed by migration of population toward urban areas and strong economic growth in the region
Europe is likely to be a stable market for monolithic microscale heat pumps from 2019 to 2027, due to rise in research and development of heaters in the region. Furthermore, increase in the demand for replacement of conventional systems with renewable technologies in commercial, residential, and industrial buildings in the region in order to reduce energy consumption as well as environmental pollution is expected to propel the market in Europe during the forecast period. Use of monolithic microscale heat pumps in commercial establishments can reduce electricity bills by 10% to 25%.
The monolithic microscale heat pumps market in Latin America and Middle East & Africa is anticipated to expand at a sluggish pace during the forecast period, due to increasing demand for cooling systems in these regions

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Key Players Operating in Global Market