Market barriers include high prices, technological limits, lack of clear guidelines and shortage of industry experts
BOULDER, Colo., June 2, 2022 /PRNewswire/ — A new report from Guidehouse Insights analyzes the market for residential heat pumps (HP) in cold climates and examines key technology trends.
Although electrification technologies are becoming cost-effective and more reliable than fossil fuel systems in various climates, a HP running on electricity loses efficiency and performance when the outside temperature is below the freezing point. The cold-climate heat pump (CCHP) achieves better heating performance than the conventional HP in these cold regions. According to a new report from Guidehouse Insights, the HP market in cold climates is anticipated to grow from $6.57 billion in 2022 to $13.11 billion in 2031 at a compound annual growth rate (CAGR) of 8.0%.
“CCHP technology advances have broken down boundaries and allowed HP to expand its application range to cold climates,” says Young Hoon Kim…