Brooklyn, New York, June 23, 2021 (GLOBE NEWSWIRE) – According to a new market research report released by Global Market Estimates, the Dual fuel heat pumps Market will increase with a CAGR value of around 12% during the forecast period [2021 to 2026].
The increasing demand for energy efficient heating and cooling systems in limited spaces such as residences and light businesses has positively influenced the growth of the dual fuel heat pump market. These systems have proven to be more efficient, versatile, smaller, more energy efficient and lower in operating costs. The dual fuel heat pump combines both a gas furnace and electric heat pumps, making it a suitable solution for users living in extreme climates.
Another reason for driving the demand for dual fuel heat pumps is increasing consumer spending on high performance household appliances and heating systems to achieve long term benefits. In addition, the availability of a wide variety of products with different characteristics meeting diverse requirements makes the industry more competitive and exclusive.
The residential sector dominated the application segment and accounted for over 60% of the share in 2019. However, from a demand perspective, the pandemic has significantly affected consumer behavior due to external economic factors such as the inflation, interest rates and increased health care spending.
Light commercial spaces are expected to experience the strongest growth in the coming years. The growing trend of bookstores, cafes, salons, clinics and other recreational activity groups is driving a great demand for these energy efficient heating and cooling systems.
Distribution channel Outlook:
In the case of distribution channels, multi-brand retailers have dominated demand due to their wide product availability and discount offerings. The product is intended for residential use, so the user is more interested in looking at the different products and their after-sales service. Due to the covid-19 pandemic, most of the selling is shifted to the online shopping channel. But, it will be a long time to overtake physical store sales in reality.
Europe is expected to dominate the regional share and account for over 30% of the share by 2026. Extreme weather conditions in the Nordic countries along with high spending on home comfort products will support regional growth. In addition, government intervention to invest more in energy efficient products to support an environmentally friendly environment is another major factor for the high adoption of these products.
Product development and long-term partnership with the actor in the supply chain are the main strategies of the dual fuel heat pump market. The global share is partially consolidated as few brands dominate 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, PTAC brand Amana, Emerson, Honeywell, Arzel, Lochinvar and Kohler, among others.
Browse the table of contents on “Global Dual fuel heat pumps Market – Forecast until 2026“
Impact of Covid-19:
On the supplier or manufacturer side, the covid-19 pandemic has affected the durable consumer goods industry in terms of material supply, finance, and operating or cash flow fluctuation. However, a broader product reach, efficient after-sales service, and a stable value chain network are key strategies observed among small-scale players.
Due to unpredictable economic and national conditions, the market is likely to be affected in various ways including, but not limited to:
- Strong growth will be seen in online shopping channels due to social distancing and the closure or reduction of store visits.
- In developing countries, consumer preference for more generic, value-added and low-cost products is expected to shift due to the economic downturn. However, in developed countries, the focus will be more on high-end products.
- The industry will experience disruption and delays in the advancement, modification and development of products, which can negatively impact the company’s goal of achieving desired goals.
- Fluctuation of currencies against the US dollar may have a negative impact on financial results in the form of losses on foreign exchange transactions.
- An increased need to work from home has prompted people to invest more in home essentials such as air conditioners and heating systems.
- Inability to change business promotion methods and advertising campaigns to align with changing consumer buying behavior. There is increased customer engagement through online channels.
Request a copy of The report @ https://www.globalmarketestimates.com/market-report/global-dual-fuel-heat-pumps-market-3260
Component Outlook (Revenue, USD Mmillions, 2019-2026)
Application Outlook (Revenue, USD Mmillions, 2019-2026)
- Light commercial
Distribution channel Outlook (Revenue, USD Million, 2019-2026)
Regional outlook (revenue, USD Mmillions, 2019-2026)
- The rest of europe
- South Korea
- Rest of Asia-Pacific
Middle East and Africa
- Saudi Arabia
- United Arab Emirates
- South Africa
- Rest of the MEA
Website: Global market estimates