In the global pool heat pump market, the major driver enabling the growth in adoption of heat pumps is the efforts taken to reduce the emission of greenhouse gases like CO2.
According to the latest Arizton's market research report, the global pool heat pump market size to cross USD 7.5 billion by 2025, growing at a CAGR of 5% during the forecast period.
Global Pool Heat Pump Market Growth
In the global pool heat pump market, the major driver enabling the growth in adoption of heat pumps is the efforts taken to reduce the emission of greenhouse gases like CO2. The growing preference for sophisticated lifestyle, rise in disposable income, and increase in urbanization levels is driving the demand for construction of swimming pools across the geographies. The opportunities that are more prominent in the swimming pool industries, can also enhance the market for pool remodeling and pool equipment replacement activities owing to the legacy of installed base for swimming pools.
Boom in the Spa Industry
The spa industry has witnessed consistent growth globally in the past decade with respect to revenue generation and penetration in major economies of Europe, APAC, and North America. The growth in wellness tourism is encouraging the spa industry players to access the demographic and psychographic profile of the travelers to capture more attention and revenue. It has become a major symbol of stress relief and sophistication where the premier health spas are offering customized wellness boot camps and treatments for improving the personalized experience. The consumer propensity to spend towards the wellness services are promoting the growth further that can eventually impact the market for spa related equipment like heat pumps.
- Market Size & Forecast by Revenue | 2019−2025
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Segmentation – A detailed analysis by product type, capacity, end-users, and geography
- Competitive Landscape – 5 Key Company Profiles and 16 Other Prominent Vendors
Global Pool Heat Pump Market – Geographic Analysis
North America is expected to witness growth and fossil fuels dominating the market in most of the residential buildings in the US, creating new opportunities for pool heat pumps providers in the country. The eminent players in the region are expected to involve in market expansion activities that can potentially influence higher adoption levels in niche markets of Canada by 2025. The people in the US indulge in pool and swimming activities to beat the heat during summer which is fueling the growth of the North American pool heat pump market. Climate friendly policies and stringent frameworks are contributions from major forerunners like France, Italy, Spain, Norway, and Sweden has made a significant impact in the global pool heat pump market. The European Heat Pump Association believes that the technology can tap the opportunity in developing markets of Europe as well.
The global pool heat pump market is fragmented and is characterized by the presence of significant number of global and domestic vendors across the globe. The global players such as Rheem Manufacturing, Hayward, AquaCal, Pentair, and Jandy are trying to expand their markets through profitable partnerships and merger strategies whereas the domestic vendors are capitalizing with the product portfolio that best suits the domestic needs and requirements in the global pool heat pump market. Introduction of a new product line just to meet a specific and unique demand of a potential target group is highly recommended, as in case of Calorex which can be the key to gain customer satisfaction. Players like Fluidra have a strong position in the global pool heat pump market with a share of around 18%. Efforts can be taken to make use of eco-friendly refrigerants that have a low global warming potential and will align with the new strategies proposed by domestic, international governments, and environmental activists.
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