Heat Pumps Gaining Market Share
According to a study performed by the Freedonia Group, a market research firm, ground-source and air-source heat pumps are gaining market share relative to warm-air furnaces. In terms of value, heat pumps accounted for the largest share of heating equipment shipments in 2006, representing 43% of shipments; when measured by volume, however, the less expensive warm-air furnaces represented 47% of shipments, taking the largest share. Freedonia predicts that sales of heat pumps will grow 7% per year to $3 billion in 2011, while sales of warm-air furnaces will grow only 1.5% per year to $2 billion in 2011. The firm also predicts that the lower cost of warm-air furnaces will continue to drive sales growth, while improved technology and energy savings will drive sales in heat pumps.
Wendt, A. (2008, January 1). Heat Pumps Gaining Market Share. Retrieved from https://www.buildinggreen.com/newsbrief/heat-pumps-gaining-market-share