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The global Heat Pump Market is expected to reach USD 157.8 billion by 2029 from USD 90.1 billion in 2024 at a CAGR of 11.8% during the 2024–2029 period according to a new report by MarketsandMarkets™.  Heat Pump is a more reliable way of heating & cooling on a large scale. The versatile nature of heat pump could enable the transition to a cleaner world and a stronger global economy this is pivotal in propelling the expansion of the Heat Pump Market. Furthermore, the global expansion of heating and cooling solutions has heightened the adoption of heat pump. The amalgamation of these systems with renewable energy contributes to their increased demand, aligning with global efforts to diminish reliance on fossil fuels and minimize carbon footprints. Government support and stringent safety regulations are pivotal factors driving the growth of the heat pump system market. To incentivize the development and expansion of heat pump, many governments provide financial support, subsidies, and favorable regulatory environments.