A new report from Global Market Insights forecasts steady growth in the Heat Pump Market between 2018–2025.
Rising focus toward improved environmental performance, energy security along with growing initiatives to minimize heat consumption from fossil driven systems will stimulate the global heat pump market size. The air source heat pump consumes less energy to operate i.e. 40% when compared with conventional units. Furthermore, introduction of green building standards and codes to enhance the deployment of sustainable technologies and thereby minimizing carbon emissions will further enhance the product penetration.
Surging demand for sustainable and cost-effective heating and cooling solutions to reduce electricity consumption will stimulate the market share. Population migration toward urban areas, increase in investment toward development of residential apartments along with increase in disposable income are some of the imperative parameters fueling the energy demand. Volatility in electricity and fossil fuel prices have positively impacted the demand for energy efficient systems.
Positive outlook toward the construction of single and multi-housebuilding units across the Northeast and Midwest regions backed by rapid urbanization will augment the U.S. market size. Stringent regulations toward GHG emissions along with favorable measures to promote the adoption of renewable technologies will further complement the business dynamics.
Ground source heat pump market is projected to expand over 4% by 2025. The system ability to use constant water or ground temperature for providing heating solutions across cold climatic region make its adoption viable over other counterparts. Improved reliability, low operation & maintenance cost and noiseless operation are the some of the key indispensable parameters that will boost the product demand.
Residential applications in 2018, contributed over 80% of global heat pump market share. Increasing demand for revamping and replacement of conventional units along with strong economic growth will fuel the industry dynamics. Rising awareness toward benefits of renewable technologies along with favourable measure to improve air quality will further complement the industry outlook.
The French market will witness growth owing to introduction of stringent targets pertaining to energy generation from renewable energy coupled with increasing spending toward renovation of existing building infrastructure. For instance, in 2015, Energy Transition Bill introduce by the Government of France with an aim to fulfill 38% of heat consumption from renewable sources by 2030.
Major participants across heat pump industry are Solarbayer, Thermic Energy, Finn Geotherm, Swegon, Kensa Heat Pumps, Carrier, Vaillant, Glen Dimplex, Stiebel Eltron, NIBE, OCHSNER Warmepumpen, Wolf, Bosch Thermotechnology, Mitsubishi Electric, Earthlinked Technologies, Green Planet Supply Technologies, Bryant Heating & Cooling Systems, Bard HVAC, Danfoss, Weishaupt, Modine, Trane, Swegon, Daikin, Viessmann and Nortek.