Press release
Europe Air Source Heat Pump Market 2018-2024 | Key players are Carrier Corporation, Mitsubishi Electric Corporation, Daikin, Viessmann, Bosch Thermotechnology, LG Electronics, Samsung HVAC amongst others
Europe Air Source Heat Pump
Citing an instance of the rising significance of air source heat pumps in the energy-related policies of various states and nations, the New York State Energy Research and Development Authority has initiated an ambitious ‘Air Source Heat Pump’ program in 2017. The initiative was aimed at reducing dependency on fossil fuels and integrate energy efficiency.
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Europe to emerge as the front-runner in global air source heat pump industry
The contribution of regional governments toward driving the profitability quotient of the air source heat pump market is indeed remarkable. The Federal Ministry for the Environment, Nature Conservation, Building and Nuclear Safety of Germany, for instance, has put together a Renewable Energies Heat Act which aims to augment the share of renewable energy in heat provision to 14 percent by the year 2020. As per authentic sources, the Act makes it mandatory to utilize renewable energy for requirements such as space and water heating in new residential sites.
Even though the act applies only to new buildings, specific policies can be formulated, and a fixed amount of budgetary fund can be allocated to expand the installation of air source heat pumps at the older residential sites as well. Apparently, building owners would be obliged to use a certain portion of renewable energy for water and space heating purposes in the newly constructed residential projects. This instance goes on to demonstrate the immense growth potential of Germany air source heat pump industry, which is projected to surpass an annual installation base of about 65 thousand units by the year 2024.
Concurrently, the UK has been making rapid headways in establishing itself as one of the most pivotal nations in Europe to meet its renewable energy targets and reduce its carbon emission levels, which has subsequently propelled the regional air source heat pump industry progression. Given the growing inclination of various business verticals to adopt efficient heating systems, the recently amended Domestic Renewable Heat Incentive (RHI) program has made the installation count of air source heat pumps more attractive across the country. Apparently, the RHI initiative encourages homeowners to switch from fossil fuels to greener alternatives like air source heat pumps and pays them for seven years post-installation. Industry experts claim that the initiative can contribute to fuel savings of about 30 to 45 percent – a lucrative estimate that would impel the UK air source heat pump market size in the ensuing years.
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Considering the aforementioned aspects, it would be appropriate to mention that the urgent requirement to replace conventional heating systems with energy efficient heat pumps would drive the global air source heat pump market share expansion in the forthcoming years. The growing trends of industrialization and urbanization coupled with rising disposable incomes in the emerging economies would further open up endless growth opportunities for the air source heat pump industry participants over 2018-2024. As per authentic estimates, the overall air source heat pump industry is forecast to exceed 13 million units by 2024, in terms of installation.
Table of content
Chapter 1 Methodology
1.1 Methodology
1.2 Market definitions
1.3 Market estimation & forecast parameters
1.4 Abbreviations
1.5 Data Sources
1.5.1 Primary
1.5.2 Secondary
1.5.2.1 Paid Sources
1.5.2.2 Public Sources
Chapter 2 Executive Summary
2.1 Europe air source heat pump market 3600 synopsis, 2013 – 2024
2.1.1 Business trends
2.1.2 Product trends
2.1.3 Application trends
2.1.4 Country trends
Chapter 3 Europe Air Source Heat Pump Industry Insights
3.1 Industry segmentation
3.2 Industry landscape, 2013 – 2024 (USD Million)
3.3 Industry ecosystem analysis
3.3.1 Vendor Matrix
3.4 Innovation & sustainability
3.4.1 Bosch Thermotechnology
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