Europe Air Source Heat Pump Market Notable industry participants operating across Europe air source heat pump market comprise Carrier Corporation, NIBE, BDR Thermea Group, Mitsubishi Electric Corporation Johnson Controls, LG Electronics, Samsung HVAC amon

Europe air source heat pump market has observed remarkable growth lately, in line with the shifting trends toward the increasing use of air as an important energy source in heat pumps that are deployed in industrial, residential, and commercial buildings. Currently, the surging use of fossil fuels for meeting energy demands has had a negative impact on the environment. Reports claim that nearly 70% of energy needs in Europe is fulfilled from fossil fuels leading to air pollution and GHG emissions that are negatively impacting human health and the ecosystem. In order to combat carbon emissions and raise awareness regarding energy efficiency, the European Commission has set a climate and energy framework that is certain to help augment Europe air source heat pump industry outlook over the years ahead.

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In order to comply with the EC’s climate and energy framework and increase the dependency on renewables, most of the European countries have taken initiatives to use renewables in cooling and heating systems. A regional overview outlining the major economies deploying such initiatives to reduce dependency on fossil fuels has been enumerated below:

One of the member states of EU, Austria has set a target to become 100% dependent on renewables for its electricity need. In addition, it has been investing in the installation of renewable energy-based cooling and heating systems. In this regard, the Austrian government has deployed supportive regulatory policies for encouraging people to use air heat pumps across residential as well as industrial sectors.

Alongside the promotional activity, the government has also been providing incentives to the masses who have been deploying sustainable energy systems including air heat pumps. In addition, for improving the energy efficiency of existing heating systems, the government has been encouraging people to renovate traditional air heat pump systems. A plethora of such favorable initiatives and financial support for the enhancement of research and development activities will most certainly impel Europe air source heat pump market trends in Austria.

Norway is another prominent regional contender in Europe air source heat pump industry. Initially, the Norwegian government had given importance for the implementation of heat pumps mainly across industrial and commercial sectors, but later on, with the increasing need for energy efficiency, a considerable proportion of the regional populace installed air heat pumps on large scale. Reportedly, in Norway, over 30 percent of single-family houses have heat pumps, owing to the surging popularity of low-temperature output technology.

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In order to promote renewable energy and energy efficiency across Norway, the government had founded a public company dubbed as Enova SF in 2001. This company provides subsidies to private households that install air source heat pump systems in houses. The Norwegian government has also mandated that new buildings spanning over 500 square meters would require to generate over 60% heat from renewable heat sources. Driven by the regulatory support and shifting focus of the government toward increasing the dependency on renewables for energy requirements, Norway air source heat pump industry is slated to generate a revenue of over USD 600 million by the end of 2024.

In Germany, most of the people have been giving preference for efficient and cost-effective renewable heating systems to decrease the dependency on fossil fuels. Air-to-water heat pumps have especially become more popular to be used in new buildings across Germany, owing to their low installation costs and better energy efficiency. Every third newly developed residential building in the country deploys air source heat pump for space heating, thereby expanding the presence of Germany across Europe air source heat pump market.

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Norway air source heat pump market size is anticipated to surpass USD 600 million by 2024. Rising investments toward sustainable development of commercial and residential sector will fuel the product demand. For instance, in 2016, Enova, Ministry of Petroleum and Energy introduced energy efficiency scheme with an aim to provide investment in form of financial aids for energy recovery measures in residential sector.

Europe Air to Air (ATA) heat pump market size is predicted to expand over 3% by 2024. Ability to purify air, cost effectiveness, ease of installation, energy efficiency and zero expenses for ground works are some of the prominent features that will make product adoption preferable over the traditional counterparts. Furthermore, these systems offer consistent comfort on account of their ability to adjust control heating and cooling.

Key industry players across Europe ASHP market include Bosch Thermotechnology, NIBE, LG Electronics, Carrier Corporation, Vaillant, Panasonic, Mitsubishi Electric Corporation, Viessmann, A.O. Smith, Daikin, Johnson Controls amongst others.

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