Germany Heat Pump Market Growth Factors, Trends Forecast -2024 by Weishaupt AG, Glen Dimplex, WOLF GmbH, Trane, Daikin Applied Americas, Systemair AB
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Rapid industrialization and urbanization across the nation along with increase in disposable income will stimulate the overall air source heat pump industry growth. Air to water units hold a dominant share subject to the ability to avail an effective water heating solution across the suburban establishments. In addition, limited space requirement, low carbon emissions, cost effectiveness will further complement Germany heat pump market outlook.
Increasing focus to maintain sustainability of fossil fuel along with rising concern to curb the carbon emissions will stimulate the Germany heat pump market size. Government has introduced several energy-efficiency directives and norms to achieve the renewable targets and thereby reduce GHG emissions. For instance, the regulators across Germany have set a target to reduce CO2 emissions by 270 MMT by 2020, through promoting the utilization of renewable energy. In addition, in November 2016, Climate Action Plan 2050 across the nation laid target to reduce carbon dioxide emissions up to 55% by 2030 when compared with 1990 levels.
Air source heat pump market is anticipated to reach over 65 thousand units by 2024. Cost effectiveness, limited space requirements, and zero expense for ground work are key underlined parameters which will augment the industry landscape. The system can help to reduce greenhouse gas emissions up to 40% when compared with conventional heating system. Air to water heat pump are preferred over air to air on account of growing demand for water heating solutions. However, air to air heat pump is expected to witness growth on account of its potential for effective air purification.
Residential heat pump market is set to witness growth of over 3% by 2024.Increasing investment toward the refurbishment and re-establishment of buildings across the nation along with strengthening purchasing power parity will propel the industry growth. Growing awareness toward benefits of renewable energy systems coupled with shift in trend to improve living standards will further boost product demand.
Commercial heat pump market is anticipated to witness robust growth on account of growing demand for HVAC system that can easily be integrated with conventional systems across the new constructed and existing buildings. The product finds wide application across healthcare, hospitality, retail, logistics & transportation, education and offices.
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Eminent participants across the Germany heat pump market include Trane, Vaillant Group, Viessmann, Glen Dimplex, Daikin Applied Americas, WOLF GmbH, Toshiba Corporation, Systemair AB & Weishaupt AG.
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