Norway is Highly Lucrative Investment Ground for Europe Air Source Heat Pump Market by 2024 | key Players Carrier Corporation, Danfoss, Trane, Panasonic, Toshiba, A. O. Smith Corporation, NIBE

Norway is 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.

Norway air source heat pump market 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.

Commercial ASHP market is projected to expand over 4% by 2024. Rising demand for HVAC systems having easy integrability with traditional heating units coupled with growing investments toward infrastructure development will augment the product deployment. For instance, the European Investment Bank entered in a contract with Infranode toward sustainable development of local infrastructure.

Regulatory measures promoting adoption of energy efficient space heating systems coupled with legislative initiatives favoring energy conservation will stimulate the ASHP market growth. Green building standards & codes along with rising focus for replacement of conventional heating units will further complement the business growth. In 2018, the European Union introduced Energy Performance of Buildings Directive (EU) 2018/844 with an aim to strengthen energy performance for new infrastructure and installation of energy efficient systems.

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Government initiatives to encourage energy conservation along with growing adoption of energy efficient heating units will propel the Europe air source heat pump market share. Rising focus toward replacement of conventional heating systems in conjunction with green building codes & standards will further augment the industry landscape. For instance, in 2018, the EU introduced the Energy Performance of Buildings Directive with a purpose of strengthening the energy performance of new constructions and deployment of energy efficient units.

Eminent players operating across Europe air source heat pump market:
• Carrier Corporation
• Viessmann
• O. Smith Corporation
• Vaillant Group
• Mitsubishi Electric Cooling & Heating
• Toshiba
• Danfoss
• Climaveneta
• Trane

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