Air Source Heat Pump Market 2020-2024 |Carrier Corporation, NIBE, BDR Thermea Group, Daikin, Viessmann, Bosch Thermotechnology, A. O. Smith Corporation, Vaillant Group, Mitsubishi Electric Corporation, Toshiba, Danfoss, Panasonic Corporation, Johnson Cont
Apparently, the unprecedented rise of the ill-effects pertaining to carbon emissions has necessitated the wide-scale deployment of energy saving components such as air source heat pumps, predominantly across residential and commercial sites. Furthermore, initiatives such as clean heating programs, incentive plans, and cooling programs have gained marked prominence which has eventually assisted the air source heat pump industry share to expand at a swift pace in the recent years.
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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. Needless to mention, such initiatives have been altering the dynamics of the global air source heat pump market which garnered a remuneration portfolio of approximately USD 30 billion in the year 2017, as per a recently compiled research report by Global Market Insights, Inc.
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.
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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.
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.
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