What's driving the Heat Pump Market trends? Trane, Valliant Group, Viessmann, Bosch Thermotechnology, Glen Dimplex, Danfoss
Ongoing development of new establishments coupled with rising urbanization will propel the product penetration across the residential sector. Longer lifespan, less carbon emissions and lower operational costs are some of the prominent features which are accelerating the installation of these systems across households. Adoption of heat pump technologies over conventional HVAC installations ensure minimal energy losses while resulting in net saving on heating bills for residential consumers. The industry growth is further fueled by supportive government schemes and incentives in line with the escalating energy prices and efforts to minimize carbon footprint. For instance, according to the New York State Energy Research and Development Authority (NYSERDA), the new incentive introduced for the whole house system with USD 1,000 per ton of cooling capacity, an average single-family home will get around USD 3,000 to USD 4,000 as financial assistance.
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Major players operating across the heat pump market are Trane, Valliant Group, Viessmann, Bosch Thermotechnology, Glen Dimplex, Danfoss amongst other.
Global Heat Pump Market will surpass 16 million units by 2026. Rising environmental concerns coupled with adoption of energy efficient heating technologies is positively influencing the deployment for these units.
Stringent government regulations to curb the greenhouse gases along with minimal energy losses will drive the water source heat pumps market growth. The water source heat pumps (WSHP) require a source of water including lakes and rivers, heated by sun along with a small amount of electricity. These heat pumps have a very high efficiency with CoP of around five, which means every unit of electricity delivers five units of heat. Unlike ground source heat pumps, WSHP units do not require any deep excavations. Quieter operations and longer life when compared to ground or air source heat pumps, are some the paramount features which will positively influence the market share.
Europe heat pump market is anticipated to witness growth over 5% by 2026. Escalating demand for heating appliances across the residential sector on account of extreme climatic conditions will proliferate the business growth across the region. Heat pumps contribute considerably in reduction of carbon footprint, which will further enhance the product deployment over the forecast timeframe.
Some major findings of the global heat pump market report include:
- The demand for heat pump is surging across the residential and commercial sector due to their benefits such as high efficiency and better cost effectiveness.
- Increasing investments across the residential and commercial infrastructure development including healthcare, logistics and educational institutes are anticipated to drive the market growth.
- Positive outlook toward the adoption of sustainable technologies coupled with a growing demand for energy efficient heating systems will favor the industry growth.
Ongoing focus toward installation of cost effective & reliable heating technologies across the residential and commercial establishments will drive the global heat pump market. In addition, ongoing urbanization along with rising consumer awareness toward energy optimization will encourage the product adoption over available counterparts. Favourable regulatory initiatives coupled with the declining component prices will create lucrative business opportunities for manufacturers, thereby enhancing the overall industry landscape.
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