Impact Of COVID-19 On Hybrid Heat Pump Market- Industry Challenges, Business Overview And Forecasts to 2026

Heat pumps are utilized to transfer heat energy from the source of heat to a destination known as ‘heat sink.’ They utilize certain quantity of external power in order to accomplish the task of moving energy to a heat sink from the heat source.

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Hybrid heat pump provides various benefits. The source of energy can be varied depending on particular conditions. This helps in improving efficiency and lowering emissions, it also helps cut down on energy infrastructure costs. The overall efficiency is increased considering the following operations by switching it to gas where heat pump efficiency is less.

Switching the energy source reduces the operating cost and it also lowers the peak electricity demand. During the abundant availability of the electricity we can switch to low emission levels. Based on the emission factors the switch between electricity is an efficient on the overall cost. The hybrid heat pump can be considered as the heat source of being environmentally-friendly, reduced complexities of energy supply also provide the benefits from being easy to operate, comfort at the end-users. The energy prices, changing outdoor temperatures and the varying load of the heat pump determines the most efficient and effective energy source to use while maintaining the high comfort levels.

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Hybrid heat pumps are attractive compared to conventional heating methods primarily due to their efficiency. Hybrid pumps are capable of accommodating gas and electricity as energy source. Hybrid pump appliances offer an evolutionary approach of accommodating renewables as they become available by maintaining a reliable energy source as backup. Electric appliances, on the other hand, are dependent on the availability of electricity. Thus, hybrid system plays an important role in meeting the real time demand for heat during blackout or grid failure.

Financial support for hybrid heat pumps by various governments and corporate organizations is expected to boost the demand for hybrid heat pumps. Rise in awareness about greenhouse gas emissions through conventional heating activities also anticipated to augment the overall market. On the other hand, high installation costs and lack of consumer awareness are estimated to impede the hybrid heat pump market. Additionally, some technical challenges exist due to the lack of availability of hybrid heat pumps in different geographies. This also adversely affects the global hybrid heat pump market.

Based on application, the hybrid heat pump market can be divided into industrial, residential, and commercial. Residential is expected to remain the dominant segment during the forecast period. Extreme climatic factors have increased the heating requirement in residential buildings. Heat pumps are primarily employed for pre-heating domestic hot water, space heating and cooling, heat recovery, and dehumidification in industrial and domestic sectors.

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In terms of region, the hybrid heat pump market can be divided into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Europe is projected to hold substantial share of the global hybrid heat pump market during the forecast period, with the U.K., the Netherlands, and Denmark being some of the leading countries in in the region due to significant temperature variations. North America is likely to follow Europe during the forecast period. The market in Asia Pacific is expected to expand at a rapid pace in the next few years.

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Key players operating in the hybrid heat pump market are ROTEX Heating Systems GmbH, DAIKIN, IMMERGAS, Bryant Heating & Cooling Systems, ithodaalderop export, Gross Heating and Air Conditioning.

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This release was published on openPR.