Increasing number of residential and commercial projects in Europe to boost the usage of heat pumps

Heat pumps are primarily used for heating households and commercial spaces in regions that witness extreme cold weather. This is very prevalent in Europe where many countries face cold climatic conditions throughout the year.

Request for a sample copy of this report @ https://www.gminsights.com/request-sample/detail/4839

Heat pumps provide an energy-efficient method to supply domestic hot water and offer space heating. With rapid urbanization and industrialization across Europe, commodities like heat pumps have gained immense importance from an infrastructural point of view.

On that note, the Europe heat pump market is predicted to exceed USD 15 billion by the end of 2026.
Increased number of installations majorly contributing to the growing usage of heat pumps
Lack of alternatives for policymakers to maintain gas costs and lack of its sources in Nordic nations has resulted in the adoption of energy efficient systems like heat pumps.

There has been a significant rise in the number of heat pump installations in recent times. Citing an instance, over 14 million heat pumps were installed across 21 European countries in 2020 alone, which is an increase by over 1.6 million units installed in 2019. Germany, France and Italy had a combined sales share of over 48% of the total sales in Europe.

In addition, Norway has rapidly adopted heat pumps with increased bans on old boilers, rising electricity prices and series of cold winters. The rate is such that the nation has the highest number of heat pumps per capita across the continent. It is because heat pump technologies are capable of decarbonizing not only residential and commercial infrastructures but also industrial processes which add weightage to its importance regarding environmental conservation.

Growing demand for energy efficient sources to spur the adoption of heat pumps in Europe
The Paris Agreement implemented in 2015 called for full decarbonization of all the economic activities by 2050 to limit global warming well below 2oC. Heating and cooling demand for most of the energy not only in Europe but across the globe. This is the reason the decarbonization of heating and cooling systems is very crucial to achieve this goal within the given time.

Heat pumps are essential in providing energy solutions in combination with solar thermal energy, geothermal energy and biomass. This technology enables many environmental, societal and economic benefits for achieving a sustainable future in Europe. Longer lifespan, low running costs, ease of installation and less necessity of maintenance are some of the major advantages of using heat pumps and these have prompted their adoption across the region.

Growing research & development activities to stimulate the usage of heat pumps in Europe
Many key market players are heavily investing into research & development activities which has propelled the adoption of heat pumps in Europe. For instance, Mitsubishi Electric are working on advanced heat pump units for improving energy efficiency, reducing the carbon footprint. In addition, strategic partnerships and collaborations amongst industry players will help in the flourishment of the heat pump industry in the region.

Contact Us:
Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com
Web: www.gminsights.com

About Global Market Insights :
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

This release was published on openPR.