Solar-assisted Heat Pump Market to Grow at an 8.2% CAGR from 2023-2031

The global solar-assisted heat pump market is slated to expand at an 8.2% CAGR, reaching US$ 8.3 billion by the end of the 2023-2031 forecast period. The growth of this market is chiefly attributed to the rising quest for harnessing alternative energy sources, preferably renewable ones. In addition to this, solar-assisted heat pumps are highly energy efficient, reducing per-unit costs.

According to the United States Energy Information Administration, space heating and water heating account for almost 2/3rd of energy consumption across the country. Furthermore, domestic energy consumption across the country is likely to range between 0-15% from 2022-2050, as per the Annual Energy Outlook 2023 report. Naturally, the government is looking for ways to optimize this use and reduce adverse impacts on the environment. This is leading to enhanced uptake of solar-assisted heat pumps.

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Since the past decade, solar energy has made significant headway. According to reports, it has experienced an average annual growth rate of 33%. In China, it is expected that by 2030, the generation of combined solar and wind energy capacity is likely to exceed its intended target of 1.2 terawatts, accounting for 90% of the global market for upstream solar products. Likewise, in April 2023, Schrodes Greencoat and Innova Renewables Limited have announced a strategic partnership to construct and operate solar energy generation and battery storage projects across the U.K.

The partnership has an ambition of financing and developing 5 GW of renewable energy capacity over the next three to five years, building on the current Innova distribution connected pipeline of 1.5 GW across solar and storage. With such extensive investments planned across key countries, it is no surprise that the demand for solar-assisted heat pumps is expected to rise in the coming decades.

Key Takeaways from the Market Report

Global solar-assisted heat pump market was valued at US$ 4.1 billion in FY 2022
Sales of solar-assisted heat pumps are likely to grow over 2x from 2023-2031
Air source heat pumps are likely to be most preferred, attributed to their lower installation costs
Solar-assisted heat pumps to be used maximum for residential space heating

Solar-assisted Heat Pumps Market: Key Growth Drivers

Mounting energy-efficiency concerns and cost considerations, as well as the quest to conserve energy, are all contributing positively to the growth of the market for solar-assisted heat pumps
Government initiatives and policies are propelling demand for solar-assisted heat pumps. From tax credits to subsidies and rebates, entities are sanctioning extensive R&D initiatives of leading market players
Increasing investments in renewable energy sources is also acting as one of the key growth accelerators for the solar-assisted heat pumps market
Solar-assisted Heat Pumps Market: Regional Outlook

Asia Pacific led the global market share in 2022, with China, India, and the Middle East being major sales hubs
Europe to be another attractive hotspot, with Germany, Sweden, and France generating revenue streams. Investments in renewable energy are the key motivators
Australia, Brazil, and South Africa are also contenders for investments in solar-assisted heat pumps

Solar-assisted Heat Pumps: Key Market Players

Key manufacturers offering solar-assisted heat pumps as profiled in the report are as follows:

Mitsubishi Electric Corporation
Daikin Industries Ltd.
Bosch Thermotechnology
The Viessmann Group
Stiebel Eltron
NIBE Industrier AB (NIBE Energy Systems)
Panasonic Holdings Corporation
Carrier Global Corporation
Trane Technologies
A.O. Smith Corporation
Ecofrost
WaterFurnace International
WOLF GmbH
The Vaillant Group

The industry consists of a substantial number of market players. Research & development to introduce environmentally-friendly product lines form the core aspect of these manufacturers. In addition, other expansion strategies, including collaborations, mergers & acquisitions, and seeking regulatory approvals, are also relied upon.

Key developments in the Solar-assisted Heat Pumps Market

In March 2023, Mitsubishi Electric Corporation unveiled an air-source heat pump to replace heat generators in residential buildings. The R290 Ecodan monoblock utilizes propane as its primary refrigerant and is expected to be available with heating capacities of 5 kW, 6 kW, and 8 kW respectively. The heat pump can produce hot water up to 75o C.

Likewise, Fraunhofer ISE and Viessmann Group have developed a multi-source heat pump that uses air and geothermal as heat sources. The former has also collaborated with the Freiburg University and the Karlsruhe Institute of Technology (KIT) to develop solutions to retrofit heat pumps, heat transfer systems, and ventilation systems in multi-family homes. This venture is part of the LowEx in the Building Stock project

Solar-assisted Heat Pump Market Segmentation

By Type

Air Source
Water Source
Ground Source
Exhaust Air
Hybrid Heat Pumps
Others

By Application

Residential Space Heating
Commercial Space Heating
Food Driers & Water Treatment
Cooling
Others

By Region

North America
Europe
Asia Pacific
Latin America
Middle East & Africa

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