Heat Pump Market to Cross Annual Installation of 14 Million Units by 2025: Global Market Insights, Inc.
Sweden's heat pump market will witness high growth during the forecast period, on account of the introduction of net zero emissions building norms, coupled with the increasing demand for sustainable H&C units.
SELBYVILLE, Del., July 15, 2019 (Newswire.com) - The heat pump market's revenue is poised to hike from around $44 billion in 2018 to over $60 billion by 2025, according to a 2019 Global Market Insights, Inc. report. The increasing demand for cost-effective, noiseless and energy efficient space conditioning systems to reduce electricity consumption across residential and commercial apartments will drive the industry's growth.
Technological innovation in the designing of heat pump systems to reduce cost and improve efficiency will propel the heat pump market share. In October 2018, Viessmann introduced the Vitocal 222-A and 200-A air source heat pump with noise reduction technology. The system is suitable for densely built-up areas, including terraced housing estates, and offers low operating costs and high energy efficiency. Furthermore, RHI, green bonds, direct grants and zero interest rate loans are some of the incentives introduced to enhance the utilization of renewable resources, which will further stimulate product deployment.
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The ground source heat pump market, for 2018, was valued over USD 2.8 billion. Less maintenance requirements, eco-friendly, noiseless operation and enhanced reliability are few highlighted parameters that will positively influence the product demand. The capability to utilize a constant shallow soil temperature for providing cooling and heating solutions make its adoption viable over other alternates.
The commercial heat pump market will witness growth, owing to the positive outlook in the infrastructure sector, along with an upsurge in demand for the retrofitting and replacement of existing cooling and heating units. A system able to integrate with conventional systems across newly constructed or existing establishments will provide it a competitive edge over other alternates.
Browse key industry insights spread across 390 pages with 574 market data tables and 50 figures and charts from the report, “Heat Pump Market Size By Product (Air Source, Ground Source, Water Source), By Application {Residential (Single-family, Multi-family), Commercial (Educational Institutes, Healthcare, Retail, Logistics & Transportation, Offices, Hospitality and Others), Industrial}, Industry Analysis Report, Regional Outlook (U.S., Canada, Sweden, Germany, France, Finland, Austria, Netherlands, Switzerland, China, South Korea, Japan, Iran, Turkey, South Africa, Saudi Arabia) Application Potential, Competitive Market Share and Forecast, 2019-2025,” in detail, along with the table of contents:
https://www.gminsights.com/industry-analysis/heat-pump-market
Sweden's heat pump market will witness growth on account of the introduction of net zero emissions building norms, coupled with the increasing demand for sustainable H&C units. The country has pledged to achieve its net zero GHG emissions targets by 2045 to reduce climate change. Moreover, a growing focus to reduce dependency on imports and improve energy security, coupled with a shift in trends to improve living standards, will further complement the industry's dynamics.
Major participants across heat pump market are NIBE, Wolf, Kensa Heat Pumps, Glen dimplex, Bosch Thermotechnology, Green Planet Supply Technologies, Earthlinked Technologies, Danfoss, Trane, Daikin, Nortek, Solarbayer, Finn Geotherm, Stiebel Eltron, Mitsubishi Electric, Bryant Heating & Cooling Systems, Viessmann, Swegon, OCHSNER Warmepumpen, Carrier, Modine, Swegon, Thermic Energy, Weishaupt, Bard HVAC and Vaillant.
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