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2019 - Europe Air Source Heat Pump Market : CAGR 4.2%

Author : Rahul Sankrityayan | Published Date : 2019-07-30 

Global Market Insights recently added a detailed Europe Air Source Heat Pump Market research study across the global, regional and country level. The report provides 360° analysis from view of manufacturers, regions, product types and end industries. The research report analyses and provides the historical data along with current performance of the global market and estimates the future trend of the industry based on this detailed study.

Europe Air Source Heat Pump Market is predicted to exceed USD 7 Billion by 2024. Rising demand for space heating and hot water across polar climate regions along with government efforts toward renovation and modernization of existing infrastructures will boost the industry growth. In addition, financial support for the construction of sustainable buildings will complement the business landscape. For instance, the European Investment Bank, in 2018, approved funds of over USD 100 million toward development of zero emission buildings.

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Commercial ASHP market is projected to expand over 4% by 2024. Rising demand for HVAC systems having easy integrability with traditional heating units coupled with growing investments toward infrastructure development will augment the product deployment. For instance, the European Investment Bank entered in a contract with Infranode toward sustainable development of local infrastructure.

The UK air source heat pump market is anticipated to exceed an annual installation of 30 thousand units by 2024. The industry will witness robust growth on account of recent extensions in Renewable Heat Incentive tariff coupled with strengthening efforts by utility companies toward nationwide expansion of heat pump business. Additionally, the EU in collaboration with respective government introduced energy efficiency measures which will encourage the replacement of traditional heating systems.

Government initiatives to encourage energy conservation along with growing adoption of energy efficient heating units will propel the Europe air source heat pump market share. Rising focus toward replacement of conventional heating systems in conjunction with green building codes & standards will further augment the industry landscape. For instance, in 2018, the EU introduced the Energy Performance of Buildings Directive with a purpose of strengthening the energy performance of new constructions and deployment of energy efficient units.

Europe Air to Air (ATA) heat pump market is projected to grow over 3% by 2024. Cost effectiveness, high energy efficiency, ability to purify air, ease of installation and zero ground work expense are some of the key features which will make the product a more preferable option over its available counterparts.

Norway ASHP market is predicted to exceed USD 600 million by 2024. Growing investments toward development of sustainable residential and commercial infrastructure will propel the product deployment. In 2016, the Ministry of Petroleum and Energy announced an energy efficiency scheme intended to provide investments toward energy recovery measures across residential sector.

Eminent players operating across Europe air source heat pump market include Daikin, Johnson Control, A.O. Smith, Viessmann, Mitsubishi Electric Corporation, Panasonic, Vaillant, Carrier Corporation, LG Electronics, NIBE, Bosch Thermotechnology amongst others.

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Europe Air Source Heat Pump Market, By Application

  • Residential
    • Single-Family Houses
    • Multi-Family Apartments
  • Residential, by product
    • Domestic Hot Water Heat Pump
    • Room Heat Pump
  • Commercial
    • Education
    • Healthcare
    • Retail
    • Logistics & Transportation
    • Offices
    • Hospitality
    • Others

Related Report:

Storage Water Heater Market 2019-2025

https://www.marketwatch.com/press-release/storage-water-heater-market-to-grow-at-a-cagr-of-2-from-2019-to-2024-2019-07-30

 

About Author

Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for Fractovia, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in technical field as well as writing. He can be contacted at- [email protected] | https://twitter.com/sankritsays

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