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Germany Heat Pump Market size will surpass USD 700 Million by 2024 Competitive Market Share & Forecast, 2018 - 2024

Author : Rahul Sankrityayan | Published Date : 2019-03-29 

Germany Heat Pump Market size will surpass USD 700 Million by 2024, as reported in the latest study by Global Market Insights, Inc.

Availability of constant ground temperature along with emerging demand for energy efficient systems to reduce electricity consumption across buildings will drive the Germany heat pump market share. Growing concern to reduce fossil fuel dependency along with volatile prices are some of factors positively influencing the demand for energy efficient units across the nation. Several programs and incentives including financial assistance, tax rebate, zero interest rate loan have been introduced by policymakers to promote the adoption of sustainable energy efficient systems.

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Increasing concern to minimize heat consumption from fossil driven systems to curb greenhouse gas emissions will propel the heat pump market across Germany. Regulators Across the country in line with the Climate Action Plan 2050 have introduced regulation and norms to reduce the GHG emissions. The plan aims to minimize the CO2 emissions over 50% by 2030 from 1990 levels. Furthermore, the energy saving regulations (EnEV) introduced in 2009, sets energy standards for retrofitting and construction of commercial and residential buildings.

Geothermal heat pump market in 2017 witnessed an annual installation of over 25 ‘000 units. Ongoing technological innovation in system design to improve efficiency, reduce installation cost, heat loss, and energy consumption will positively sway the industry dynamics. For instance, according to Department of Energy, the geothermal heat pump can reduce the annual energy consumption by 30% to 60%. In addition, ability to deliver cooling or heating across residential and commercial establishments by utilizing water or ground temperature will further enhance the product penetration.

Rapid industrialization and urbanization across the nation along with increase in disposable income will stimulate the overall air source heat pump industry growth. Air to water units hold a dominant share subject to the ability to avail an effective water heating solution across the suburban establishments. In addition, limited space requirement, low carbon emissions, cost effectiveness will further complement Germany heat pump market outlook.

Heat pump market across residential application is predicted to witness robust growth on account of increase in investment toward innovation and refurbishment of new buildings coupled with increasing disposable income of individuals. Rising awareness toward benefit of renewable technologies along with growing measures to improve air quality will further complement the industry outlook.

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Commercial based heat pump market is expected to exceed over 20 thousand units by 2024.Growing demand for retrofit and replacement of existing cooling and heating units along with increasing investment toward infrastructural development will stimulate the product demand. Ease of integration with conventional systems and increasing demand across new constructed or existing buildings will further positively influence the business landscape.

Key participants across the Germany heat pump market include Carrier Corporation, Daikin, Thermic Energy, Danfoss, Viessmann, Stiebel Eltron, Toshiba, Systemair AB, Vaillant, Glen Dimplex, Bosch Thermotechnology, Wolf, Trane, Modine, Swegon, Weishaupt, NIBE and Solarbayer.

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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