Which factors are driving global heat pump market trends?
Publisher : Fractovia | Published Date : 2019-09-16Request Sample
Ever-increasing energy demand from commercial and residential apartments for efficient and noiseless facilities is primarily driving heat pump market. Correspondingly, the improving standard of living owing to high disposable incomes of the urban population coupled by the increasing investments in development of residential apartments will also intensify product demand.
Furthermore, the depleting fossil fuel reserves has been leading toward promotion of renewable energy mix. For instance, the air source heat pump saves 40% of electricity when compared with conventional heat pump running solely on electricity.
Which factors will drive Germany heat pump market size?
Strict codes toward minimizing the greenhouse gas emissions, owing to the environmental impacts coupled with the increasing electricity prices will drive Germany heat pump market outlook. Electricity prices in the country sharply raised up from USD 26.9 per kWh in 2010 to USD 33.5 per kWh in 2018. Therefore, the regulators came forward with several norms and regulations in order to enhance the adoption of sustainable technologies. For instance, attributed to Renewable Energies Heat Act, Germany is looking forward to increasing renewable energy share of cooling and heating applications by 14% by 2020.
How will ground source heat pump market grow over the forecast period?
Ground source heat pump utilizes the warm ground temperature for providing heating solutions across the regions with cold and arid climate. The pump is ecofriendly and operates without noise with enhanced reliability as compared to other counterparts which will propel high production. Additionally, it does not require to go deep inside the ground, else it utilizes shallow soil temperatures for both cooling and heating applications, making it a viable option. In 2018, ground source heat pump market was valued over USD 2,800 Million and is projected to record a growth rate over 4% through 2025.
How will residential applications contribute to substantial growth of heat pump market share?
Strong economic growth along with increasing demand for modernization and replacement of conventional heat pump units will propel product adoption. Similarly, favorable measures to minimize carbon footprint complemented by rising inclinations toward renewable technologies will further enhance industry outlook. According to previous records, residential applications contributed over 80% of global heat pump market share in 2018.
