Europe air source heat pump market to witness commendable gains over 2018-2024
Date: 2018-11-09   Author: Rahul Sankrityayan  Category: #market

The global air source heat pump market, of late, has been witnessing robust growth prospects owing to various commendable initiatives that are being rolled out by
numerous regulatory bodies and government agencies across the world. Apparently, the unprecedented rise of the ill-effects pertaining to carbon emissions has
necessitated the wide-scale deployment of energy saving components such as air source heat pumps, predominantly across residential and commercial sites.
Furthermore, initiatives such as clean heating programs, incentive plans, and cooling programs have gained marked prominence which has eventually assisted the air
source heat pump industry share to expand at a swift pace in the recent years.

Citing an instance of the rising significance of air source heat pumps in the energy-related policies of various states and nations, the New York State Energy Research
and Development Authority has initiated an ambitious ‘Air Source Heat Pump’ program in 2017. The initiative was aimed at reducing dependency on fossil fuels and
integrate energy efficiency. Needless to mention, such initiatives have been altering the dynamics of the global air source heat pump market which garnered a
remuneration portfolio of approximately USD 30 billion in the year 2017, as per a recently compiled research report by Global Market Insights, Inc.

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Europe to emerge as the front-runner in global air source heat pump industry

The contribution of regional governments toward driving the profitability quotient of the air source heat pump market is indeed remarkable. The Federal Ministry for the
Environment, Nature Conservation, Building and Nuclear Safety of Germany, for instance, has put together a Renewable Energies Heat Act which aims to augment the
share of renewable energy in heat provision to 14 percent by the year 2020. As per authentic sources, the Act makes it mandatory to utilize renewable energy for
requirements such as space and water heating in new residential sites.

Even though the act applies only to new buildings, specific policies can be formulated, and a fixed amount of budgetary fund can be allocated to expand the installation
of air source heat pumps at the older residential sites as well. Apparently, building owners would be obliged to use a certain portion of renewable energy for water and
space heating purposes in the newly constructed residential projects. This instance goes on to demonstrate the immense growth potential of Germany air source heat
pump industry, which is projected to surpass an annual installation base of about 65 thousand units by the year 2024.

Concurrently, the UK has been making rapid headways in establishing itself as one of the most pivotal nations in Europe to meet its renewable energy targets and reduce
its carbon emission levels, which has subsequently propelled the regional air source heat pump industry progression. Given the growing inclination of various business
verticals to adopt efficient heating systems, the recently amended Domestic Renewable Heat Incentive (RHI) program has made the installation count of air source heat
pumps more attractive across the country. 

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Apparently, the RHI initiative encourages homeowners to switch from fossil fuels to greener alternatives like air source heat pumps and pays them for seven years post-
installation. Industry experts claim that the initiative can contribute to fuel savings of about 30 to 45 percent – a lucrative estimate that would impel the UK air source
heat pump market size in the ensuing years.

Considering the aforementioned aspects, it would be appropriate to mention that the urgent requirement to replace conventional heating systems with energy efficient
heat pumps would drive the global air source heat pump market share expansion in the forthcoming years. The growing trends of industrialization and urbanization
coupled with rising disposable incomes in the emerging economies would further open up endless growth opportunities for the air source heat pump industry
participants over 2018-2024. As per authentic estimates, the overall air source heat pump industry is forecast to exceed 13 million units by 2024, in terms of installation.



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Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for AlgosOnline, 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 t...

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