Europe Air Source Heat Pump Market annual deployment forecast to exceed 1 million units by 2024 as cost effectiveness and zero expenses for ground works will propel European industry growth.
Sellbyville, DE -- (SBWIRE) -- 02/21/2019 -- Europe air source heat pump market has observed remarkable growth lately, in line with the shifting trends toward the increasing use of air as an important energy source in heat pumps that are deployed in industrial, residential, and commercial buildings. Currently, the surging use of fossil fuels for meeting energy demands has had a negative impact on the environment. Reports claim that nearly 70% of energy needs in Europe is fulfilled from fossil fuels leading to air pollution and GHG emissions that are negatively impacting human health and the ecosystem.
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.
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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.
Norway is another prominent regional contender in Europe air source heat pump industry & predicted to exceed USD 600 million by 2024. Initially, the Norwegian government had given importance for the implementation of heat pumps mainly across industrial and commercial sectors, but later on, with the increasing need for energy efficiency, a considerable proportion of the regional populace installed air heat pumps on large scale.
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.
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Eminent players operating across Europe air source heat pump market:
- Carrier Corporation
- O. Smith Corporation
- Vaillant Group
- Mitsubishi Electric Cooling & Heating