Germany Heat Pump Market is anticipated to exceed an annual installation of over 100 thousand units by 2024 & air source heat pump market is anticipated to reach over 65 thousand units.
Sellbyville, DE -- (SBWIRE) -- 02/21/2019 -- 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.
Germany heat pump market will witness an appreciable growth on account of. increasing demand for reliable, sturdy and energy efficient system to reduce electricity bills across residential and commercial establishment. Volatile fossil fuel price along with growing concern to reduce import dependency are some of the factors propelling demand for energy efficient systems. Zero interest rate loan, tax rebate, direct grants and financial assistances are some of the incentives introduced by policymakers to enhance the penetration of energy efficient renewable technologies. For instance, as per DOE, geothermal heat pump can reduce electricity bill by 30% to 60% when compared to traditional cooling and heating systems.
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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.
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.
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.
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Key participants across the Germany heat pump market include:
- Vaillant Group
- Modine Manufacturing Company
- Systemair Sverige AB
- Carrier Corporation