Rising concerns over reducing the carbon emissions from fossil fuel driven systems along with growing focus toward energy conservation will drive the market size
Sellbyville, DE -- (SBWIRE) -- 06/13/2019 -- The global heat pump market has lately been growing at a significant pace, characterized by the robust focus towards improved energy security as well as environmental performance. Growing initiatives for minimizing heat consumption from fossil driven systems will further add stimulus to the global heat pump market size. Of late, green building standards and codes are also being introduced for enhancing the deployment of sustainable technologies and minimizing carbon emissions, that will result in an incline in the product demand in the years ahead.
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A surge in the requirement for cost-effective as well as sustainable cooling and heating solutions to cut down electricity consumption has led to an increase in the demand for heat pumps as well. Of late, a majority of the population has been migrating to urban areas, driven by increasing disposable incomes. An increase in investment towards the development of residential apartments has been observed on these grounds, leading to an upsurge in product demand. Volatility in the prices of fossil fuels and electricity have also positively impacted the product requirement, which in turn will foster the heat pump market. Favorable measures for promoting the adoption of renewable technologies along with the stringent regulations towards GHG emissions will further complement the growth of heat pump market in the coming years.
Prominent industry players across this vertical have apparently been reinforcing their expertise with various inorganic and organic strategic initiatives to strengthen their market position and enhance their product portfolio. A gist of the contribution by some of the key companies in the heat pump market has been mentioned below:
In an attempt to stay ahead of the competition, Bosch Thermotechnology Corp. had introduced a new line of high efficiency minisplit heat pump systems that are ideal for residential cooling and heating up to 48,000 Btuh. The inverter-driven, ultra-quiet minisplit systems offer a wide operating range from -13 to 122 degrees Fahrenheit.
Furthermore, it also refreshes and cleans circulating air by reducing bacteria, viruses, allergens and potential odors, and the system also traps mites, pollen, dust and various other particles. The heat pump systems from Bosch will witness massive demand from urban households owing to its ultra-quiet and air filtering feature. Bosch's product innovation is likely to encourage its peers to come up with a slew of equally unique products, that would serve to impel the commercialization landscape of the heat pump industry in the years to come.
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The reputed firm had recently introduced an updated version of the Ecodan Heat Pump System with state-of-the-art smart energy monitoring and management, that would help households effectively manage their power consumption for heating purposes. This would enable homes to leverage off-peak tariffs or even enhance the deployment of solar panels, that would help them save a considerable amount their power bills.
Mitsubishi's Ecodan is an apt instance of how end-users can easily check the energy data of the heat pump and understand power consumption and heat output on the remote controller. The product has garnered rave reviews and has been touted to encourage industry contenders to bring forth an enhanced product line aimed at reducing electricity consumption and providing improved security.
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Analyzing the efforts undertaken by major industry players, it is evident that the heat pump market will register a significant growth rate over the estimated timeline. The competitive spectrum of heat pump market is also quite diverse, and comprises of notable companies such as Nortek, Viessmann, Daikin, Swegon, Trane, Modine, Weishaupt, Danfoss, Bard HVAC, Bryant Heating & Cooling Systems, Green Planet Supply Technologies, Earthlinked Technologies, Mitsubishi Electric, Bosch Thermotechnology, Wolf, OCHSNER Warmepumpen, NIBE, Stiebel Eltron, Glen Dimplex, Vaillant, Carrier, Kensa Heat Pumps, Swegon, Finn Geotherm, Thermic Energy and Solarbayer.