Europe Air Source Heat Pump Market Future Scope, Top Trend & Regional Analysis To 2030
Owing to a marked increase in the deployment of energy-efficient heating systems across residential and commercial sites, the Europe air source heat pump market has been traversing along a lucrative growth path over the past few years.
Owing to a marked increase in the deployment of energy-efficient heating systems across residential and commercial sites, the Europe air source heat pump market has been traversing along a lucrative growth path over the past few years. As a part of the Paris Climate Agreement and other intergovernmental initiatives pertaining to climate change, various nations have focused on lowering greenhouse gas emissions in the recent times. This has led to an increase in the deployment of efficient heating systems such as air source heat pumps across various business verticals in European countries. Enumerated below is a brief outline of the progress of Europe air source heat pump industry across several nations of the continent:
Heat pumps are increasingly being deployed as the standard heating system by real estate contractors in newly constructed residential and commercial buildings in Germany. Owing to rapid advances being made in these devices in terms of design, usability, and efficiency, the air source heat pumps and water source heat pumps have emerged as the most popular form of domestic heating across Germany in the recent past. In fact, based on the estimations published by the Federal Statistical Office, the heat pump association of the country has recently confirmed that heat pumps overtook gas heaters in 2017 for the first time. The installation of heat pumps registered an increase of about 43% across residential buildings – a factor that has invariably propelled Germany air source heat pump industry trends.
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Concurrently, it would be prudent to take note of the regulations being rolled out by the government of Germany that have positively influenced the air source heat pump market landscape in the nation. To enhance the share of renewable energy in heating systems, the Federal Ministry for the Environment, Nature Conservation, Building and Nuclear Safety of Germany has formulated a Renewable Energies Heat Act. Apparently, the act makes it mandatory for owners of new residential buildings to utilize renewable energy to meet the space and water heating needs. Moreover, the act allows other states of the nation to allocate a specified portion of the budget to speed up the installation of air source heat pumps at the older residential buildings as well. Needless to mention, the regulations like Renewable Energies Heat Act are certain to drive the profitability quotient of the Europe air source heat pump industry in the times to come.
In addition to forming various regulatory frameworks, governments across European countries have been providing financial incentives for the companies working in the field of energy efficiency across transport, household, and commercial sectors. For instance, the Enova SF in Norway provides investment to promote unique energy systems with high energy efficiency and increased flexibility. The government enterprise owned by the nation’s Ministry of Climate and Environment also provides financial aid to construct new or expand the existing district cooling and heating infrastructure. Apparently, the impact of the numerous initiatives being undertaken by Enova SF in new energy would assist the Norwegian industry to build a high-grade energy-efficient infrastructure across the nation in the upcoming years. Moreover, the renewable energy policy targets of the nation have been focused on district heating systems such as air source heat pumps in the residential sector. Subject to a strict regulatory structure and growing investments toward sustainable development of residential and commercial sectors, the remuneration scale of Norway air source heat pump market is expected to surpass USD 600 million by 2024.
In an attempt to significantly reduce its carbon emission levels and meet its renewable energy targets, the government of UK has set up a scheme named as Renewable Heat Incentive (RHI). Under this scheme, the residents of the nation would receive quarterly cash payments over a period of seven years if they install or have previously installed a renewable energy technology in their homes. The government expects that the RHI initiative would encourage businesses, communities, and homeowners to switch from conventional heating systems to greener and energy-efficient heating solutions such as air source heat pumps. Moreover, the RHI Initiative is anticipated to contribute immensely toward the nation’s target of generating almost 12% heat from renewable sources by the year 2020 – an ambitious goal that would subsequently propel the UK air source heat pump market expansion.
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Considering the aforementioned regulatory framework, numerous initiatives granting financial aid, and favorable policies related to renewable energy across various states and nations of the continent, the growth prospects of Europe air source heat pump industry appear highly promising. In fact, as per a research report put together by GMI, the revenue scale of Europe air source heat pump market is slated to exceed USD 7 billion by 2024.
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