Strict government measures to reduce GHG emissions to foster air source heat pump market through 2024

Strict government measures to reduce GHG emissions to foster air source heat pump market through 2024

eTurboNews Syndication:

Selbyville, Delaware, United States, September 5 2020 (Wiredrelease) Global Market Insights, Inc –:Based on Global Market Insights, Inc., estimates, the global air source heat pump market size is set to exceed $50 billion by 2024.

Air source heat pump market is anticipated to witness a remunerative growth trend owing to the strict government actions to curtail the greenhouse gas emissions by promoting the applications of wide-ranging renewable technologies. For instance, officials all through the UK have launched the Renewable Heat Incentive program to further promote the use of sustainable technologies in businesses, local communities and home.

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Reduced cost, energy efficiency, less maintenance, and easy installation are the main features enhancing the global air source heat pump (ASHP) market. It acts as an alternative product for several space heating & cooling technologies on account of its additional features compared to the standard systems. Moreover, an air source unit has the Coefficient of Performance value of nearly 2.8 which may further result into a decline in the operating cost of approximately 3.5% as compared to a gas boiler, making it a much more viable option.

China ASHP market is likely to observe robust growth due to various promotional schemes to promote the usage of low-carbon energy sources. With the growing real estate business, the country has seen an increase in construction activities on account of rapid urbanization, thereby boosting the product adoption. According to WEF (World Economic Forum), around 2 billion square meters of buildings are built annually in China.

With growing government goals for consumption of energy and refurbishment of existing buildings, the France air source heat pump market will likely register an enhanced growth rate. The country has targeted to lessen 38% of energy consumption through the buildings by 2020 and around 400 thousand houses to be energy revamped annually since 2013. Severe climatic conditions that resulted into unfavorable work conditions throughout European countries would further improve the business scenario for the market over the estimated timeframe.

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Rise in investments toward clean air projects to reduce the dependency on conventional fuel will boost the market outlook. In 2016, the World Bank approved a loan of $500 million for Beijing clean-air projects to allow control over the air pollution in China. Surging energy bills on account of rising operational cost and rising fuel prices is also likely to enhance the business outlook.

Meanwhile, the industrial applications segment is projected to gain over 4% on account of substantial increase in the number of production facilities throughout the APAC and Latin America region. Some of the key features that will enhance the air source heat pump market are environmental impact and reduced energy consumption.

Zero expenses need for ground works and low operating cost, combined with its ability to be utilized as an effective way to supplement current standard cooling and heating systems or as a separate system will boost the air to air heat pump market. Technological advancements throughout the industry to cater the increasing product demand of consumers is set to further influence the business development.

In general, the above-mentioned factors are likely to offer a diverse range of growth opportunities for the air source heat pump market. The competitive landscape of the market includes companies like Colmac, Fujitsu General, Climeveneta, Vaillant, Daikin Industries, LG Electronics, Mitsubishi Electric, Dimplex, Bosch Thermotechnik, A.O. Smith, BDR Thermea Group, Panasonic, NIBE, Danfoss, Carrier, and Johnson Controls among others.

This content has been published by Global Market Insights, Inc company. The WiredRelease News Department was not involved in the creation of this content. For press release service enquiry, please reach us at [email protected].

This press release has not been edited by eTurboNews and is published from a syndicated feed.


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