Furthermore, financial support for the development of sustainable buildings will encourage the product demand. The European Investment Bank (EIB) approved funds of around USD 100 million for the construction of zero emission buildings in 2018. According to the Graphical Research new growth forecast report titled “Europe Air Source Heat Pump Market analysis based on Product, Application, Industry Analysis Report, Country Outlook, Growth Potential, Competitive Market Share & Forecast, 2018 – 2024”, estimated to exceed USD 7 billion by 2024.
Renewable Heat Incentive scheme in UK
Favorable government initiatives and norms toward reduction of GHG emissions by the use of renewable technologies will stimulate the air source heat pump market size. The Government of UK introduced Renewable Heat Incentive scheme with an aim to encourage the adoption of renewable heat technologies amongst communities, businesses, and householders through financial incentives.
Low maintenance, ease of installation and low cost are some of the prominent features which will drive the Europe ASHP market growth. Rising adoption of energy efficient units coupled with green building standards and codes will further complement the product deployment. For instance, the European Union introduced the Energy Performance of Buildings Directive (EPBD) to strengthen the energy performance of new constructions through the deployment of energy efficient units.
Favorable government policies in Denmark
Denmark ASHP market will grow owing to the government policies in support of decarbonization of the energy systems along with modernization of existing infrastructure to sustainable establishments. In 2014, the Danish Ministry of Climate, Energy and Building developed a strategy with an aim to reduce 35% of the heat consumption from existing buildings by 2050.
Air to air heat pump market size will grow on account of its key features including cost effectiveness, ability to purify air, high energy efficiency, and zero ground work expense. In addition, rising focus to reduce electricity bills coupled with ongoing technological progressions to meet the rising demand across residential sector will complement the business landscape.
Norwegian ASHP market to surpass USD 600 million by 2024
Commercial air source heat pump market size is predicted to witness growth owing to growing demand for HVAC systems that are easily integrable with the conventional system across new and existing buildings along with retrofit & replacement of cooling & heating systems.
Norway ASHP market size is projected to surpass USD 600 million by 2024. Government targets to phase out fossil fuel fired boilers coupled with national schemes including Enova Subsidy, to promote the use of heat pumps will augment the product deployment.
Key players operating across the Europe air source heat pump market include Bosch Thermotechnology, BDR Thermea Group, NIBE, Danfoss, Viessmann, Husky Heat Pumps, Glen Dimplex, Climaveneta, Swegon Group, Vaillant, Grant Engineering, Trane, Finn Geotherm UK, Systemair AB, and Stiebel Eltron according to the report. (HCN)
