The Europe Air Source Heat Pump Market size is predicted to exceed USD 7 Billion by 2024. Favorable government norms and initiatives toward reduction of CO2 emissions by promoting the use of several renewable technologies will drive the product adoption. For instance, the Government of UK introduced Domestic Renewable Heat Incentive (RHI) scheme which aims to encourage the use of renewable heat in order to cut carbon emissions and meet the country’s renewable energy targets.
Ease of installation, low maintenance, energy efficiency and low cost are some of the prominent features which will fuel market size. Escalating demand for energy efficient units along with green building codes & standards will further stimulate the product deployment.
Ability to provide space cooling & heating along with water heating solution will drive the Europe Air to Water (ATW) heat pump market share. Furthermore, ongoing technological advancements to meet the rising demand across residential establishments along with increasing focus to reduce electricity bills will complement the industry landscape.
Commercial air source heat pump market is set to witness strong growth on account of growing investments toward development of infrastructure coupled with retrofit & replacement of existing heating and cooling systems. Ability to be used as a standalone system along with cost effectiveness & zero expenses for ground works will further propel the business growth.
Denmark air source heat pump market will witness robust growth on account of policies in support of decarbonization of the country’s energy systems coupled with renovation of existing buildings to sustainable establishments. For instance, in 2014, the Danish Ministry of Climate, Energy and Building introduced a strategy which aims at reducing 35% of heating energy consumption from existing buildings by 2050.
Shifting trends to improve the living standards favored by increasing disposable income coupled with rising adoption of innovative technologies will fuel the Europe ASHP market growth. In addition, rising demand for HVAC units that can be integrated easily with conventional system across new and existing buildings will stimulate the industry growth.
Eminent industry players in the market comprises Bosch Thermotechnology, NIBE, Danfoss, BDR Thermea Group, Viessmann, Glen Dimplex, Husky Heat Pumps, Climaveneta, Vaillant, Swegon Group, Grant Engineering, Systemair AB, Trane, Finn Geotherm UK, and Stiebel Eltron.
Segments Covered in This Report:
Market Size(By Product)
Market Forecast(By Application)
- Single-family Houses
- Multi-family Apartments
- Residential, by product
- Domestic Hot Water Heat Pump
- Room Heat Pump
- Logistics & Transportation
The above information is provided on a regional and country basis for the following: