Sellbyville, DE -- (SBWire) -- 03/04/2019 --Favorable regulatory regime supported by a multitude of fiscal support schemes and policies will stimulate the Europe Air Source Heat Pump (ASHP) market. For instance, the 2009 EU Directive on renewable energy sets ambitious target for all the Member States, to attain a 20 % energy share from renewable sources by 2020. The EU directive includes ASHPs within its definition of renewable sources of energy, provided they meet minimum performance standards. Increased demand for space heating across countries with extreme climatic conditions will further augment the business growth in the region.
Europe Air Source Heat Pump Market is predicted to exceed USD 7 Billion by 2024. Rising demand for space heating and hot water across polar climate regions along with government efforts toward renovation and modernization of existing infrastructures will boost the industry growth. In addition, financial support for the construction of sustainable buildings will complement the business landscape. For instance, the European Investment Bank, in 2018, approved funds of over USD 100 million toward development of zero emission buildings.
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Commercial ASHP market is projected to expand over 4% by 2024. Rising demand for HVAC systems having easy integrability with traditional heating units coupled with growing investments toward infrastructure development will augment the product deployment. For instance, the European Investment Bank entered in a contract with Infranode toward sustainable development of local infrastructure.
The UK air source heat pump market is anticipated to exceed an annual installation of 30 thousand units by 2024. The industry will witness robust growth on account of recent extensions in Renewable Heat Incentive tariff coupled with strengthening efforts by utility companies toward nationwide expansion of heat pump business. Additionally, the EU in collaboration with respective government introduced energy efficiency measures which will encourage the replacement of traditional heating systems.
Norway is another prominent regional contender in Europe air source heat pump industry & predicted to exceed USD 600 million by 2024. Initially, the Norwegian government had given importance for the implementation of heat pumps mainly across industrial and commercial sectors, but later on, with the increasing need for energy efficiency, a considerable proportion of the regional populace installed air heat pumps on large scale.
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Europe Air to Air (ATA) heat pump market is projected to grow over 3% by 2024. Cost effectiveness, high energy efficiency, ability to purify air, ease of installation and zero ground work expense are some of the key features which will make the product a more preferable option over its available counterparts.
Eminent players operating across Europe air source heat pump market Carrier Corporation, Vaillant Group, Mitsubishi Electric Cooling & Heating, Toshiba, Danfoss, Daikin Applied Americas, Climaveneta, Glen Dimplex, Systemair AB, Trane, Samsung HVAC.
