Renewable Heating Market Size, Industry Analysis Report, Regional Outlook, Application Potential, End Use, Region, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI3499
Renewable Heating Market will grow on account of increasing environmental impacts of fossil fuels including degradation, green-house gas emissions and severe climate change conditions. Rapid urbanization and economic growth in the developing countries are amongst the prime factors driving the industry landscape. Renewable heating for home, industrial and other applications account for nearly 40-50% of the total energy consumption. Heat Network Infrastructure, an important application is technology neutral and work on a variety of fuels ranging from Combined Heat and Power (CHP) to renewable heat and urban recovered heat.
Introduction of sustainable energy targets including 2°C Scenario (2DS) goals by International Energy Agency (IEA) will drive the renewable heating market growth. In 2018, UK introduced the Renewable Heat Incentive (RHI) that is refocused to incentivize the cost-effective generation of renewable heat with an aim to meet 2020 energy target. Growing need for renewable sources for heating specifically in pulp, paper industry will further stimulate the industry scenario.
Growing industrialization, implementation of stringent regulations and fueling demand for energy are the prominent factors driving the Asia-Pacific region renewable heating market growth. China accounts for a major share on account of increasing consumption of renewable heat owing to the rising solar thermal installations. Implementation of Energy Conservation Building Code to regulate some it’s the state’s construction activities will further complement the business outlook.
Rising focus toward sustainability and introduction of energy efficiency norms will complement renewable heating market growth. For instance, EU introduced The European Technology & Innovation Platform on Renewable Heating & Cooling (RHC_ETIP) thereby enhancing the overall business outlook. In addition, Germany has the highest consumption of energy owing to the presence of industries including chemical & automobile. Further, Sweden and Austria have observed an increase in biofuel production which is projected to strengthen the industry scenario.
Crucial factors including economic constraints comprising infrastructure investment, day to day operations & market costs of supply may act as barriers to the renewable heating market growth. However, projects including Heat Networks Investment Project (HNIP) offer loans and grants to both public and private sectors for the networks serving two or more buildings. Moreover, ongoing research and development activities toward decarbonization of heating will positively influence the business landscape.
Eminent participants in renewable heating market includes General Electric, ABB Ltd., The Tata Power Company Limited (Tata Power), Enel Spa (Enel), Innergex, Xcel Energy Inc., EDF, Geronimo Energy, Acciona, Vestas Wind Systems A/S, Invenergy, UpWind Solutions Inc., Sinovel Wind Group Co., Ltd. , Senvion S.A., and ENERCON GmbH.
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