Europe Heat Pump Market size to exceed $15bn by 2026
Published Date: October 14, 2020 Authors: Ankit Gupta, Nikhil Paranjape
Europe Heat Pump Market size is expected to surpass USD 15 billion by 2026, as reported in the latest study by Global Market Insights, Inc.
Europe heat pump industry is set to witness significant growth on account of rising demand for energy efficient heating systems. Growing regional population with service sector industry growth has been one of the major driving factors for the escalating energy requirement for space heating and cooling. Ongoing adoption and deployment of sustainable systems to mitigate adverse environmental impacts will stimulate the heat pump demand. Continuous efforts by the government to curb GHG emissions have considerably raised the funding toward the adoption of renewable heating technologies.
However, the unprecedented outbreak of COVID-19 has significantly impacted the global economy thereby affecting the consumer spending power. The pandemic has further brought large scale disruption in supply chains and manufacturing of heat pumps which is significantly impacting the Europe heat pump market outlook.
Lower operating cost along with high reliability will drive the market demand for ground source heat pump
Ground source heat pump demand will witness significant upsurge on account of their wide acceptance across residential and commercial establishments due to their high reliability and low operating cost. These systems are flexible and can be installed horizontally or vertically, which further favors the installation of GSHP. Less space requirement and minimal disturbance to the existing landscape while installation makes it an ideal choice for retrofit application. In addition, rapid investments toward the green building infrastructure across single and multiple housing units will boost the Europe heat pump market trends over the forecast timeframe.
Browse key industry insights spread across170 pages with 171 market data tables & 25 figures & charts from the report, “Europe Heat Pump Market Size By Product (Air Source, Ground Source, Water Source), By Application (Residential, Commercial, Industrial), Industry Analysis Report, Country Outlook, Price Trends, Competitive Market Share & Forecast, 2020 – 2026”in detail along with the table of contents:
Introduction of regulatory norms & mandates toward energy conservation will proliferate the market statistics of heat pump across commercial applications
The rising awareness toward the rapid climatic changes has compelled European Union to introduce various mandates and programs for commercial users, enabling them to shift from traditional heating systems to sustainable heating systems. This has resulted in a significant upsurge in the installation of clean energy heating systems, thereby complementing the dynamics of Europe heat pump market. Commercial sector is set to witness substantial upsurge in the deployment of heat pumps owing to rising demand of heating & cooling systems across schools, shopping malls, office buildings and hospitals amongst others. The heat pump industry is projected to witness strong market growth due to increasing data centers which needs proper cooling for their facilities. Flourishing economic structures along with government measures to raise foreign investments in the regional service sector industry will positively impact the market share.
Government initiatives to promote sustainable residential & commercial buildings to reduce CO2 emission will propel the product adoption across Germany
Germany heat pump market is anticipated to register over 8% CAGR through 2026. The government schemes to limit CO2 emissions and promote green buildings across residential and commercial sector have augmented the market demand for high-efficiency heating systems. Flourishing construction sector and robust economic performance will further complement the market size. Ongoing technological advancements in terms of energy efficiency and cost reduction will substantially support the gradual infiltration of heat pump units across the country’s mainstream heating market share.
Key players operating across Europe heat pump market comprise of Bosch Thermotechnology, Glen Dimplex, Stiebel Eltron GmbH & Co., Vaillant Group, Carrier Corporation and Thermic Energy RZ GmbH amongst others. Strategic alliances & contract along with innovative technological innovations are the major strategies followed by leading market players to gain a competitive edge over others in the heat pump business.
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