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Germany heat pump market growth driven by growing focus to minimize climate change impacts along with increasing electricity prices. electricity prices in the country reached USD 33.5 per kWh in comparison to USD 26.9 per kWh in 2010. Several acts and regulations have been introduced by regulators to enhance the adoption of sustainable technologies. For instance, Renewable Energies Heat Act has been introduced with an aim to increase renewable energy share in final energy consumption for cooling and heating to 14% by 2020.Global Heat Pump Market is poised to exceed USD 60 Billion by 2025, as reported in the latest study by Global Market Insights, Inc. Rising focus toward improved environmental performance, energy security along with growing initiatives to minimize heat consumption from fossil driven systems will stimulate the global heat pump market size. The air source heat pump consumes less energy to operate i.e. 40% when compared with conventional units. Furthermore, introduction of green building standards and codes to enhance the deployment of sustainable technologies and thereby minimizing carbon emissions will further enhance the product penetration.
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Surging demand for sustainable and cost-effective heating and cooling solutions to reduce electricity consumption will stimulate the market share. Population migration toward urban areas, increase in investment toward development of residential apartments along with increase in disposable income are some of the imperative parameters fueling the energy demand. Volatility in electricity and fossil fuel prices have positively impacted the demand for energy efficient systems.
Ground source heat pump market for 2018, was valued over USD 2,800 Million. Less maintenance requirement, ecofriendly, noiseless operation and enhanced reliability are few highlighted parameters which will positively influence the product demand. Capability to utilize constant shallow soil temperature for providing cooling and heating solutions make its adoption viable over other alternates.
Commercial heat pump market. will witness growth owing to positive outlook toward infrastructure sector along with upsurge in demand for retrofit and replacement of existing cooling and heating units. A system ability to integrate with conventional systems across new constructed or existing establishments will provide it competitive edge over other alternates.
Residential applications in 2018, contributed over 80% of global heat pump market share. Increasing demand for revamping and replacement of conventional units along with strong economic growth will fuel the industry dynamics. Rising awareness toward benefits of renewable technologies along with favourable measure to improve air quality will further complement the industry outlook.
France market will witness growth owing to introduction of stringent targets pertaining to energy generation from renewable energy coupled with increasing spending toward renovation of existing building infrastructure. For instance, in 2015, Energy Transition Bill introduce by the Government of France with an aim to fulfil 38% of heat consumption from renewable sources by 2030.
China heat pump market size is projected to grow over 2% by 2025. Government mandates to reduce carbon footprints by promoting the utilization of renewable energy mix will provide stimulus growth across the nation. For instance, in 2018, China National Development & Reform Commission introduced policy to increase renewable energy targets from 20% to 35% by 2030.
Major participants across heat pump industry are Solarbayer, Thermic Energy, Finn Geotherm, Swegon, Kensa Heat Pumps, Carrier, Vaillant, Glen Dimplex, Stiebel Eltron, NIBE, OCHSNER Warmepumpen, Wolf, Bosch Thermotechnology, Mitsubishi Electric, Earthlinked Technologies, Green Planet Supply Technologies, Bryant Heating & Cooling Systems, Bard HVAC, Danfoss, Weishaupt, Modine, Trane, Swegon, Daikin, Viessmann and Nortek.
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Contact Info:
Name: Arun Hegde
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Organization: Global Market Insights, Inc.
Website: https://www.gminsights.com/pressrelease/heat-pump-market
Release ID: 506416