The heat pump market size is predicted to expand at an appreciable pace, with the rising need for energy efficient heating solutions. Since these pumps use a central source to heat a building, residents do not need to invest in expensive standalone heaters.
The demand for renewable heating systems is growing at a robust rate because customers are becoming aware of the environmental dangers of using fossil-fueled space heaters. Governments are also extending their support to sustainable space heating solutions to prevent energy waste. Extreme climate conditions in various parts of the Europe and North America will foster the equipment use.
According to Global Market Insights Inc., the global heat pump market size is estimated to surpass USD 94 billion in value by 2030.
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Rising carbon emission levels are contributing towards the burden of environmental issues, such as global warming and climate change. It has prompted governments as well as customers to move away from fossil-fueled products and adopt eco-friendly solutions.
Authorities are introducing favorable policies and incentives to encourage the adoption of sustainable and energy-efficient space heating systems. For instance, in August 2022, the U.S. government passed one of its most important climate bills, the Inflation Reduction Act (IRA) to help residential customers achieve energy efficiency and save on their electricity bills.
Several tax credits and rebates are included in the IRA to encourage homeowners to replace oil or gas-fueled boilers, water heaters, and other appliances with energy-efficient electric ones. The IRA will also offer an upfront rebate of nearly USD 8,000 on the installation of heat pumps, thereby boosting their sales.
Global water source heat pump industry share will record a healthy growth rate over the coming years. Water source heat pumps are considered one of the most efficient and eco-friendly heating systems as they provide only the required amount of heating and cooling. This helps clients save on their energy bills by preventing wastage of electricity. The overall cost of installation is also quite low, which will favor their adoption.
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Europe will account for a significant share of global heat pump industry in the future due to the increasing implementation of renewable heating solutions. The region is witnessing a worrying rise in its carbon emission levels. According to the Eurostat, in the first quarter of 2022, the greenhouse gas emissions in the EU touched 1,029 million tons. This was a 6% increase as compared to the same timeline in 2021.
It will prompt the regional governments to take more actions and meet the set carbon neutrality targets. For example, in June 2021, the EU implemented the European Climate Law, which aims to reach net zero GHG emissions by 2050. These policies will also boost the production of heat pumps as they are known for their energy efficiency properties.
The growing environmental issues have compelled authorities and customers across the world to adopt policies & products that can reduce their carbon footprint. Heat pumps are becoming one of the most sustainable and reliable solutions for overcoming various challenges associated with climate change and global warming. Some of the reputed companies in global heat pump market include Finn Geotherm UK Limited, Panasonic Corporation, Daikin, Viessmann, Bosch Thermotechnology Corp., Mitsubishi Electric Corporation, Danfoss, and Trane, among others.
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