As stakeholders across the world, scurry to manage the energy crisis, more and more people see the merits of renewables as the only viable option for future use. And, fortunately enough, most governments across the globe agree. As a result, the global heat pump market witnesses incentives, subsidiaries and other benefits.
Before moving ahead, it is also imperative to credit the end-consumer as well who is more aware of his carbon footprint than ever before in the history of the earth. This high consciousness translates into energy efficient moves. Thus, as population increases, and construction volumes follow demand for housing, commercial spaces and recreational spaces, demand for heat pumps will only see an upward, steeper growth curve.
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As far as building and construction is concerned, it is interesting that an astronomical 85% rise in volumes of construction will be noted over the next ten years and that means the market will accrue worth of value USD 15.5 trillion over the period. However, the distribution of volumes would not be even across the globe and more than half of the projected growth will be accounted for by China, The United States of America, and India.
The growth in population also deserves a mention at this point. Currently, the world population is about 7.7 billion. And, over the next three decades, the population would hit the 9.7 billion mark. This means an additional 2 billion people will occupy the planet and not only will they occupy space but also the will demand energy for various purposes.
And, as technology advances, and costs associated with non-conventional means of energy dips, the demand for renewable heat sources will only go up. It is pertinent to make note of the American efforts at this point – the government lays out benefits for encouraging heat pumps installation.
Regional Analysis: Hotspots of Growth Delineated
It is worth pointing out here that as demand for heating – spaces and water – grow in certain regions like that of America, Europe and Asia Pacific, demand for energy efficient methods like via use of heat pumps is on the upward curve too.
However, the largest share would be accounted for by Asia Pacific (APAC), owing to heavy construction activities, growing chemical industry, pharmaceutical industry, and iron and steel industry.
The second largest growth figures would be noted in North America, owing to technological advancement and high construction volumes marking the regional landscape. Additionally, awareness levels among people are quite high regarding reducing carbon footprints and consequences of every choice made.
Competitive Landscape: A Glimpse into Market Dynamics:
Key players marking the global heat pump market include United Technologies Corporation, Daikin Industries, Ltd., NIBE Group, The Viessmann Group, Ingersoll-Rand, Stiebel Eltron, Vaillant Group, Robert Bosch GmbH, The Danfoss Group, and Mitsubishi Electric Corporation, among others.
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And, it comes as no surprise that the role of technology in the global heat pump market is critical. Innovation will be the key determinant of the size of slice a player carves out from the overall growth pie over the forecast period. Thus, a number of players can be seen dabbling with investment in research and development.
Other strategies involve a mergers and acquisitions. In the November of 2017, Rhoss S.p.A. was acquired by NIBE Industrier AB. And, next year, Danfoss Varmepumpar AB initiated was acquired by Steibel Eltron.
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