Global Solar-assisted Heat Pump Market Report 2023:
An $8.732 Market by 2030 – Increasing Need for Cost-effective and Energy-efficient Heating Solutions Bolsters Growth – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–The “Solar-assisted Heat Pump Market: Global Industry Analysis, Trends, Size, Share and Forecasts to 2030” report has been added to ResearchAndMarkets.com’s offering.
The global solar-assisted heat pump market was valued at USD 4523.04 million in 2022 and is expected to reach USD 8732.9 million in 2030, with a CAGR of 7.53% during the forecast period 2023-2030.
The solar-assisted heat pump market is experiencing significant growth in the Asia Pacific region due to various factors. One key driver is the rising investments in renewable energy projects.
Governments, organizations, and individuals are increasingly recognizing the importance of transitioning to cleaner and more sustainable energy sources to mitigate climate change and reduce greenhouse gas emissions. Solar-assisted heat pump systems align perfectly with this objective as they harness solar energy to power their operations, making them an attractive choice for environmentally conscious consumers.
Moreover, the need for cost-effective and energy-efficient heating solutions is another factor driving the market’s growth. As energy costs continue to rise and consumers seek ways to reduce their expenses, solar-assisted heat pumps provide an efficient alternative to conventional heating and cooling systems.
These systems demonstrate exceptional efficiency by utilizing less energy to deliver the same amount of heating or cooling. This not only reduces energy consumption but also leads to diminished operational expenses over time, making them a financially viable option for both residential and commercial applications.
The Air Source is the Fastest-Growing Segment in the Type of the Solar-Assisted Heat Pump Market
The air-source type of a solar-assisted heat pump is known as an air-source heat pump (ASHP). An ASHP extracts heat from the outside air and transfer it indoors for heating purposes. It operates by utilizing a refrigerant cycle that absorbs heat from the outdoor air and releases it inside the building, providing warmth during colder months.
In the cooling mode, the process is reversed, and the heat pump removes heat from the indoor air and releases it outside, thus providing cooling. The integration of solar energy into an air-source heat pump further enhances its efficiency and sustainability.
Asia Pacific Region Holds a Significant Share of the Solar-Assisted Heat Pump Market
Continuous advancements in solar-assisted heat pump technology, including improved efficiency, affordability, and reliability, have made these systems more accessible and attractive to consumers. This has contributed to the growing market demand in the Asia Pacific region.
Moreover, increasing awareness about environmental issues and the importance of sustainable practices has led to a shift in consumer preferences toward eco-friendly solutions. Solar-assisted heat pumps, by utilizing renewable energy, offer a greener alternative to conventional heating and cooling systems, appealing to environmentally conscious consumers in the Asia Pacific region.
Report Findings
Drivers
- Rising investments in renewable energy projects propel the growth of the market.
- The increasing need for cost-effective and energy-efficient heating solutions driving the growth of the market.
Restraints
- The high cost of the system may hinder the growth of the market.
Opportunities
- Technological advancement may provide growth opportunities for the market.
Company Profiles
- SAHP LIMITED
- ECO-$MART, Inc.
- Panasonic Corporation
- Solarthermalworld
- FRECON Electric (Shenzhen) Co.,Ltd.
- Nuetech Solar Systems Pvt. Ltd
- Mitsubishi Electric Corporation
- Bosch Thermotechnik GmbH
- STIEBEL ELTRON GmbH & Co. KG
Segment Covered
The Global Solar-assisted Heat Pump Market by Type
- Air Source
- Ground Source
- Water Source
- Hybrid Source
The Global Solar-assisted Heat Pump Market by End-use
- Residential
- Commercial
For more information about this report visit https://www.researchandmarkets.com/r/cbwjws
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