Global air-sourced heat pump market set to grow

By 2023, the Air Source Heat Pumps market is expected to grow to US$ 94 billion at the rate of 11.68 per cent. It is one of the types of the VRF - which includes air source, ground source, air cool, water cooled and other types of nature based heating and cooling compressor units, used to fulfill energy requirement of residential units, commercial or other applications. In France, the need to meet the carbon reduction targets by 38 per cent by 2020, led to the implementation of these pumps. UK started the Renewable Heat Incentive to promote the installation of such facilities for commercial and residential purposes. 

China air source heat pumps market is set to grow due to growing population – which raises additional need for homes and higher energy demands at a low emission, at the same time, requirement for clear air is also growing in the country. To counter environmental issues and reduce energy consumption through non-renewable, China will install these pumps, which have low operating costs. The use of air source heat pumps in industrial application is set to grow at the rate of 4 per cent.  

AHRI released May 2018 data where it was found that US air source heat pump shipments increased 7.2 per cent to 298,236 units.  On year-to-date, the increase in shipment of such devices was up 11.6 per cent.  

In Canada, the Green Ontario Fund was forced to close down and channel the carbon revenues towards other programs, which led to rebates on air-sourced heat pumps by US$5,800. The fund bought $2.8 billion in carbon credits and the leftover credits have been invested this way. The energy efficiency program in Canada was able to provide jobs to 118,000 people and save up to $114 a year of each household. On June 19, the fund announced closure on its website.

The market of air source heat pumps is expected to grow 7.1 per cent as per CAGR in the period from 2016 to 2026, and countries in Europe and South Asia will increase investment in such sectors to reduce carbon footprints.  The market share of Western Europe was about 40 per cent in 2016, and in the Asia Pacific, Japan will increase investment in such sectors to diversify from nuclear energy source. The report finds the residential sector will lead the market with 55 per cent adopting air source heat pumps. The leading companies in the segment are Viessmann from Germany, Danfoss from Denmark, Panasonic, Mitsubishi and Daikin from Japan and United Technologies from the US.

Air source heat pumps are low maintenance energy equipment, which can accelerate carbon reduction.  It can heat and cool air at a low electricity expenditure. Some of the heat pumps can reduce temperature to minus 25 degree Celsius, and recent advancement allows dual source heat pumps which can heat, cool and provide hot or cold water for domestic or industrial use.  The technology based on air and ground heat provides clean and sustainable option, and quality of air improves at home or office. It is suitable for houses poorly insulated and unable to use natural gas for heating.

To find out more on Air Source Heat pumps, related energy production and business, visit 99 Alternative – (http://www.99alternatives.com).