Dublin, May 23, 2023 (GLOBE NEWSWIRE) -- The "Germany Air Source Heat Pump Market By Process (Air to Air, Air to Water), By End Use (Residential, Hotels & Resorts, Gym & Spas, Education, Food Service, & Others, By Sales Channel, By Region, By Company, Forecast & Opportunities, 2018-2028F" report has been added to ResearchAndMarkets.com's offering.
The Germany air source heat pump market is expected to be driven by increasing public awareness of the increased carbon footprint caused by fossil fuel combustion.
The increased greenhouse gas emissions have resulted in an increase in pollution and global warming. This combination of factors will encourage the use of electric heat pumps as the primary technology for reducing emissions in heating applications, which is expected to drive market growth during the forecast period.
An air source heat pump is a device used for transferring heat from one place to another using electricity. Heat is not produced by heat pumps. Instead, they shift and distribute heat to warm or cool a particular area.
Green energy management systems and technologies have come into greater emphasis as a means of addressing environmental challenges. Such measures are expected to produce profitable chances for the expansion of the heat pump market in the region. For instance, the year 2022 witnessed record sales for heat pumps in Germany.
According to the Federation of the German Heating Industry (BDH), the country delivered 25% more new heat pumps in the first half of 2022. The raw numbers increased from 76,500 to 96,000, and the market share of heat pumps surged from 17 to 21%.
However, the Federation of German Heating Industry, which has 121 member companies that produce heating systems and their components, they are contributing approximately 90% of sales generated by the heating industry in Germany. Similarly, in Europe, it represents 60% of sales generated by the heating industries. This means that the German heating industry will grow in both technological and commercial terms during the forecast period.
Companies are offering new innovative products to attract customers and increase their market presence. Manufacturers are focusing on the development of new products to fulfill the demand of the customers. For example, in March 2021, LG Electronics introduced its Home Energy Package in Germany.
To deliver heat and energy to residential buildings and small businesses, the hybrid system includes a heat pump, a PV system, and battery storage. Similarly, in 2022, Daikin announced the expansion of heat pump production capacity in Germany. The company is expected to quicken the growth of its local production capacity with this new investment.
Furthermore, in August 2022, STIEBEL ELTRON GmbH & Co. KG announced a USD594 million investment to expand its heat pump manufacturing activities to produce more than 80,000 units by the end of 2022. This investment strategy was designed to strengthen the company's market presence and production capabilities throughout the region.
Increased Spending on Infrastructure Projects to Boost the Market
Based on application, the Germany heat pump market for residential and commercial sectors is predicted to grow because the new federal government has invested in infrastructure projects. For instance, according to the Global Construction Survey, the construction industry in Germany is expected to grow by 11.1% to reach USD 273,564 million in 2022.
Additionally, Germany completed the construction of 293,393 dwellings in 2021, and the Federal Government has set a goal of constructing 400,000 new homes in Germany, which increases the demand for energy conservation projects to reduce energy waste, avoid greenhouse gas emissions, and is cost-effective. Hence, the government has significantly increased affordable housing subsidies in order to meet the energy conservation initiatives, which is expected to drive the market demand during the forecast period.
Increasing Demand for Energy-Efficient Products
The primary advantage of using an air-source heat pump is its energy efficiency. The German market for electric heat pump systems is supported by increased energy consumption and a growing need for energy-efficient solutions.
According to data from the Energy Information Administration, the nation's overall consumption of electricity was 535.14 TWh in 2021, which led to a greater emphasis on energy efficiency. The use of heat pumps as an alternative to gas heaters to reduce expenses on energy is expected to drive market growth.
Market Dynamics
Drivers
- Surging infrastructure projects
- Increasing demand for advanced space heating technologies
- Reduce greenhouse gas emission
Challenge
- Increasing competition level
- Availability of substitute products
Market Trends & Developments
- Increasing demand for energy efficient system
- Increasing e-commerce sector
- Increasing promotional and marketing activities.
- Growing demand for cost effective products.
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in the Germany Air Source Heat Pump market.
- Bosch Thermotechnik Gmbh
- Johnson Controls International Plc
- Glen Dimplex Deutschland GmbH
- Solarbayer GmbH
- Viessmann Climate Solutions SE
- Daikin Manufacturing Germany GmbH
- STIEBEL ELTRON GmbH & Co. KG
- Toshiba Europe Limited
- Mitsubishi Electric Corporation (ECODAN)
- Carrier Corporation
Report Scope:
Germany Air Source Heat Pump Market, By Process:
- Air to Air
- Air to Water
Germany Air Source Heat Pump Market, By End Use:
- Residential
- Hotels & Resorts
- Gym & Spas
- Education
- Food Service
- Others
Germany Air Source Heat Pump Market, By Sales Channel:
- Plumbers
- Dealers & Contractors
- Retail
- Direct Sales
- Online
- Others
Germany Air Source Heat Pump Market, By Region:
- South West
- South East
- North West
- North East
For more information about this report visit https://www.researchandmarkets.com/r/etowfb
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