Sellbyville, Delaware , Feb. 01, 2018 (GLOBE NEWSWIRE) --

Global Air Source Heat Pump Market is projected to surpass USD 35 billion by 2024; as reported in the latest study by Global Market Insights, Inc. Growing renewable energy sector owing to the increasing fossil fuel prices, government initiatives, and climate change will drive the air source heat pump market share. The EU has targeted 20% of the final energy consumption from renewable energy sources by 2020. Retrofit and renovation of existing buildings with an aim to bring them to the level of code required for new construction, will further complement the business outlook of air source heat pump market.

The U.S. air source heat pump market is projected to surpass 500,000 annual installation by 2024. Introduction of buildings codes and standards coupled with increasing demand to reduce electricity bills will fuel the air source heat pump market. The California Energy Commission has introduced building energy efficiency standards to cut regulated energy consumption by 28% in new residential buildings and save consumers’ USD 31 per month on energy bills when compared to the establishments built under the previous energy codes.

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Air to water (ATW) heat pump market size is set to expand over 5% on account of its ability to provide hot water even at an ambient temperature of -20°C. Ongoing technological development and innovations to attain high efficiency and reduce maintenance cost will

positively impact the business landscape. Ability to reduce the electricity bill and high efficiency when compared with traditional heating and cooling systems will further stimulate the product demand.

Europe air source heat pump market will grow due to the extreme climatic conditions across the region. Stringent regulatory norms & targets including energy performance building directive to reduce emissions and total EU energy consumptions will stimulate the industry growth. Government measures toward “Zero Emission Building” by 2020 will further complement the business outlook.

 Browse key industry insights spread across 600 pages with 557 market data tables & 9 figures & charts from the report, “Air Source Heat Pump Market” in detail along with the table of contents:

China air source heat pump market will witness strong growth due to the urbanization plan introduced by the government coupled with building energy codes and efficiency policies. In 2014, China launched a New Type Urbanization Plan for the period between 2014-2020 to conduct sustainable, environment-friendly, and people-centered economic growth. The plan was incorporated to achieve large investments in public serving facilities, urban infrastructure, and housing construction to complement the country’s air source heat pump market growth.

 Commercial applications are set to expand over 8% on account of growing infrastructure spending along with rapid urbanization resulting from increasing migration of the rural population to enhance living standards. Increasing government investments toward modernization of medicare facilities will augment the air source heat pump market growth. In 2015, the U.S. healthcare spending reached nearly USD 3.2 trillion, up 5% from the previous year.

 Key players in the air source heat pump market include Carrier, Mitsubishi Electric, NIBE, A.O. Smith, Daikin Industries, Fujitsu General, BDR Thermea Group, Bosch Thermotechnik, Dimplex, LG Electronics, Colmac, Panasonic, Danfoss, Colmac, Climaveneta, and Vaillant.

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