Page 26 - Climate Control News Magazine August 2019

Energy efficiency
driving demand for heat pumps
Heat pump manufacturers are investing
in customised innovations that are region- specific to
suit climatic conditions.
WORLDWIDE SALES OF HEAT PUMPS REACHED 11 MILLION UNITS IN 2018 WITH YEAR ON YEAR GROWTH SET TO TOP 10 PER CENT IN 2019.
ANEW RESEARCH REPORT by Fact.MR said escalating de- mand for heat pumps is being driven by buyers choosing eco- friendly alternatives to conven- tional heating appliances.
Fact.MR expects the heat pump market to register a 12 per cent Compound Annual Growth Rate (CAGR) through to 2029.
The report also points to a thriving trend to- ward decarbonized buildings and zero-carbon strategies to drive increased revenue.
“A wave of energy efficiency and sustainable heating technologies hitting the residential as well as commercial and industrial sectors has led to a notable rise in the adoption of heat pumps,” the report said.
“Considering the rapid switch to renewable heat- ing systems, heat pump manufacturers are focus- ing on the incorporation of the latest technologies in their high-efficiency low-cost offerings.
“Heat pump manufacturers are also investing efforts in product innovations in terms of custom- ization, with an objective to cater to the demands created by region-specific climatic conditions.”
As energy-efficient products continue to play an important role in reducing greenhouse gas (GHG) emissions along with regulatory compli- ance, it is highly likely that heat pump sales will remain highly influenced by their sustainability quotient throughout the forecast period.
“Additionally, the brisk expansion of the con- struction industry, coupled with the growing fre- quency of innovations in HVAC systems, will continue to boost growth,” Fact.MR said.
The study found the overall performance of heat pumps has been experiencing notable im- provement, which is expected to enable them to take over those markets currently con- trolled by gas boilers.
In comparison with water-source and ground- source heat pumps, the air source variants will continue to account for higher market share.
Suitable for a broad range of applications and characterized by low capital and installation costs, air source heat pumps have been wit- nessing strong growth in demand. However, sensing the operational limitations of air- source heat pumps in colder regions, manufac- turers are concentrating on ‘dual-source’ offer- ings in their portfolios.
Further, new heat pumps developed with vari- able or dual speed features to maximize the effi- ciency and electrical savings are likely to provide an added advantage to manufacturers, thereby offering them a competitive edge.
The residential sector accounts for 60 per cent of the heat pump market although the re- port predicts increased consolidation in this segment of the market.
This will be driven by increased government spending on infrastructure and incentives to adopt renewable systems, especially in devel- oping regions.
In the commercial sector, the report found that various high-end products with technical- ly advanced features are being manufactured for critical applications.
Efforts are continuing to explore heat pump installations in futuristic commercial develop- ments creating lucrative opportunities for manufacturers.
“East Asia continues to create a pool of op- portunities in the heat pump market, on the back of rapid urbanization and industrializa- tion. Increasing preference for green technology among consumers, complementing the govern- ments’ awareness initiatives, will remain a vital growth influencer associated with the heat pump market in the East Asian region,” the Fact.MR study said. ✺
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