Air Source Heat Pumps Market to Witness Widespread Expansion by 2026
An air source heat pump is a system which transfers heat from outside to within a building envelope or vice versa. With an increasing focus on utilizing renewable energy systems for both heating and cooling ones home, the demand for air source heat pumps is likely to increase significantly within the forecast period. These air source heat pumps utilize refrigerants and compressors to transfer heat both to and from the building envelope. Currently air source heat pumps are being aggressively utilized as they not only reduce emissions but also result in significant savings for adopters. Owing to the technology, air source heat pumps consume far lesser electricity than conventional heating and cooling systems. Both space heating and cooling comprise a significant portion of the overall energy consumption for any household. With rising energy and electricity prices, homeowners are increasingly looking towards sustainable heating and cooling systems which would minimize energy expenditure and generate attractive cash flows in the long term.
Air source heat pumps are an attractive alternative to conventional domestic heating systems such as LPG boilers. Although these air source heat pumps provide numerous advantages over conventional systems, care must be taken while selecting such a system for one’s home. Significant care must be taken to ensure that the building is well insulated before installing an air source heat pump system. Any heat losses taking place through air leaks might result in significant reduction in efficiency of the air source heat pump. This in turn might result in higher energy bills and a delayed payback period for the overall system. The air source heat pump systems score over other heat pumps such as geothermal heat pumps in a multitude of factors. Air source heat pumps require lesser space as compared to ground source heat pumps. Apart from this, air source heat pumps also do not require any expensive ground loop installations rendering it one of the most cost effective heat pump systems that can be installed at ones home. On the contrary, air source heat pumps are essentially required to be exposed to the air.
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This in turn might result in vandalism of the equipment or other mechanical failures since the equipment is continuously exposed. As a result, air source heat pumps might require slightly higher maintenance expenditures as compared to other heat pump counterparts which are housed inside the building envelope. The presence of supportive regulatory incentive frameworks is instrumental for the brisk adoption of such heat pump technologies. Both Europe and North America are currently mature markets for air source heat pumps. The federal tax credit scheme in the U.S. and the recently implemented renewable heat incentive (RHI) scheme in the Europe are likely to result in brisk adoption of air source heat pumps within the forecast period. The Asia-Pacific is also likely to emerge as an attractive market for this technology. Owing to a rapidly increasing disposable income and numerous initiatives to curb emissions, the Asia Pacific market is likely to briskly adopt the air source heat pump technology within the forecast period. With the retraction of the federal tax credit scheme in 2016, the exact market trends for air source heat pumps in North America cannot be predicted with certainty. However the RHI scheme is likely to remain for a long period of time bolstering adoption of air source heat pump in the European domestic sector.
Some of the market players in the air source heat pump business include Finn Geotherm Ltd., Bosch, and Aiwasun Green Technologies among others.
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