A report published by Transparency Market Research has stated that there will be an expected growth in the global heat pumps market which will see it worth around £90 billion by the year 2020. This forecast will mean a 13.10% compound annual growth rate over the next few years and has come about as consumers seek an alternative form of energy from the rising prices in fossil fuels.
The report monitors the key areas of activity within the market place – the past few years have seen Europe and North America dominate in terms of growth but it will be the emerging market within the Asia Pacific area which will drive this added influx . The reliable nature of heat pumps and the potential returns and savings on offer have been an essential factor in the uptake. The warm climate across the Asia Pacific area will also see further benefits in the efficiency of one of the types of heat pump.
The two main types of heat pumps that are available are air source and ground source pumps, the later of which can be split down into bore holes, surface soil collector or ground water collector. The different types available all have different efficiency benefits, for example, an air source heat pump would have lower efficiency in the winter, particularly in the European climate, due to the cooler air.
SolarTech are one of the leading suppliers on heat pumps in the UK and have noticed the increase in demand over the last couple of years, “We regularly receive enquiries from domestic and commercial customers about the benefits of installing heat pumps in their property. People are definitely searching for alternative methods of generating power and are turning to, perhaps lesser known, methods such as heat pumps”.
“The market has previously been dominated by closed loop systems, but with the emerging market Asia, and the warmer climate this area benefits from, it will probably start to see a little movement away from this and consider the open loop systems”.
It was reported in 2013 that closed loop systems, that draw heat from the ground, accounted for around 85% of the market. This dominance is expected to continue but with all the predicted growth in new markets this does have potential to subside slightly.
Whether you are looking at heat pumps from a domestic or commercial perspective the full report makes for interesting reading and the area is certainly one to keep an eye on in the future.
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