Solar-assisted Heat Pump Market (Type - Air Source, Ground Source, Water Source, and Hybrid Source; End Use - Residential, and Commercial): Global Industry Analysis, Trends, Size, Share and Forecasts to 2030

A recent report published by Infinium Global Research on solar-assisted heat pump market provides in-depth analysis of segments and sub-segments in the global as well as regional solar-assisted heat pump market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional solar-assisted heat pump market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global solar-assisted heat pump market.

Market Insight:

The global solar-assisted heat pump market was valued at USD 4,523.04 million in 2022 and is expected to reach USD 8,732.9 million in 2030, with a CAGR of 7.53% during the forecast period 2023-2030.

A solar-assisted heat pump system is a hybrid approach that utilizes both solar thermal energy and a heat pump to fulfill the requirements of space heating and domestic hot water. This system incorporates solar collectors, heat exchangers, heat pumps, and storage tanks to operate efficiently. The solar collectors absorb solar energy, which is then transferred to the heat exchanger. Subsequently, the heat exchanger conveys the heat to the heat pump, which compresses it, increases its temperature, and transfers it to the storage tank. This heated water can then be used for space heating.

Rising investments in renewable energy projects propel the growth of the market. The need to reduce greenhouse gas emissions is driving the adoption of solar-assisted heat pump systems. Additionally, the increasing need for cost-effective and energy-efficient heating solutions driving the growth of the market. Solar-assisted heat pumps exhibit exceptional efficiency, as they utilize less energy to deliver equivalent heating or cooling compared to conventional systems. Consequently, they contribute to decreased energy consumption and diminished operational expenses in the long run. However, the high cost of the system may hinder the growth of the market. Although, technological advancement may provide growth opportunities for the market.

The solar-assisted heat pump market is segmented into North America, Europe, Asia Pacific, and the rest of the world. Asia Pacific is expected to hold a maximum share of solar-assisted heat pumps during the projected period. Governments and policymakers in the Asia Pacific region are emphasizing the adoption of renewable energy sources to reduce carbon emissions and combat climate change. Solar-assisted heat pumps align with this objective as they utilize solar energy to power their operations, making them a favorable choice for sustainable heating and cooling solutions. In addition to this, the Asia Pacific region is experiencing rapid economic growth and urbanization, resulting in an increased demand for energy, including heating and cooling. Solar-assisted heat pumps offer an energy-efficient alternative to traditional heating and cooling systems, making them an attractive option for consumers looking to meet their energy needs while minimizing costs and environmental impact.

Report Scope of the Solar-assisted Heat Pump Market:

Segment Covered

The report on global solar-assisted heat pump market covers segments such as type, and end use. On the basis of type, the sub-markets include air source, ground source, water source, and hybrid source. On the basis of end use, the sub-markets include residential, and commercial.

Companies Profiled:

The report provides profiles of the companies in the market such as SAHP LIMITED, ECO-$MART, Inc., Panasonic Corporation, Solarthermalworld, FRECON Electric (Shenzhen) Co.,Ltd., Nuetech Solar Systems Pvt. Ltd, Mitsubishi Electric Corporation, Bosch Thermotechnik GmbH, STIEBEL ELTRON GmbH & Co. KG, and Others.

Report Highlights:

The report provides deep insights into demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the solar-assisted heat pump market. Moreover, the study highlights current market trends and provides forecasts from 2023-2030. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.