Increasing government initiatives towards reduction in electricity tax rate which lead to shifting consumer from traditional heating system to heat pump is one of the leading factors driving the Finland Air Source Heat Pump Market during the forecast period.
According to TechSci Research report, “Air Source Heat Pump – Finland Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2018-2028F” The Finland Air Source Heat Pump Market is expected to grow during the forecast period. Several factors, including growing people's awareness about the rising carbon footprint generated by burning biomass and oil for heating, will lead to an increase in heat pump demand during the projected period.
A compressor is used by an air source heat pump to increase the temperature by extracting heat from the air. The heat is then transferred to the heating system of the house. A device known as an air source heat pump uses electricity to transport heat from one place to another. Heat is not produced by heat pumps. Instead, they shift and distribute heat to warm or cool a particular area.
Air-to-air heat pumps raise the temperature of the air in each room of the house by transferring heat from the outside air to the air within the home. Through several fan coil units, often known as "blowers," this heated air enters the house. Air conditioning is a term that is occasionally used to describe air-to-air heat pumps. On the other hand, air to water heat pumps serve as both water heating and air conditioning systems. Electricity costs can be reduced by using fewer equipment. The air to water heat pump extracts heat from the outside air and uses it to heat the water used in the radiators. In most of them, an indoor unit is located inside the home, while an outdoor unit is situated adjacent to the building.
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Overall, the Finnish example is prophetic in that it demonstrates how the adoption of low-carbon heating options is possible. While there are certain obstacles to overcome, with the right encouragement, regulation, financial incentives, and fiscal policy, even established industries can undergo significant change. Therefore, it is anticipated that increasing government initiatives, such as tax credits, to encourage the usage of heating and cooling solutions would have a significant impact on the growth of the air source heat pump market. Additionally, growing new construction projects that result in a rise in the need for energy and cost-effective solutions to lower carbon footprints and enhance the usage of renewable energy sources are anticipated to fuel the expansion of the air source heat pump market over the course of the forecast period. The popularity of heat pumps has been largely impacted by several benefits, such as their low maintenance needs, economical operation, and low greenhouse gas emissions. In addition, it is anticipated that demand for air source heat pumps will increase in the next years due to its capacity to offer both space heating and cooling solutions as well as water heating solutions.
Heat pump installations are projected to increase at a faster rate because of the momentum in the Finnish market for these devices is currently experiencing. For instance, the service model entails the service provider paying for the installation of the heat pump. The service provider handles all maintenance, and the charges for the energy they consume. This strategy excels in commercial office buildings, public housing complexes, and serviced apartment buildings where owners may be less inclined to make their own investments.
According to the Finnish Heat Pump Association, Finland will grow at a similar rate as Germany in 2021, with a 25% increase to 130,000 heat pumps installed. Given the country's small population, this is remarkable, with nearly 5% of all homes installing a heat pump by 2021.
The Air Source Heat Pump Market is segmented based on process, end use, and sales channel. Based on process, the market is divided into air to air (ducts, ductless), air to water (split, integrated). Based on end use, the market is segmented into residential, hotels & resorts, gym & spas, education, food service, and others (healthcare, offices, etc.). Based on sales channels, the market is fragmented into plumbers, dealers & contractors, retail, direct sales, online, and others (distributors, builders, etc.).
Key market players in the air source heat pump market include:
- Daikin Europe NV
- Oilon Group
- Carrier Global Corporation
- Trane Technologies Company LLC
- Viessmann Oy, Robert Bosch Oy
- NIBE Energy Systems Oy
- Panasonic Marketing Europe GmbH
- Toshiba HVAC Finland
- Gebwell Ltd
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“Over the projected time frames, including investment in the commercial and residential sectors, the development of new feature goods is a significant trend that is anticipated to have an impact on the expansion of air source heat pumps. Additionally, a growing population will promote the adoption of energy-efficient equipment, and government efforts to lower tax rates are anticipated to fuel sector expansion over the course of the forecast period.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
Finland Air Source Heat Pump Market, By Process (Air to Air (Ducts, Ductless), Air to Water (Split, Integrated)), By End Use (Residential, Hotels & Resorts, Gym & Spas, Education, Food Service, and Others (Healthcare, Offices, etc.), By Sales Channel (Plumbers, Dealers & Contractors, Retail, Direct Sales, Online, and Others (Distributors, Builders, etc.), By Region, By Company, Forecast & Opportunities, 2018-2028F”, has evaluated the future growth potential air source heat pump and provides statistics and information on market structure, size, share, and future growth. The report is intended to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities present in air source heat pump market Finland.