Italy Air Source Heat Pump Market By Process (Air to Air (Ducts Vs. Ductless), Air to Water (Split Vs. 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
The Italy Air Source Heat Pump Market size is anticipated to grow at an impressive CAGR during the forecast period.The air source heat pump market is anticipated to project robust growth in the forecast period on account of factors such as increasing demand for sustainable solutions, rising awareness for environment conservation, and high durability.
In addition, new product launches by various companies are a prominent trend that is anticipated to affect the market throughout the forecasted period.
A heat pump is a heating system that, like a furnace or boiler, distributes heat around a house or building without using fuel.Heat pumps use the same heat transfer mechanism as the majority of air conditioner equipment.
To take heat from an interior space and discharge it outside of a building, air conditioners utilize a closed-loop refrigerant system. Heat pumps simply reverse the heat flow, extracting heat from the outside and releasing it inside a building.
Italy is one of the biggest markets for heat pumps in Europe and is still expanding.It has sharply risen in the past couple of years.
Up to 97% of heat pumps rely on air as their energy source, with the remaining units primarily using ground-source technology.In many regions of Italy, cooling requirements outweigh heating requirements.
As a result, the majority of heat pumps that have been installed are reversible air-to-air systems that are mostly utilized for cooling. But for a significant part of the country, they also meet the need for indoor heating in the winter.
Increasing Government Initiative Will Fuel the Market Growth
Numerous homes from Italy and abroad have flocked to take advantage of the Superbonus 110% program, which has so far cost the government roughly USD21.81 billion since it was introduced in July 2020 as a part of the nation’s post-pandemic recovery plan. Italy’s case demonstrates how governments may encourage industry activities by cultivating an environment that is conducive to growth while also educating customers about environment-friendly heating options. The Superbonus program urges Italians to consider the environmental benefits and overall cost of ownership of a heat pump in comparison to a conventional boiler. This serves as a driving force for customers to think about sustainable alternatives to fossil fuel-based heating systems. The country will eventually benefit from its investments in a booming sector and the environmental advantages of decreasing CO2 emissions. Thus, such initiatives will amplify the market growth.
Rising Demand for Sustainable Solution Will Boost the Market Growth
Heat pumps are easily accessible options that can assist in meeting the demand for more sustainable space and water heating as the whole world concentrates on lowering greenhouse gas emissions.For instance, according to the EIA’s Annual Energy Outlook, water heating is another significant source of emissions, accounting for 15% of CO2 emissions in the residential sector.
More and more customers and companies are installing heat pumps because of improved comfort, cost and energy savings, and a desire for environmental responsibility.These choices can have a significant effect.
In commercial settings, heating and cooling contribute 30% of CO2 emissions; in residential settings, this percentage rises to 38%. Thus, increasing awareness regarding the environment will foster market growth.
Technological Advancement Will Promote Market Growth
Companies that make air-source heat pumps are improving their devices with advanced technologies.As a result of new technological advancements, companies now have more possibilities to develop new goods with distinctive qualities in order to meet consumer demand.
For instance, to complete its R-32 monobloc range, Daikin has launched the new Daikin Altherma 3 Min compact capacity.It can produce hot water, heat, and cooling.
With a power range of 9 kW to 16 kW, this monobloc heat pump was introduced for the first time in 2020. There are three additional classes available for the new Daikin Altherma 3 M. (4, 6, and 8 kW). Thus, these innovations will lead to market growth.
Italy air source heat pump market is segmented based on process, end use, sales channel, region, and competitional landscape. Based on the process, the market is further fragmented into the air to air (ducts vs. ductless) and air-to-water (split vs. integrated). Based on end use, the market is segmented into residential, hotels & resorts, gyms & spas, education, food service, and others (healthcare, offices, etc.). Based on sales channels, the market is segmented into plumbers, dealers & contractors, retail, direct sales, online, and others (distributors, builders, etc.). The market analysis also studies the regional segmentation to devise regional market segmentation, divided among North-West, South, Central, and North-East.
Carrier Global Corporation, Stiebel Eltron GmbH & Co. KG (DE), Mitsubishi Electric Europe B.V., Trane Technologies Company, LLC, Toshiba Europe Limited, Johnson Controls International Plc, Daikin Industries, Ltd, Argoclima S.p.A., Frost Italy Srl and Galletti S.p.A. are the major market players in Italy air source heat pump market.
In this report, Italy air source heat pump market has been segmented into the following categories, in addition to the industry trends, which have also been detailed below:
• Italy Air Source Heat Pump Market, By Process:
o Air to Air
o Air to Water
• Italy Air Source Heat Pump Market, By End Use:
o Hotels & Resorts
o Gym & Spas
o Food Service
• Italy Air Source Heat Pump Market, By Sales Channel:
o Dealers & Contractors
o Direct Sales
• Italy Air Source Heat Pump Market, By Region:
Company Profiles: Detailed analysis of the major companies present in Italy air source heat pump market.
With the given market data, we offers customizations according to a company’s specific needs. The following customization options are available for the report:
• Detailed analysis and profiling of additional market players (up to five).