Dublin, June 01, 2023 (GLOBE NEWSWIRE) -- The "Italy Air Source Heat Pump Market By Process (Air to Air, Air to Water), By End Use (Residential, Hotels & Resorts, Gym & Spas, Education, Food Service, and Others (Healthcare, Offices, etc.)), By Sales Channel, By Region, By Company, Forecast & Opportunities, 2018-2028F" report has been added to ResearchAndMarkets.com's offering.
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 Initiatives 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 Solutions 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.
Report Scope:
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:
- Air to Air
- Air to Water
Italy Air Source Heat Pump Market, By End Use:
- Residential
- Hotels & Resorts
- Gym & Spas
- Education
- Food Service
- Others
Italy Air Source Heat Pump Market, By Sales Channel:
- Plumbers
- Dealers & Contractors
- Retail
- Direct Sales
- Online
- Others
Italy Air Source Heat Pump Market, By Region:
- North-West
- South
- Central
- North-East
Key Topics Covered:
1. Introduction
2. Research Methodology
3. Executive Summary
4. Voice of Customer Analysis (B2C Model Analysis)
5. Italy Air Source Heat Pump Market Outlook
6. Italy Air to Air Heat Pump Market Outlook
7. Italy Air to Water Heat Pump Outlook
8. Market Dynamics
8.1. Drivers
8.1.1. Increasing Awareness Towards Environment
8.1.2. Rising Government Initiative
8.2. Challenges
8.2.1. High Up-front Cost
8.2.2. Stiff Competition
9. Impact of COVID-19 on Italy Air Source Heat Pump Market
10. Market Trends & Developments
10.1. Adoption of New Technologies
10.2. Energy Efficient Products
10.3. High Durability
10.4. Low Noise Emission
10.5. Increasing Internet Penetration
11. Porter's Five Forces Model
12. SWOT Analysis
13. Competitive Landscape
14. Strategic Recommendations/Action Plan
A selection of companies mentioned in this report includes
- 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
- Galletti S.p.A.
For more information about this report visit https://www.researchandmarkets.com/r/uq028b
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