Emphasis on Energy Savings and Government Support Create Growth Potential in European Heat Pumps Market, Says Frost & Sullivan
Posted on: Tuesday, 11 August 2009, 02:30 CDT
LONDON, Aug. 11 /PRNewswire/ -- Greater emphasis on energy savings in the heating sector and new legislation mandating increased energy efficiency in buildings will result in high growth in the European heat pumps market. The main market challenges in the future include enhancing performance and raising consumer awareness.
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New analysis from Frost & Sullivan (http://www.buildingtechnologies.frost.com), European Heat Pumps Markets, finds that the market earned revenues of over $4.35 billion in 2008 and estimates this to reach $7.67 billion in 2015. The application markets covered in this research are commercial, residential, public, and industrial.
"The European heat pumps market has sustained due to the introduction of both new Europe-wide as well as national legislation, which provide added incentives to consumers to adopt heat pumps," says Frost & Sullivan Research Analyst Akhil Sivanandan. "Therefore, the market is set to continue on its trajectory of steady growth."
Several European Union (EU)-wide as well as local legislatives drive this market. The Energy Performance of Buildings Directive has had a significant impact across Europe, resulting in local legislation in countries such as France and Germany supporting the use of heat pumps through subsidies and similar incentives.
The market received a boost in December 2008 with the passing of the '20-20-20' climate change package by the European parliament. The short-term implication of this will be an increased number of incentives for the use of heat pumps in the EU nations over the next three years. In the long term, the directive is likely to lay the foundation for self-sustained growth in several new markets.
Being a new market, the heat pumps market has suffered from limited consumer awareness. Except for a few established markets such as Germany and the Scandinavian region, there still is a major lack of awareness among consumers about the benefits of heat pumps.
"End users, developers, designers and builders are apprehensive about switching from traditional technologies such as gas heating and oil central heating to the newer technology of heat pumps," explains Sivanandan. "They believe that the technology is unproven and are unsure of its advantages."
In regions lacking clarity on incentives for the adoption of heat pumps, the change in attitude among customers towards this technology will be gradual. To ensure a higher degree of adoption, consumers need to be convinced about the benefits and advantages of the technology.
"Manufacturers and concerned entities have tried to increase awareness through localised advertising campaigns with moderate success," concludes Sivanandan. "Instead, manufacturers should work in tandem with governments and local authorities in awareness campaigns and workshops for local installers, engineers and home-owners, to ensure success."
If you are interested in a virtual brochure, which provides a brief synopsis of the research and a table of contents, then send an e-mail to Chiara Carella, Corporate Communications, at chiara.carella@frost.com, with your full name, company name, title, telephone number, company e-mail address, company website, city, state and country. Upon receipt of the above information, a brochure will be sent to you by e-mail.
European Heat Pumps Markets is part of the Building Management Technologies Growth Partnership Service programme, which also includes research in the following markets: European Green Buildings Markets - The Implementation of the Building Directive (2007), Strategic Assessment of Growth Opportunities in the European Green Buildings Markets (2008), and European Solar Thermal Heating Systems Market. All research services included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants.
Frost & Sullivan, the Growth Partnership Company, enables clients to accelerate growth and achieve best in class positions in growth, innovation and leadership. The company's Growth Partnership Service provides the CEO and the CEO's Growth Team with disciplined research and best practice models to drive the generation, evaluation and implementation of powerful growth strategies. Frost & Sullivan leverages over 45 years of experience in partnering with Global 1000 companies, emerging businesses and the investment community from more than 35 offices on six continents. To join our Growth Partnership, please visit http://www.frost.com.
European Heat Pumps Markets
M35D
Contact: Chiara Carella Corporate Communications - Europe P: +44 (0) 20 7343 8314 M: +44 (0) 753 3017689 E: chiara.carella@frost.com http://www.frost.comSOURCE Frost & Sullivan
Source: PR Newswire
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