Solar-assisted Heat Pump Market: Global Industry Analysis, Trends, Size, Share and Forecasts to 2030

The report on the global solar-assisted heat pump market provides qualitative and quantitative analysis for the period from 2021-2030. 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.The study on solar-assisted heat pump market covers the analysis of the leading geographies such as North America, Europe, Asia Pacific, and RoW for the period of 2021-2030.

The solar-assisted heat pump market is experiencing significant growth in the Asia Pacific region due to various factors. One key driver is the rising investments in renewable energy projects. Governments, organizations, and individuals are increasingly recognizing the importance of transitioning to cleaner and more sustainable energy sources to mitigate climate change and reduce greenhouse gas emissions. Solar-assisted heat pump systems align perfectly with this objective as they harness solar energy to power their operations, making them an attractive choice for environmentally conscious consumers.

Moreover, the need for cost-effective and energy-efficient heating solutions is another factor driving the market's growth. As energy costs continue to rise and consumers seek ways to reduce their expenses, solar-assisted heat pumps provide an efficient alternative to conventional heating and cooling systems. These systems demonstrate exceptional efficiency by utilizing less energy to deliver the same amount of heating or cooling. This not only reduces energy consumption but also leads to diminished operational expenses over time, making them a financially viable option for both residential and commercial applications.

Air source is the fastest-growing segment in the Type of the Solar-assisted Heat Pump Market

The air-source type of a solar-assisted heat pump is known as an air-source heat pump (ASHP). An ASHP extracts heat from the outside air and transfers it indoors for heating purposes. It operates by utilizing a refrigerant cycle that absorbs heat from the outdoor air and releases it inside the building, providing warmth during colder months. In the cooling mode, the process is reversed, and the heat pump removes heat from the indoor air and releases it outside, thus providing cooling. The integration of solar energy into an air-source heat pump further enhances its efficiency and sustainability.

Asia Pacific region holds a significant share of the Solar-assisted Heat Pump Market

Continuous advancements in solar-assisted heat pump technology, including improved efficiency, affordability, and reliability, have made these systems more accessible and attractive to consumers. This has contributed to the growing market demand in the Asia Pacific region. Moreover, increasing awareness about environmental issues and the importance of sustainable practices has led to a shift in consumer preferences toward eco-friendly solutions. Solar-assisted heat pumps, by utilizing renewable energy, offer a greener alternative to conventional heating and cooling systems, appealing to environmentally conscious consumers in the Asia Pacific region.

Report Findings

1) Drivers

• Rising investments in renewable energy projects propel the growth of the market.
• The increasing need for cost-effective and energy-efficient heating solutions driving the growth of the market

2) Restraints

• The high cost of the system may hinder the growth of the market

3) Opportunities

• Technological advancement may provide growth opportunities for the market.

Research Methodology

A) Primary Research

The primary research involves extensive interviews and analysis of the opinions provided by the primary respondents. The primary research starts with identifying and approaching the primary respondents, the primary respondents are approached include

• 1. Key Opinion Leaders associated with the publisher
• 2. Internal and External subject matter experts
• 3. Professionals and participants from the industry

The primary research respondents typically include

• 1. Executives working with leading companies in the market under review
• 2. Product/brand/marketing managers
• 3. CXO level executives
• 4. Regional/zonal/country managers
• 5. Vice President level executives

B) Secondary Research

Secondary research involves extensive exploring through the secondary sources of information available in both the public domain and paid sources. Each research study is based on over 500 hours of secondary research accompanied by primary research. The information obtained through the secondary sources is validated through the crosscheck on various data sources.

The secondary sources of the data typically include

• 1. Company reports and publications
• 2. Government/institutional publications
• 3. Trade and associations journals
• 4. Databases such as WTO, OECD, World Bank, and among others.
• 5. Websites and publications by research agencies

Segments Covered

The global solar-assisted heat pump market is segmented on the basis of type, and end use.

The Global Solar-assisted Heat Pump Market by Type

• Air Source
• Ground Source
• Water Source
• Hybrid Source

The Global Solar-assisted Heat Pump Market by End-use

• Residential
• Commercial

Company Profiles

The companies covered in the report include

• 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
• Others

What does this Report Deliver?

1. Comprehensive analysis of the global as well as regional markets of the solar-assisted heat pump market.
2. Complete coverage of all the segments in the solar-assisted heat pump market to analyze the trends, developments in the global market and forecast of market size up to 2030.
3. Comprehensive analysis of the companies operating in the global solar-assisted heat pump market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and latest developments of the company.
4. Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.