Norway Air Source Heat Pump Market to be dominated by Air-to-Air Heat Pumps During the Forecast Period

Rising awareness for energy-efficient products, product innovation, and the ban on the usage of fossil fuels are the factors driving the air source heat pump market in Norway.

According to TechSci Research report, “Norway Air Source Heat Pump Market”- By Region, Competition Forecast and Opportunities, 2018-2028F” Norways Air Source Heat Pump Market is expected to grow at an impressive rate. The market is driven by high taxes on fossil fuels, low electricity rates, and increasing government subsidies.

Mechanical systems, known as heat pumps, move low-grade heat from one source to another. The advantage of heat pump is, it upgrades the heat and delivers it at a higher temperature than the heat-extracting source.

Refrigeration cycles are typically the foundation of heat pumps. Although reverse cycle heat pumps may supply both heating and cooling, unlike refrigerators, they mainly provide heating.

The technology utilized in refrigeration plants and heat pumps is similar. However, the design of the refrigeration circuit now places more emphasis on the condenser due to the bias towards heating.

Heat pumps are highly effective, environment friendly solution for millions of people in Norway and around Europe to heat their homes. The European Heat Pump Association (EHPA) reported that in 2020, there were approximately 15 million heat pump-equipped homes in Europe, an increase of 7.4% from the previous year.

Norway leads by a wide margin. For every 1,000 residences, there are 604 heat pumps installed in its 1.4 million units. Sweden (427 per 1,000) and Finland (408 per 1,000) are the closest countries.

According to Rolf Iver Mytting Hagemoen, Secretary General of the Norwegian Heat Pump Association, heat pumps started to appear in Norway after the oil crisis of the 1970s, to promote government-funded initiative when the usage started.

Government subsidies, high fossil fuel taxes, cheap energy, and limits on oil boilers—which are now prohibited—all contributed to Norway's ultimate embrace of heat pumps.

Although heat pumps haven't taken off globally, according to Hegemony, they have many advantages over conventional heating. They are easy to maintain, inexpensive to operate, and very effective in converting energy into heat. They also function as a heating and cooling system. They will have low emissions if renewable energy is used to generate electricity.

But on the other hand, there are many obstacles in the growth of air source heat up. In which one of them is being the upfront cost. The least expensive alternative is air-to-air systems, which range in price from USD 1,700 to USD 3,400. The most expensive option are geothermal systems which cost over USD 26,000.

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The Norway air source heat pump market is segmented based on process, end use, sales channel, region, and by company. Based on the process, the market is segmented into the air to air (ducts, ductless) and air-to-water (split, integrated). Based on end use, the market is divided into residential, hotels & resorts, gyms & spas, education, food service, and others(). Based on sales channel, the market is fragmented into plumbers, dealers & contractors, retail, direct sales, online, and others(Distributors, Builders, etc.). The market analysis also studies the regional segmentation divided among Eastern Norway, Southern Norway, Fjord Norway, Northern Norway, and Trøndelag.

According to the EHPA (European Heat Pump Association), 6% of Europe's 244 million residential properties have heat pumps installed. The European Commission wants to phase out the use of fossil fuels for heating and cooling by 2040, but by 2030, 40% of homes and 65% of businesses will need to be heated with electricity. According to the EHPA, 50 million heat pumps will be needed to meet these objectives.

Major operating companies operating in the Norway air source heat pump Market are:

• Daikin Europe N.V.
• Mitsubishi Electric Europe BV
• Toshiba Europe Limited
• Panasonic Marketing Europe GmbH
• ABK-Qviller AS (Samsung)
• GEA Group AG
• Fujitsu General Limited
• Hitachi Europe Ltd.
• Wilfa AS
• CloverVent AS

Heat pump utilization may become more prevalent outside the residential settings in industries. The research by Sintef Energy Research, the Norwegian University of Science & Technology, and business partner ToCircle, Norway, is developing a heat pump that can generate temperatures of up to 180°C (356°F). With the help of this technology, a fifth of all European industries can reduce their energy use by 70%.

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“The working life of an air source heat pump varies depending on the model a consumer has installed, but mostly last for up to 20 years, with some stretching as far as 25 years. Since heat pumps require extremely little upkeep and can be left alone to heat the property, heat pumps are frequently referred to as "fit and forget" technology. These advantages propel the air source heat pumps to grow in the projected years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

Norway 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 of United States air source heat pump market and provides statistics & information on market size, structure, and future market growth. the report intends 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 in the air source heat pump market in Norway.

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