According to the recent research report titled ‘Europe Heat Pump Market Size By Application, Product, Industry Analysis Report, Regional Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2020-2026’, available with Market Study Report, Europe heat pump market is projected to record substantial growth during 2020-2026.
 

Growing demand for energy efficient heating systems in an effort to decrease electricity bills across residential & commercial establishments is a major factor driving the growth of Europe heat pump market. Changing fuel prices and shifting focus towards decreasing import dependency is further boosting the product demand.
 

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Supportive financial assistance including tax rebate, direct grants, and zero interest rate loan in order to encourage the use of renewable heating appliances is fueling Europe heat pump industry size expansion.
 

Growing concern of emissions and rising emphasis towards reducing the usage of fossil fuel is expected to augment Europe heat pump market size. Introduction of several renewable energy targets as well as energy efficient norms by respective governments have helped in controlling the CO2 emissions.
 

Elaborating on product type, Europe heat pump market share from air source segment is anticipated to expand considerably during the study period, owing to its benefits such as low space requirement, zero expense for groundwork, as well as low cost. The product helps in limiting the greenhouse emissions by 40% as compared to conventional heating units.
 

Burgeoning demand for water heating solutions is further boosting the adoption of air to water heat pumps over air to air units, which in turn is fueling the segmental share.
 

Based on application spectrum, the commercial segment of Europe heat pump market is expected to generate significant revenues by 2026. Rising construction of modern commercial amenities which includes shopping complexes, office buildings, and hospitals further contributing to the growth of the segment. Increasing adoption of HVAC systems across existing and new facilities is also propelling the market growth.
 

From a regional perspective, UK heat pump market share is likely to grow substantially in the ensuing years, primarily due to stringent regulatory scenario regarding the adoption of energy efficient heating appliances. High inclination towards modernizing existing buildings coupled with rising per capita income have also enhanced the adoption of such appliances in residential sector in the country. Moreover, increasing adoption of new technologies along with improving standards of living is fueling U.K. the market share.
 

Europe heat pump market forecast is built upon players like Glen Dimplex, Bosch Thermotechnology, Danfoss, Wolf GmbH, Toshiba Corporation, Systemair AB, Trane Technologies Inc., Modine Manufacturing Company, Carrier Global Corporation, NIBE Indutrier AB, Daikin Industries Ltd., Max Weishaupt GmbH, Solarbayer GmbH, Swegon Group AB, Viessmann Group, Vaillant Group, and Stiebel Eltron.