Saudi Arabia’s solar heat pump market
Dublin, July 08, 2024 (GLOBE NEWSWIRE) — The “Saudi Arabia Solar Assisted Heat Pump Market, By Region, Competition, Forecast, Opportunities, 2019-2029F” report has been added. ResearchAndMarkets.com Recruitment.
The Saudi Arabia solar assisted heat pump market is expected to be valued at USD 118.1 million in 2023, and is expected to grow at a robust CAGR of 7.81% during the forecast period till 2029.
The solar assisted heat pump market is a fast growing segment within the overall renewable energy industry that focuses on the integration of solar thermal energy and heat pump technology to provide efficient and sustainable heating and cooling solutions. This market primarily involves the development, manufacture, installation and operation of solar thermal collectors or solar panels combined with heat pump systems that harness solar energy to increase the energy efficiency of heating, ventilation and air conditioning (HVAC) systems.
Solar-assisted heat pump systems work by collecting solar energy through photovoltaic or solar thermal technology and using this energy to power a heat pump, which can efficiently heat or cool residential, commercial, and industrial spaces. These systems are designed to reduce energy consumption, lower greenhouse gas emissions, and decrease reliance on traditional fossil fuel-based heating and cooling methods.
The solar assisted heat pump market is driven by an increasing emphasis on sustainability, energy efficiency, and reducing carbon emissions, making it an integral part of the global effort towards a transition to cleaner, greener energy solutions. The market includes various components such as solar collectors, heat pumps, control systems, and installation services, making it a multi-disciplinary sector with great potential for growth and innovation.
Increasing focus on renewable energy integration and sustainability
Notable trends shaping the Saudi Arabia solar assisted heat pump market are the increasing focus on renewable energy integration and sustainability initiatives. As the Kingdom looks to diversify its energy mix, reduce dependency on fossil fuels, and mitigate the environmental impact of traditional heating and cooling systems, there is growing interest in adopting solar assisted heat pump technology as a viable solution for residential, commercial, and industrial applications.
The Saudi Arabian government has ambitious renewable energy goals outlined in initiatives such as the National Renewable Energy Plan and the Saudi Vision 2030 Agenda, encouraging investment in clean energy technologies such as solar assisted heat pumps. By leveraging the abundant solar energy resources available in the Kingdom, solar assisted heat pumps offer a sustainable, environmentally friendly alternative to traditional heating and cooling systems powered by fossil fuels.
Increased awareness of climate change and the need to reduce carbon emissions are driving businesses and consumers to adopt renewable energy solutions such as solar assisted heat pumps. These systems utilize solar energy to power a heat pump cycle, significantly reducing energy consumption and greenhouse gas emissions compared to traditional heating and cooling methods. As a result, solar assisted heat pumps are gaining traction as a cost-effective and environmentally friendly heating and cooling solution for residential, commercial and industrial facilities across Saudi Arabia.
The falling cost of solar photovoltaic (PV) technology and the availability of government incentives such as subsidies, tax credits and favorable financing options are making solar assisted heat pump systems more economically attractive to end users. Combining solar PV panels with heat pump technology can efficiently utilise renewable energy resources, maximize energy savings and reduce dependency on grid power and fossil fuels for heating and cooling purposes. This economic feasibility and environmental benefits are driving the adoption of solar assisted heat pumps in both new build projects and retrofit applications across various sectors in Saudi Arabia.
Increasing focus on renewable energy integration and sustainability initiatives are key trends driving the growth of the solar assisted heat pumps market in Saudi Arabia. As the Kingdom continues to prioritize renewable energy development and the transition to a low-carbon economy, solar assisted heat pumps are poised to play a key role in meeting heating and cooling needs while reducing environmental impact and promoting energy efficiency.
Key attributes:
|
Report Attributes |
detail |
|
number of pages |
86 |
|
Forecast Period |
2023 – 2029 |
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Estimated market value in 2023 (USD) |
$118.1 million |
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Market value forecast to 2029 (USD) |
$187.11 million |
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Compound Annual Growth Rate |
7.8% |
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Target area |
Saudi Arabia |
Report Scope:
Key Market Players
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Trane Technologies Company LLC (Trane Technologies)
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NIBE Industria AB
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Mitsubishi Electric Corporation
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Daikin Industries, Ltd.
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Viesmannwerke Co., Ltd.
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Stiebel-Eltron GmbH & Co. KG (Germany)
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Vaillant GmbH
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AO Smith Co., Ltd.
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Career Global Co., Ltd.
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Bosch Thermotechnology Co., Ltd.
Saudi Arabia Solar Heat Pump Market, By Type:
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Air Source
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Terrestrial Source
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Water Source
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Hybrid Source
Saudi Arabia Solar Assisted Heat Pump Market, by End User:
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Residential
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commercial
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others
Saudi Arabia Solar Heat Pump Market, by Region:
For more information on this report, please visit: https://www.researchandmarkets.com/r/9sxspp
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