Thermally driven heat pumps are gaining huge popularity with the growing emphasis on being eco-friendly. Some of the major factors driving the thermally driven heat pumps market include soaring demand for renewable energy, rising oil and electricity prices and growing measures to reduce carbon footprints, globally. However, the lack of customer awareness and higher cost of initial set-up are hampering the growth of this market. Lack of technical expertise to install these systems in existing infrastructures is further restraining the growth of this market.
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Key technologies used in thermally driven heat pumps are absorption and adsorption. On the basis of these techniques, they are categorized into absorption pumps, which use high-temperature heat; and adsorption pumps, which integrate low-temperature energy and convert it to a higher temperature.
Growing Measures to Reduce Carbon Footprints Bolsters the Market Growth
Growing amount of greenhouse gas emissions, consisting largely of carbon dioxide and the consequent increase in carbon footprint, is the key factor responsible for climate change that has led to global warming. Shifting rainfall patterns and rising temperatures are altering the budding patterns of plants. Carbon footprint is also posing a significant threat on the global economic system. It is affecting local economies dependent on land and natural resources, the most. Due to all these negative effects of increasing carbon footprints, governments across the globe are focusing on reducing their carbon footprints. One of the simplest ways to reduce carbon footprint is to minimize the wastage of energy.
Higher Cost of Initial Set-Up to Inhibit the Market Growth
High cost of set-up and faulty installations are slowing down the growth of thermally driven heat pumps market. Companies operating in this market are looking forward to thoroughly understand external conditions and focus on efficiency enhancement of such pumps. This factor has been creating operational deterrents, thus posing threat to the growth of the global market.
Thermally Driven Heat Pumps Market Competitiveness
Some of the key players operating in the global market include Tranter Solarice, Pink Heating Limited, AGO AG Energie + Anlagen, Robur S.p.A, SaltX Technology Holding AB, Carrier Klimatechnik GmbH Jiangsu Huineng, and New Energy Technology Co., Ltd.
Players in the market are more focused on enhancing their product and service offerings through introducing new products with varied specifications and external strategic developments. The global market is witnessing many new product launches from the market players, including more energy efficient product versions.