Key Takeaways

• The global offshore wind energy market size is currently valued at $32.47 billion. The market is expected to grow at a compound annual growth rate (CAGR) of 18.82% during the forecast period of 2022 to 2030.
• One of the factors driving forward growth in the offshore wind energy market is the increasing investment in upcoming offshore wind energy projects. Earlier this year, for example, the Biden Administration announced several new initiatives to expand offshore wind energy in the United States; initiatives include Floating Offshore Wind Energy Shot, whose goal is the reduction of cost for floating offshore wind energy by 70% at minimum, to $45 per megawatt-hour (Mwh) by 2035 "for deep sites far from shore."
• The global energy storage system market size is currently valued at $191 billion; the market is projected to grow at a CAGR of 7.9% between 2022 and 2028.

Introduction

Offshore Wind Energy

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• In 2021, the global offshore wind energy market size was valued at $27.33 billion. 
• The global offshore wind energy market is expected to grow at a compound annual growth rate (CAGR) of 18.82% during the forecast period of 2022 to 2030. The market size is projected to reach $129 billion by 2030.
• The 2022 global offshore wind energy market size is valued at $32.47 billion. 

Growth Drivers for Offshore Wind Energy

• One of the factors driving forward industry growth in the US is the increasing investment in upcoming offshore wind energy projects. With 17,398 megawatts (MW) of new offshore wind projects commissioned in 2021, 2021 was a record year for offshore wind installations.
• Another significant growth driver is the reduced cost of wind energy, which has led to "increased adoption of wind energy." Earlier this year, the Biden Administration announced several new initiatives to expand offshore wind energy in the United States. Initiatives include Floating Offshore Wind Energy Shot, whose goal is the reduction of cost for floating offshore wind energy by 70% at minimum, to $45 per megawatt-hour (Mwh) by 2035 "for deep sites far from shore."

Offshore Wind - Calculations

• 2021 figure: $27.33 billion; CAGR: 18.82%. 
• 2022 figure: ($27.33 x 18.82%) + $27.33 = $32.47 billion. 

Energy Storage Assets

• The global energy storage system market size is currently valued at $191 billion. 
• The market is projected to grow at a CAGR of 7.9% between 2022 and 2028.
• The market is projected to reach $302 billion in 2028.

Growth Drivers for Energy Storage Assets

• Market growth in the US can be attributed to the increasing penetration "of lithium-ion batteries in the renewable energy sector."
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• Lithium-ion batteries are considered a key pillar in a fossil fuel-free economy; their usage in stationary energy storage has grown exponentially over the past few years due to factors such as substantial price declines and technological improvements.
• Another significant factor behind industry growth in the US is the ongoing clean/renewable energy revolution. A renewable energy revolution is taking place across the United States, underscored by the steady expansion of the renewable energy sector in the country; the renewable energy industry generates "hundreds of billions in economic activity", and the rapid rise of the industry is expected to continue in the coming years.

Energy Storage Assets - Calculations

• 2028 figure: $302 billion; CAGR: 7.9%. 
• 2022 figure: $191 billion, calculated using this source (CAGR: 7.9%; final amount: 302; the number of years: 6).

Research Strategy

Introduction

Summary of Findings

Community Solar Market Size

• The National Renewable Energy Laboratory (NREL) estimates that there were about 3,253 MW-AC as of the end of 2020 across 1,600 projects in 39 states and Washington DC. According to the DOE, Florida, Minnesota, New York, and Massachusetts accounted for almost 75% of the cumulative installed capacity of community solar with 1,636 MW-AC, 834 MW-AC, 731 MW-AC, and 674 MW-AC, respectively.

 

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• According to a report by the Coalition for Community Solar Access (CCSA) in collaboration with Wood Mackenzie, the installation capacity of community solar peaked at 1,154 MW in 2021. The annual installed capacity is expected to drop to 807 MW in 2022 before beginning to rise again in 2023.

 

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• The Solar Energy Industries Association (SEIA) estimated that the cumulative capacity of installed community solar in the U.S. was about 5.1 GW at the end of Q2 2022. This was a growth of about 1.1 GW from the 4 GW in 2021, as per SEIA's estimations.

• The SEIA projects that over 5 GW are expected to be added in the next five years to bring the total installed capacity in the U.S. to over 10 GW, while Wood Mackenzie's projection is a bit lower at 4.5 GW (or 9% CAGR) in the next five years.

 

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Growth Drivers for Community Solar

a. Favorable Regulatory Environment

• One of the key drivers to the growth of the community solar market is a favorable regulatory framework. As of the end of 2021, 22 states and Washington D.C. had enacted legislation that requires or enables community solar. Of the states with enabling legislation, 17 created provisions that address the participation of low-income residents in community solar.
• Some states provide support for community solar projects that subscribe to low-income clients. Others have mandates named 'carve-outs' that require community solar companies to allocate a certain percentage of their projects to low-income subscribers or organizations serving low-income people.
• For example, the "Solar Massachusetts Renewable Target (SMART) program" provides support to qualified investor-owned electricity companies to install up to 3,200 MW of solar infrastructure, including community solar projects. Here are details of the policies by state governments in support of community solar.
• According to the CEO of the CCSA, "There continue to be significant tailwinds for the community solar industry as legislators in existing and new states look to community solar as a way to achieve energy policy goals."

b. Financial Incentives

• In an effort to achieve its goal of powering five million homes using community solar by 2025, the Biden-Harris administration is offering financial incentives to community solar developers.
• In September 2022, the 30% solar investment tax credit (ITC) was extended for an additional 10 years. Also, an act was enacted that provided "add-on credits for solar installations" in low-income communities or housing. These policies can increase the solar tax credit from the base 30% to up to 50%.
• Community solar developers said that more tax credits will enable them to make headway into low-income communities. The increased tax credit means project developers can increase hiring, expand education and outreach efforts, and reduce energy costs for customers. As per the SEIA, the tax credits will help accelerate the deployment of community solar by lowering capital costs.
• Also, several states are offering grants for the development of community solar infrastructure. For example, the New York State government launched the "Inclusive Community Solar Adder program" which avails $52.5 million for projects supporting disadvantaged communities and underserved New Yorkers.

Distributed Solar Power Generation Market Size

• According to a paywalled report by Mordor Intelligence, the distributed solar power generation market in the United States was poised to grow at a CAGR of about 10% from 2020 to 2025. However, this report is paywalled and additional data can only be accessed after purchase.

Useful Findings

• As per a research report by Grand View Research, the residential solar PV market, a segment of distributed solar, was worth $9.1 billion in 2020.

 

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• A report by Emergen Research stated that distributed solar accounted for about 24% of the $232.6 billion global distributed energy market in 2019. Therefore, the global distributed solar power market in 2019 was = 24% X $232.6 billion = $55.84 billion. While there are several reports from resources such as Technavio, ReportLinker, and Eternity Insights on the global distributed solar power generation market, they are all paywalled.

Growth Drivers for Distributed Solar

a. Environmental Concerns

• The U.S. is shifting from conventional energy sources such as fossil fuels, and about 20.1% of electricity generated in the country in 2021 was from renewable sources. These concerns are shared by both the government and the residents.
• The U.S. states, such as New York, California, Nevada, Massachusetts, and California, have enacted action plans and policies that address distributed solar systems and have set deployment targets, which have helped to drive the market. Also, about 72% of Americans support the adoption of solar energy and other renewables. Furthermore, many companies are adopting distributed solar energy to meet their set sustainability goals.
•  Increasing demand by consumers for clean energy is among the key drivers of distributed solar power generation in the United States. As people increasingly shift from fossil-powered energy sources, the market for distributed solar increases.

b. Low Costs of PV Systems

• Solar systems are less expensive than other alternative renewable options, such as fuel cells and wind. In the last 10 years, the cost of solar PV panels has declined by 90% globally, and prices of other solar components have dropped significantly since 2011. This has reduced the "levelized cost of electricity (LCOE)" for both utility-scale and distributed solar PV generation.
• While geopolitical and techno-economic factors may reduce the rate of price decline, prices are still expected to continue falling. According to the NREL, the cost of utility-scale, commercial rooftop, and residential PV systems dropped by 82%, 69%, and 64% since 2010, respectively. This scenario has increased the demand for distributed solar power generation systems since commercial and residential consumers are attracted to their economic benefits.

Research Strategy

Key Takeaways

• The global power transmission and distribution equipment market size was $223.7 billion in 2020. Research and Markets projects that the market will grow at a CAGR of 5.2% to reach $318 billion by 2027. The US power transmission and distribution equipment market was valued at $40.1 billion in 2020.
• According to a market report from Grandview Research, the market size of the US EV charging infrastructure was $2.85 billion in 2021, and it is projected to grow at a CAGR of 36.9% from 2022 to 2030. In 2030, the value of the market will be $48.14 billion (calculated).
• Some growth drivers fueling the energy transmission infrastructure market growth in the US include the expansion of microgrids and smart grid networks and refurbishment and retrofit of aging infrastructure.
• Some growth drivers fueling the charging infrastructure market growth in the US are public and private sectors encouraging consumers to switch to EVs and new technologies being developed by players in the market.

Introduction

1. Transmission Infrastructure to Support Energy Generation

• The transmission infrastructure that supports energy generation has different components/equipment involved in the transmission and distribution of electricity from the generating sites to the end user. These include power plants, electricity transmission lines, transformers, and substations. 

Market Size and Projected Growth

• The global power transmission and distribution equipment market size was $223.7 billion in 2020. Research and Markets projects that the market will grow at a CAGR of 5.2% to reach $318 billion by 2027.
• The US power transmission and distribution equipment market was valued at $40.1 billion in 2020.
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Growth Drivers in the US

1. Expansion of Microgrids and Smart Grids Networks

• According to the Office of Electricity at the US Department of Energy, modernizing the electricity grid and making it smarter requires the use of innovative and cutting-edge technologies and equipment.
• In September 2022, Smart Energy reported that the US Department of Energy (DOE) is planning to invest $10.5 billion in smart grids and other upgrades to the US electricity grid, representing the largest funding into the grid in over ten years. The funding is part of the Grid Resilience and Innovation Partnership program that allocates $2.5 billion to make the grid more resilient, "$3 billion for smart grids and $5 billion for grid innovation."

2. Refurbishment and Retrofit of Aging Infrastructure

•  Aging energy transmission infrastructure is one of the significant drivers of this market. According to America's 2021 Infrastructure Report Card, electricity transmission in the US relies on an aging and complex transmission infrastructure comprising a network of generation facilities, 600,000 miles of essential transmission lines, and 5.5 million miles of local electricity distribution lines.
• A significant portion of the electricity grid in the US is aging, with some infrastructure components over 100 years old, way over the average lifespan of 50 years. According to the Infrastructure Report, 70% of transmission and distribution lines in the US electricity grid are "well into the second half of their lifespans."
• Yearly high voltage transmission lines spending in the US increased to $21.9 billion in 2017 from $15.6 billion in 2015. Moreover, annual expenditures on last-mile distribution systems increased by 54% over the last 20 years. In 2019, the annual spending by electric utilities on the electricity transmission and distribution system was $40 billion, with $23.5 billion spent on new transmission systems and the spent on operating, repairing, and maintaining the existing systems.

 

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• Since Superstorm Sandy hit the US in 2012 and destroyed many components of the distribution and transmission system, electricity companies have invested over $285 billion in the energy transmission and distribution infrastructure to improve its resilience against storms in the future, improve the existing aging infrastructure, and make power generation more secure, efficient, and reliable.
• Some recent transmission infrastructure projects include:
• The $5 billion Midcontinent Independent System Operator (MISO) to replace the aging transmission infrastructure and add new power lines, substations, and towers.
• The Great Northern Transmission line upgrading by Minnesota Power to "connect Minnesota to hydropower plants in Canada."
• In 2019, Pacific Gas & Electric (PG&E) and Southern California Edison spent over $1 billion each on new electricity and gas transmission infrastructure.
• In 2019, Public Service Electric and Gas spent over $1 billion to make its transmission infrastructure more resilient as part of its "post-Superstorm Sandy Energy Strong program."

2. EV Charging Infrastructure

Market Size and Projected Growth

• According to a market report from Grandview Research, the market size of the US EV charging infrastructure was $2.85 billion in 2021, and it is projected to grow at a CAGR of 36.9% from 2022 to 2030. In 2030, the value of the market will be $48.14 billion (calculated).
• The commercial segment of the market accounted for 92% of the global EV charging market.
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Growth Drivers

1. Public and Private Sectors Encouraging Consumers to Switch to EVs

• The growth in the US EV charging infrastructure market is primarily driven by concerted efforts by the public and private sectors encouraging Americans to make the switch to electric vehicles.

2. New Technologies

•  Novel technologies are also driving the growth of this market, and they will fuel the growth further during the forecast period, according to a market report from Grand View Research. These technologies include "portable charging stations, smart charging with load management, automated payment technology, and bi-directional charging."
• Below are some companies developing new and innovative charging infrastructure technologies:
• In September 2021, SemaConnect, an EV charging station provider, launched the Series 8 level 2 charging station featuring the company's slim design, eight convenient payment options, the ability to withstand adverse weather conditions, and LED lights, among other innovative features.

Research Strategy

Key Takeaways

• In 2021, the United States heat pump market size was estimated to be $9.87 billion, and it is anticipated to have a CAGR of 9.4% between 2022 to 2027.
• Grand View Research shows that the United States household appliances market was valued at $52.65 billion in 2021, and the market size is projected to grow at a CAGR of 6.5% from 2022 to 2030.
• Driving forces for household appliances market expansion include the rise in people's disposable income levels, rapid urbanization, an increase in single-person households, the growth of the millennial population, an increase in demand for smart homes, and demand for sensors and energy optimization.
• The increased demand for air conditioning, government incentives for improving energy efficiency, and lowering carbon emissions are some factors leading to the heat pump market growth.
• Research by Research and Markets shows that the U.S. household appliances market is projected to hit $93.04 billion by 2030.

Introduction

A. Household Appliances Market

1. Market Size and Projected Growth

 

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• Grand View Research shows that the United States household appliances market was valued at $52.65 billion in 2021, and the market size is projected to grow at a CAGR of 6.5% from 2022 to 2030.  

 

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• Research by Research and Markets shows that the U.S. household appliances market is projected to hit $93.04 billion by 2030. The current household appliance market in 2022 is valued at $55.34 billion.

 

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• According to information from Statista, the United States household appliance revenue was $47.53 billion in 2022 and is projected to grow at a compound annual growth rate of 3.36% between 2022-2027. The largest segment is the Small Appliances, valued at $26.12 billion in 2022.

2. Growth Drivers For Household Appliances Market

• Some driving forces for this market expansion include the rise in people's disposable income levels, rapid urbanization, an increase in single-person households, the growth of the millennial population, an increase in demand for smart homes, and demand for sensors and energy optimization.
• Additional vital factors are rising fuel prices, the growth of induction cooking technology, and increased nuclear families, which have significantly increased the demand for household appliances. Consequently, experts expect these factors to have a significant impact on the United States household appliance market growth.
• Other market drivers include the popularity of multifunctional and advanced products capable of addressing more than one household task, thus giving value for money spent. Vendors are also innovating to stay competitive, ensure customer satisfaction, grow the customer base, and generate demand for multifunctional household appliances to address the increasing demand.
• Further, market trends, such as rising artificial intelligence (A.I.) technology, increasing social media influence, Internet of Things (IoT) adoption, and cloud technology, are expected to contribute to the United States market growth. Some of these market drivers are explained in detail below.

i. Product Innovation and Advancement Resulting In Product Premiumization

• The household appliance market growth is driven by innovation and advancement, resulting in product portfolio extension and appliance premiumization together with the adoption of smart home technology. The pressure caused by the intense competition from the global household appliance market has compelled vendors in the household appliance business to prioritize and engage in continuous research and development (R&D) and innovation to ensure they remain relevant in the competitive global household appliance market environment.
• The growing purchasing power and increase in disposable income have led to people increasing their income spending on household appliances. The gradual shift in household appliances has compelled the demand for premium appliances, leading to the growth of the household appliance market.
• Further, Allied Market Research suggests consumers' surge in need for comfort in household chores and their inclination to eco-friendly and energy-efficient appliances are the primary factors boosting the market growth in the U.S.
• The rising demand for premium products has also contributed to the investments by vendors in innovative raw materials and technologies, which have positively impacted the performance of appliances and made the interior aesthetics of products appealing. Studies show that the growth of the premium product demand and product line extension, coupled with the increasing customer spending on household appliances, will significantly drive the growth of the global household appliance market.

ii. Increased Adoption of Multi-functional Products and Advancement in Products

•  Customers' rising demand and adoption of multifunctional and advanced products is another vital factor in driving the household appliance market. Available multi-products in the markets can offer customers more than household applications, thus providing better value for the money spent.
• Although these multifunctional household appliances are usually more expensive than conventional ones, customers are increasingly shifting to them as they offer better value for money.
• In essence, multifunctional products save time and resources for customers. These appliances also eliminate the need for customers to purchase multiple devices, as one multifunctional device serves numerous applications.
• Vendors in the household appliances business are continually innovating to remain relevant and competitive, meet the rising customer demand, expand their customer base and draw the attention of their customers. The increase in multifunctional offerings in the global market drives the adoption of such household appliances.

 

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• For instance, a multifunctional oven offers different heating elements and a choice of heating methods, giving customers more choices over how their food is cooked. Multifunctional ovens are becoming increasingly common, and owing to their modernization in kitchen designs, the market for multifunctional ovens is projected to witness massive market growth during the projected time (2022-2027).
• According to the Research and Markets report, companies in the household cooking appliances market are increasingly launching multifunction ovens to meet the rising demand for multifunction household appliances.
•  Continued technological advancements have resulted in the development of household appliances such as washing machines, refrigerators, and dishwashers. These appliances are projected to drive growth in the small home appliance and the major household appliances market. Research shows that the US, over the years, has matured and has a homogeneous market for household appliances with a high number of products available in the market. The household market is growing as customers opt for modern and stylish appliances that complement their high standard of living.

iii. Rising Number of Residential and Non-residential Projects

• According to a report by Research and Markets, the cooktop, microwave, oven, and cooking range segment had the largest revenue share of more than 30% in 2021. Still, experts project that the demand for cooktops will increase due to the rising standard of living in the United States. Further, the increasing demand for residential and non-residential housing projects is estimated to increase the need for cooktops in the United States market.
• The United States Department of Agriculture reports that a total aggregate of 1,495,000 construction permits were issued at a seasonally adjusted annual rate (SAAR) in July 2020. This SAAR rate is 9.4% higher than in July 2019 and 18.8% higher than in June 2020.
• In July 2020, "the seasonally adjusted annual rate (SAAR) for total completions of construction from permits was 1,280,000," representing an increase of 3.6% from June 2020 and 1.7% from July 2019. Studies show that 60,524 out of the completed buildings were residential, while 62,959 were non-residential constructions. Experts project that the increase in construction will drive the growth of the inductions cooktops market in the United States.
• According to the Mordor Intelligence report, an increase in residential housing will increase the demand for major home appliances, thus pushing for more production. The research suggests a direct relationship between the performance of the housing market and the manufacturing of major household appliances.
• The rising residential housing in the US will generate increased demand for household appliances in the country, thus significantly boosting the future growth of the household appliance market. Further, the increasing home renovation activities in the United States are expected to drive the demand for major household appliances in the short term.
• Mordor Intelligence shows that the United States home improvement industry is better now than over a decade and includes selling building materials, décor, appliances, and other home enhancements and services offered by contractors, traders, and other workers key in building, installing, modifying, and upgrading homes.
• The increasing new housing construction is one of the prime factors determining the demand for new freezers and refrigerators in the country. Although many households already have refrigerators at home, technological advancement in the industry has made most customers willing to trade their old appliances with new models.

B. Heat Pumps Market Size

1. Market Size and Projected Growth

 

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• In 2021, the United States heat pump market was estimated to be $9.87 billion, and it is anticipated to register a CAGR of 9.4% between 2022 to 2027.
• The residential heat pump market in the United States is expected to expand steadily due to a paradigm shift towards adopting energy-efficient technologies and increased consumer expenditure. Legislative energy policies and incentives support the ongoing progress toward a decarbonized economy to energize the business environment. The growing need for energy-efficient systems and strict regulations to lower carbon footprints are two major factors in the heat pump industry in the United States.
• The United States government has taken measures such as rebates, incentive plans, and personal and corporate tax credits to help grow the heat pump market. Also, the renewable energy rebate programs that offer discounts on installing renewable energy systems positively impact the heat pump market.

 

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• The United States residential heat pump market size is dominated by ground, air, and water sources. The air source segment is more than half of the residential heat pump market technology and represents 81.1% of total revenue in 2021. Air sources provide various advantages, including cheap operating costs, little maintenance requirements, fewer pollutants, and a longer lifespan. By 2030, it is anticipated that the air-source sector of the residential heat pump market will exceed $19 billion.
• The ground source segment is anticipated to register a CAGR of 9.0% from 2022 to 2030. The growth of the ground source segment is due to cheap maintenance costs, energy-saving features, and reliance on renewable energy sources. The dual-source is another emerging technology in the heat pump market. Dual-source technology uses variable-speed motors to improve comfort and energy economy.
• The introduction of green bonds by multilateral development banks and the decrease in component prices are expected to expand the home heat pump market's water source segment. The water source residential heat pump will be a good choice due to its high efficiency, CoP of around five, and quieter operations than other sources.

2. Growth Drivers For Heat Pump Market

• The increased demand for air conditioning, government incentives for improving energy efficiency, and lowering carbon emissions are some factors leading to the heat pump market growth. Additionally, heat pump demand has grown in residential environments due to more affordable air conditioning.
• Through 2030, the U.S. residential heat pump market's new construction sector is anticipated to expand at a CAGR of over 5%. Since they use less energy and emit fewer pollutants than traditional heaters and boilers, these devices are used instead. Renovating existing structures will have a favorable effect on the commercial environment. Additionally, authorities are creating beneficial regulations and incentives nationwide to encourage homebuyers to use such systems in their new residences, improving the business environment.

i. IoT and Other Advanced Technologies

• The integration of the Internet of Things has contributed to the growth of the heat pump market. Predictive maintenance, real-time monitoring, and remote component diagnostics are made possible by IoT-based heat pumps. IoT-based heat pumps have smart thermostats interacting with the equipment and monitoring environmental changes. They have LCDs and warning indications to make them easier to comprehend. Automation and remote control have been given top priority in the development of next-generation heat pumps.

• The United States' fast recovering building sector, supported by repair and restoration activities, is anticipated to be the primary driver of the need for technologically advanced and compact heating solutions in the residential sector. The United States has a sizable market share because of residential construction activity, heating options, and rising demand for air-to-air heat pumps.

• To ensure simplicity of use and maintenance, some companies, such as Samsung and Panasonic, concentrate on combining several technologies into their heat pumps. To save energy and improve efficiency, research is also being done worldwide to incorporate machine learning and artificial intelligence into heat pumps.
• The Internet of things in heat pumps can also be connected with building energy management, whereby smart demand and response methods can decrease peak load and electricity usage.
• The heat pumps' integration eliminates the need for physically turning on or off heat pumps with machine learning and artificial intelligence, which can investigate consumer consumption patterns and assess their operating time and length. These elements are anticipated to increase demand for heat pumps and provide good possibilities for market participants.
• Advanced air-source heat pumps have been made possible by technological advances in "variable-speed blowers, coil design, thermostatic expansion valves, and electric motors."

ii. Rising Government Laws and Subsidies

• In certain nations, heat pumps have surpassed all other construction technologies in popularity, and they now supply 7% of the world's demand for building heating. Thus, government laws and subsidies will soon increase the demand for heat pumps worldwide.
• It is anticipated that rising government regulations and incentives to improve energy efficiency will accelerate the growth of the heat pump market by the end of 2028. This is because there is an increasing need to reduce the price of new construction and installation, remove obstacles in the way of remodeling, boost energy efficiency, and eliminate refrigerants with significant global warming potential.
• In countries such as China, the government, through the ministry of environmental protection, offered subsidies for all households buying air-source heat pumps in 2020. Additionally, approximately 180 million heat pumps were used for heating in 2020, according to research by the International Energy Agency in 2021, with the worldwide stock rising by about 10% annually over the previous five years.

iii. Contribution of Heat Pump Technology to Reduce Carbon Footprint

• Some countries worldwide are working to transition quickly from non-renewable sources toward renewable sources to minimize harmful emissions from fossil fuels. For instance, the Russian government approved legislation in September 2021 to restrict greenhouse gas emissions, encourage Russian businesses to engage in environmental restoration initiatives, and forbid behaviors that impair the country's economy and the environment.
• Other countries, such as India, announced new plans in November 2021 to combat global warming and attain net-zero emissions by 2070. Heat pump technology is an effective way to reduce greenhouse gas emissions.
• Heat pumps are used for space heating, cooling, and water heating in the residential, commercial, and industrial sectors. The heat pump can capture 77% of the energy in the air since it extracts ambient heat from the air and low-temperature surfaces. Therefore, "the use of heat pump can bring down the fossil fuel consumption considerably when compared to alternate mediums of heat transfer, subsequently lowering the carbon footprint."
• Heat pumps have the potential to generate CO2 reductions of up to 70% compared to ordinary electric heating and up to 65% compared to the most efficient types of gas boilers. Approximately 66% of the energy needed to heat a building with a heat pump comes from natural sources, depending on the time of year and kind of heat pump. Heat pumps have become ideal for building managers planning renovations or new construction because they are designed for retrofitting and installing new properties and may even be integrated with existing heating systems.
• Heat pumps may significantly reduce fossil fuel consumption, reduce non-renewable energy sources, and cut carbon emissions compared to other heat transfer methods. All industries are installing more heat pumps as a result, which is boosting market development.

Research Strategy