Dublin, July 08, 2024 (GLOBE NEWSWIRE) — The “Saudi Arabia Solar Assisted Heat Pump Market, By Region, Competition, Forecast and Opportunities, 2019-2029F” report has been added to by ResearchAndMarkets.com providing.
The Saudi Arabia Solar Assisted Heat Pump Market was valued at $118.10 million in 2023 and is anticipated to challenge sturdy development throughout the forecast interval with a CAGR of seven.81% till 2029.
The solar-assisted warmth pump market is an rising section inside the broader renewable vitality business that focuses on the combination of photo voltaic thermal vitality with warmth pump expertise to offer environment friendly and sustainable options. to warmth and funky. This market primarily entails the event, manufacture, set up, and operation of programs that mix photo voltaic collectors or photo voltaic panels with warmth pumps, thus utilizing photo voltaic vitality to develop the vitality effectivity of heating, air flow, and air con (HVAC) programs.
Solar-assisted warmth pump programs work by amassing photo voltaic vitality by way of photovoltaic or photo voltaic thermal expertise after which utilizing this vitality to drive a warmth pump, which successfully heats or cools dwelling areas. , business, and industrial areas. These programs are designed to cut back vitality consumption, decrease greenhouse fuel emissions, and cut back reliance on conventional fossil fuel-based heating and cooling strategies.
The solar-assisted warmth pump market is pushed by a rising emphasis on sustainability, vitality effectivity, and lowering carbon footprints, making it an vital a part of international efforts to shift towards cleaner and extra vitality pleasant answer. The market consists of assorted parts, together with photo voltaic collectors, warmth pumps, management programs, and set up providers, making it a multidisciplinary discipline with potential for vital development and innovation.
Increasing Focus on Renewable Energy Integration and Sustainability
The outstanding development shaping the Saudi Arabia Solar Assisted Heat Pump Market is the rising give attention to renewable vitality integration and sustainability initiatives. As the Kingdom seeks to diversify its vitality combine, cut back reliance on fossil fuels, and cut back the environmental influence of conventional heating and cooling programs, there’s rising curiosity in adopting solar-assisted warmth pumps. expertise as a sensible answer for residential, business, and industrial purposes.
The Saudi authorities’s bold renewable vitality targets, outlined in initiatives such because the National Renewable Energy Program and the Saudi Vision 2030 agenda, are driving funding in clear vitality applied sciences, together with solar-assisted warmth pumps. By using the ample photo voltaic vitality sources out there within the Kingdom, solar-assisted warmth pumps supply a sustainable and environmentally pleasant different to standard heating and cooling programs powered by fossil fuels.
The rising consciousness of local weather change and the necessity to cut back carbon emissions are driving companies and customers to embrace renewable vitality options similar to solar-assisted warmth pumps. These programs use photo voltaic vitality to run the warmth pump cycle, which reduces vitality consumption and greenhouse fuel emissions in comparison with conventional heating and cooling strategies. As a outcome, solar-assisted warmth pumps are gaining traction as a cheap and eco-friendly heating and cooling answer for residential buildings, business institutions, and industrial amenities all through Saudi Arabia. .
The declining value of photo voltaic photovoltaic (PV) expertise and the supply of presidency incentives, similar to subsidies, tax credit, and favorable financing choices, make solar-assisted warmth pump programs extra enticing. in monetary end-users. The mixture of photo voltaic PV panels with warmth pump expertise permits for the environment friendly use of renewable vitality sources, maximizing vitality financial savings and lowering reliance on grid electrical energy or fossil fuels for heating and cooling functions. This financial viability, mixed with environmental advantages, has pushed the adoption of solar-assisted warmth pumps in each new building initiatives and retrofit purposes in varied sectors in Saudi Arabia.
Growing give attention to renewable vitality integration and sustainability initiatives is a key development driving the expansion of the Saudi Arabia Solar Assisted Heat Pump Market. As the Kingdom continues to prioritize renewable vitality improvement and transition in direction of a low-carbon financial system, the solar-assisted warmth pump is poised to play an vital position in assembly heating and cooling wants whereas lowering environmental influence. and promotes vitality effectivity.
Key Attributes:
| Report Attribute | Details |
| Number of Pages | 86 |
| Prediction Time | 2023 – 2029 |
| Estimated Market Value (USD) in 2023 | $118.1 Million |
| Predicted Market Value (USD) in 2029 | $187.11 Million |
| Compound Annual Growth Rate | 7.8% |
| Regions Covered | Saudi Arabia |
Report Scope:
Key Market Players
- Trane Technologies Company LLC (Trane Technologies)
- NIBE Industries AB
- Mitsubishi Electric Corporation
- Daikin Industries Ltd
- Viessmann Works GmbH & Co. KG
- Stiebel Eltron GmbH & Co. KG (DE)
- Vaillant GmbH
- AO Smith Corporation
- Carrier Global Corporation
- Bosch Thermotechnology Limited
Saudi Arabia Solar Assisted Heat Pump Market, By Type:
- Source of Air
- Source of Earth
- Water Source
- Hybrid Source
The Saudi Arabia Solar Assisted Heat Pump Market, By End User:
- Flat
- business
- The others
Saudi Arabia Solar Assisted Heat Pump Market, By Region:
- North and Central Region
- Western Region
- Eastern Region
- Southern Region
For extra details about this report go to https://www.researchandmarkets.com/r/9sxspp
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The Saudi Arabian Solar Assisted Heat Pump Market
