Saudi Arabia $185+M Solar-assisted heat pump market

Dublin, July 08, 2024 (GLOBE NEWSWIRE) — The report “Saudi Arabia Solar-Assisted Heat Pump Market by Region, Competition, Forecast and Opportunities, 2019-2029F” has been added to Research & Marketing.com offering.

The solar-assisted heat pump market in Saudi Arabia was valued at USD 118.10 Mn in 2023 and is projected to witness robust growth at a CAGR of 7.81% during the forecast period until 2029.

The solar-assisted heat pump market is a growing segment within the broader renewable energy industry that focuses on integrating solar energy with heat pump technology to provide efficient and sustainable heating and cooling solutions. The market primarily involves the development, manufacturing, installation, and servicing of systems that combine solar collectors or solar panels with heat pumps, thereby harnessing solar energy to increase the energy efficiency of heating, ventilation, and air conditioning (HVAC) systems.

Solar-assisted heat pump systems work by collecting energy from the sun using photovoltaic or solar thermal technology, then using that energy to power a heat pump that can efficiently heat or cool residential, commercial, and industrial spaces. These systems are designed to reduce energy consumption, lower greenhouse gas emissions, and reduce reliance on traditional fossil fuel-based heating and cooling methods.

The solar-assisted heat pump market is driven by the growing focus on sustainability, energy efficiency, and carbon footprint reduction, making it an integral part of global efforts to transition to cleaner and more environmentally friendly energy solutions. The market encompasses various components, including solar collectors, heat pumps, control systems, and installation services, making it a multidisciplinary area with the potential for significant growth and innovation.

Growing emphasis on renewable energy integration and sustainability

A clear trend shaping the solar heat pump market in Saudi Arabia is the growing emphasis on integrating renewable energy and sustainability initiatives. As the Kingdom seeks to diversify its energy mix, reduce dependence on fossil fuels, and mitigate the environmental impact of traditional heating and cooling systems, there is growing interest in adopting solar heat pump technology as a viable solution for residential, commercial, and industrial applications.

The Saudi government’s ambitious renewable energy goals, set out in initiatives such as the National Renewable Energy Program and Saudi Vision 2030, are driving investment in clean energy technologies, including solar-assisted heat pumps. Leveraging the Kingdom’s abundant solar energy resources, solar-assisted heat pumps offer a sustainable and environmentally friendly alternative to conventional fossil fuel-fired heating and cooling systems.

Growing 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 use 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 popularity as a cost-effective and environmentally friendly heating and cooling solution for residential, commercial and industrial buildings throughout Saudi Arabia.

The decreasing cost of photovoltaic (PV) technology and the availability of government incentives such as subsidies, tax breaks and favorable financing options are making solar-assisted heat pump systems more financially attractive to end users. The combination of PV panels with heat pump technology enables the efficient use of renewable energy sources, maximizing energy savings and reducing dependence on grid electricity or fossil fuels for heating and cooling. This economic viability, coupled with environmental benefits, is driving the adoption of solar-assisted heat pumps in both new construction projects and retrofit applications across various sectors in Saudi Arabia.

The growing focus on renewable energy integration and sustainability initiatives is a significant trend driving the growth of the solar-assisted heat pump market in Saudi Arabia. As the Kingdom continues to prioritize renewable energy development and 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 Features:

Report Attribute	Details
number of pages	86
Forecast period	2023-2029
Estimated Market Value (USD) 2023	$118.1 million
Projected Market Value (USD) to 2029	187.11 million dollars
Compound Annual Growth Rate	7.8%
Regions covered	Saudi Arabia

Scope of the report:

Key market players

• Trane Technologies LLC (Trane Technologies)
• NIBE Industrier AB
• Mitsubishi Electric Corporation
• Daikin Industries Ltd
• Viessmann Werke GmbH & Co. KG
• Stiebel Eltron GmbH & Co. KG (Germany)
• Vaillant GmbH
• A.O. Smith Corporation
• Carrier Global Corporation
• Bosch Thermotechnology Limited

Saudi Arabia Solar Assisted Heat Pump Market by Type:

• Air source
• Ground source
• Water source
• Hybrid source

Saudi Arabia Solar Assisted Heat Pump Market by End User:

• Residential
• Commercial
• Others

Saudi Arabia Solar Assisted Heat Pump Market by Region:

• Northern and Central Region
• Western Region
• Eastern Region
• Southern region

For more information on this report, please visit https://www.researchandmarkets.com/r/9sxspp

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• Saudi Arabia’s Solar Assisted Heat Pump Market