Impact of Covid-19 on Hybrid Photovoltaic/Thermal Heat Pump Market

147

Posted 2021-10-29 11:55:29

Hybrid photovoltaic/thermal heat pump systems maximize the collection of roof-mounted solar energy by utilizing a sandwiched collector system. The system combines high-performance photovoltaic panels for generating electricity with solar thermal panels mounted on the rear surfaces of PVs to collect heat.
Photovoltaic panel generates electricity. The thermal component uses a water-to-water heat pump that amplifies the collected solar energy on demand to heat the home, domestic hot water, and pool/storage water.

Increase in usage of renewable energy, such as solar, wind, and hydro, is estimated to drive the hybrid photovoltaic/thermal heat pump market in the near future. Rise in awareness about the use of renewable energy is also expected to boost the demand for hybrid photovoltaic/thermal heat pumps.
Implementation of stringent government regulations to reduce carbon and greenhouse gas emissions is a major factor driving the hybrid photovoltaic/thermal heat pump market. Governments are also providing favorable incentive schemes to promote the installation of solar system. This is also fueling the global hybrid photovoltaic/thermal heat pump market.
High initial investment required for hybrid photovoltaic/thermal heat pump is projected to restrain the global market. This technology is relatively new. As a result, systems employ advanced technology that is expensive. This hampers the adoption of these systems among end-users.

The global hybrid photovoltaic/thermal heat pump market can be segmented based on panel, component, type, and application
Based on panel, the global hybrid photovoltaic/thermal heat pump market can be bifurcated into flat plate (FP) panel and glass vacuum tube (GVT) panel. The flat plate panel segment is estimated to expand at a significant CAGR, owing to high demand among end-users.
In terms of component, the global market can be split into PV panel, inverter, heat exchanger, storage tank, and others. The PV panel segment is expected to lead the market in the near future.
In terms of application, the global market can be fragmented into space heating, pool heating, domestic water heating, and others. In terms of volume, the space heating segment is anticipated to expand significantly in the near future.

Request Sample

Based on region, the global hybrid photovoltaic/thermal heat pump market can be classified into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
North America dominated the global hybrid photovoltaic/thermal heat pump market in 2019. The market in the region is projected to expand during the forecast period, owing to rise in solar energy infrastructure and government initiatives to promote renewable energy.
The market in Europe is likely to expand significantly during the forecast period owing to rapid increase in number of renewable energy projects in Sweden, Germany, Italy, and France
Asia Pacific is also a lucrative region of the global market. It is estimated to be a key region of the global hybrid photovoltaic/thermal heat pump market in the near future. Governments of countries such as China, India, and Japan are promoting solar-based energy projects. Thus, increase in awareness about renewable energy is likely to drive the market in the near future.The hybrid photovoltaic/thermal heat pump market in Latin America and Middle East & Africa is anticipated to expand at a steady pace during the forecast period. These regions are primarily dependent on fossil fuel. Thus, there is less investment in solar energy projects in Latin America and Middle East & Africa.

More Trending Reports

Solar power is one the industries that has been adversely affected by worldwide lockdowns announced due to the COVID-19 pandemic. These lockdowns have caused delays in solar projects. Some projects have been canceled due to lack of funding, supply chain disruptions, and unavailability of manpower. Thus, COVID-19 is negatively affecting the global hybrid photovoltaic/thermal heat pump market.

Browse Detailed Summary of Research Report with TOC

Buy Now