Guidehouse Insights Report Anticipates the Global Market for Decarbonized Heating Equipment to Reach $156 Billion by 2030
BOULDER, Colo., Oct. 7, 2021 /PRNewswire/ -- A new report from Guidehouse Insights explores market trends and provides a global forecast of heat decarbonization solutions for commercial and residential buildings by segment and region, with forecasts extending through 2030.
The heating market is still dominated by fossil fuel-based equipment and less efficient electric heating technologies. However, technologies that provide heating decarbonization solutions, such as heat pumps, variable refrigerant flow (VRF) systems, and hydrogen boilers, are becoming available. According to a new report from Guidehouse Insights, the global market for decarbonized heating equipment is expected to grow to $156.5 billion in 2030 at a compound annual growth rate (CAGR) of 6.3%.
“Opportunities for heat decarbonization in buildings are becoming more prominent as the transition to a low or zero carbon environment accelerates,” says Sasha Wedekind, senior research analyst with Guidehouse Insights. “The proliferation of renewables, new policy and regulations, hydrogen initiatives, and advancements in technology are all drivers in the push toward heat decarbonization.”
Despite these drivers, many market barriers still exist. Few consumers are aware of heat pumps and are averse to the high upfront cost. Furthermore, hydrogen infrastructure is lacking, making widespread adoption of hydrogen boilers unrealistic for the coming decade. Moreover, consumer education and engagement are low when it comes to new technologies.
The report, Decarbonizing Heat in Buildings, explores market trends and provides a global forecast of heat decarbonization solutions. The forecast in this report is segmented by heat pumps and hydrogen boilers. VRF heat pump systems are considered in the commercial sector. The forecast is further segmented by commercial and residential buildings, as well as five global regions: North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Forecasts extend through 2030. An executive summary of the report is available for free download on the Guidehouse Insights website.
About Guidehouse Insights
Guidehouse Insights, the dedicated market intelligence arm of Guidehouse, provides research, data, and benchmarking services for today’s rapidly changing and highly regulated industries. Our insights are built on in-depth analysis of global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research, and demand assessment, paired with a deep examination of technology trends, to provide a comprehensive view of emerging resilient infrastructure systems. Additional information about Guidehouse Insights can be found at www.guidehouseinsights.com.
Guidehouse is a leading global provider of consulting services to the public and commercial markets with broad capabilities in management, technology, and risk consulting. We help clients address their toughest challenges and navigate significant regulatory pressures with a focus on transformational change, business resiliency, and technology-driven innovation. Across a range of advisory, consulting, outsourcing, and digital services, we create scalable, innovative solutions that prepare our clients for future growth and success. The company has more than 10,000 professionals in over 50 locations globally. Guidehouse is a Veritas Capital portfolio company, led by seasoned professionals with proven and diverse expertise in traditional and emerging technologies, markets, and agenda-setting issues driving national and global economies. For more information, please visit: www.guidehouse.com.
* The information contained in this press release concerning the report, Decarbonizing Heat in Buildings, is a summary and reflects the current expectations of Guidehouse Insights based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Guidehouse Insights nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.
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SOURCE Guidehouse Insights