Hybrid Photovoltaic/Thermal Heat Pump: Introduction
- 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.
Key Drivers and Restraints of Global Hybrid Photovoltaic/Thermal Heat Pump Market
- 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.
Global Hybrid Photovoltaic/Thermal Heat Pump Market: Segmentation
- 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.
Global Hybrid Photovoltaic/Thermal Heat Pump Market: Regional Segmentation
- 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.
COVID-19 Impact on Global Hybrid Photovoltaic/Thermal Heat Pump Market
- 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.
Key Players Operating in the Market:
- Convert Energy
- TES Group Limited
- Fototherm S.R.L.
- Capital Sun Group
Global Hybrid Photovoltaic/Thermal Heat Pump Market: Research Scope
Global Hybrid Photovoltaic/Thermal Heat Pump Market, by Panel
- Flat Plate (FP) Panel
- Glass Vacuum Tube (GVT) Panel
Global Hybrid Photovoltaic/Thermal Heat Pump Market, by Component
- PV Panel
- Heat Exchanger
- Storage Tank
Global Hybrid Photovoltaic/Thermal Heat Pump Market, by Application
- Space Heating
- Pool Heating
- Domestic Water Heating
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.