APAC renewable heating market size touted to witness strong gains

Of late, renewable energies have become invaluable as an inexhaustible, clean and competitive energy as sustainability gains traction globally. Unprecedented demand for clean energies is likely to surge by leaps and bounds with global bodies gradually doing away with fossil fuels.

According to the IEA, demand for electricity is likely to surge by 70% by 2040, with renewable energy share expected to be pegged at 24% during the same time period. The IEA predicts developing countries such as India, China, and South East Asia and the Middle East to lead from the front.

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With heating registering around 50% of the global final energy consumption in 2018, demand for renewable heating across commercial, residential and industrial sectors is likely to gain uptick in the next five years.

In the recently compiled research report by Global Market Insights, Inc., renewable heating market size has been projected to grow substantially by 2026.

A slew of industry players is likely to foray into renewable energy mix of centralized heating that can help to keep up with the soaring energy demands, curb emissions, boost efficiency and offer cost-effective temperature control.

Investment in district heating and cooling (DHC) is likely to be ramped up as it provides an energy-efficient and cost-effective alternative for residential and commercial buildings. While fossil fuels do reign supreme in terms of DHC supply, stakeholders are realizing opportunities galore stemming from solar, solid biofuels and geothermal technologies.

With the concept of shunning fossil fuels gaining exceptional momentum, solar water heating will be highly sought-after among end-markets. Solar water heating is likely to be more noticeable with countries witnessing cold climate to be the major recipients of renewable heating.

Bioenergy will potentially hold lion’s share in renewable heating as the industry sector will continue to consume modern bioenergy. In the wake of expanding penetration of renewables in the power industry, renewables using heat will surge manifolds.

Biomass heating systems, including boilers are likely to take the place of existing conventional heating infrastructure. Renewable space heating will also attract considerable traction as these technologies are being used on a massive scale, especially in colder climates.

With European Union striving to attain a fully decarbonized EU residential building sector by 2050, investors are likely to focus on renewable heating. With traction for decarbonizing the building sector growing to achieve net-zero economy, RHC-ETIP’s has also been fueling growth in the industry landscape.

Given that European countries are witnessing surged demand for bioenergy and solar heating, investment in the region is likely to surge.

Stakeholders will also infuse funds in APAC and Latin America as countries such as India and Brazil observe unprecedented demand for biogas in food, ethanol and sugar industries. Industry analysis also predicts growing traction for renewable heating in wood products, tobacco and pulp and paper industries.

Demand for solar energy in buildings will be more noticeable and will continue to foster growth in renewable heating landscape. Traction for solar thermal consumption will further rise significantly and will be underpinned by government policies.