Future growth hinges on accelerating the transition from gas-based heating to renewable solutions
LONDON, Jan. 31, 2025 /PRNewswire/ — High energy bills coupled with strong financial incentives are making heat pumps increasingly cost-competitive with traditional fossil fuel heating systems for residential use.
Despite advantages such as higher efficiency and the acceleration of heat decarbonization, the market faces several challenges. A higher proportion of aging households, inadequate insulation, higher installation and capital costs, and a shortage of skilled installers and consultants are limiting growth potential.
However, the expansion of hybrid heating technologies and manufacturers scaling up production are set to increase competition and further drive cost competitiveness between heat p
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