An air-source heat pump (typically just referred to as a “heat pump” in recent news) is an all-electric HVAC system that can both heat and cool buildings by absorbing and condensing heat from an outside air and transferring it indoors, or conversely, absorbing the heat from inside air and transferring it outside.
Initially pioneered in the 1850s, and refined in the early 1900s, heat pumps gained attention as an option for household needs in the 1950s, and then gained more ground worldwide during the 1970s oil crisis.
So why have heat pumps surged in popularity in the US over the last five years? Let’s look at some Trends and Emerging Issues that may play a role.
Fluctuating Oil Prices: Since the oil crisis in the 1970s mentioned previously, oil prices have fluctuated frequently, with big highs and lows, making it difficult to predict the cost of energy.
Increasing Environmental Consciousness: Over time, many have grown increasingly concerned with impacting the environment at the personal, community, and federal level.
Government Focus on Reducing Carbon: As more people became environmentally conscious, many governments look to drastically reduce or completely cut carbon emissions in the near future.
Increasing Renewable Energy Options: Renewable energy has grown to be incorporated into power grids worldwide.
Technology Increases Heat Pump Efficiency: As technologies have improved over time, heat pumps are able to manage temperatures using less electricity and work in colder climates.
Warming Temperatures: Areas that didn’t traditionally need A/C may find it becomes necessary to add cooling to their public and private buildings. Heat pumps can easily be retrofitted to work with other systems, and installed without the need for complicated ducting systems.
Heat pump installed in a home in Alaska, where the wait for installation is approximately 6 months. Source
From a foresight perspective, heat pumps are a relatively old technology that has only recently become an option for homeowners due to the convergence of a variety of trends, emerging issues, and long-term improvements in various technologies. They provide a great example of why it’s important to continually scan for information about trends, emerging issues, and indications about what the future may hold.
If you'd like to look at the what trends and emerging issues could provide your business with new opportunities, drop us a line.
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