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Heat Pump Boom Faces Challenges, Strong Policy Support Essential

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2 years ago

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Future growth hinges on accelerating the transition from gas-based heating to renewable solutions

LONDON, Jan. 31, 2025 /CNW/ — 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 pumps and conventional boilers.

Heat Pump Market Faces Slowdown Amid Economic and Policy Uncertainty

The global residential heat pump market is projected to grow from 7.59 million units in 2024 to 17 million units by 2035, with revenues reaching $80.42 billion, driven by an 8.5% CAGR during the forecast period. In 2024, Europe and the U.S. dominated the market, accounting for nearly 75% of total sales, followed by China and Japan. However, after strong momentum in the early 2020s, growth has stalled in 2023 and 2024 due to an easing in gas prices, high electricity taxes, policy inconsistencies, shifting regulations, and reduced funding. These challenges highlight the difficulty of scaling heat pump adoption quickly enough to meet Europe’s decarbonisation targets.

In the U.S. which has offered generous federal subsidies, the market has been strong in 2024, shrugging off the impact of higher electricity prices and low gas prices. The incoming administration is reviewing many of the existing incentives, so these may not be retained, presenting a challenge for the market.

Manufacturers Expand Capacity and Innovate Commercialisation Strategies

The heat pump market remains highly competitive, with both global and local players focusing on cost optimisation, efficiency improvements, and localised production to reduce import costs. China and the U.S. are leading adoption efforts, driven by supportive policies, while the EU faces the challenge of requiring long-term incentives to scale up production capacity and transition away from gas boilers.

To overcome market barriers, new entrants are introducing smaller, modular, and more affordable heat pumps, designed for compact residential spaces such as window-sill units and sleek, space-saving models for compact residential spaces.

Expansion in the heat pump manufacturing sector involves adding new production lines, converting existing facilities – such as transitioning from boiler production to heat pumps – and building new facilities. In addition to scaling production, some companies are making significant investments in research, development, and innovation (RD&I) to enhance efficiency and product performance.

While smaller manufacturers are rapidly increasing output, they face challenges in achieving the economies of scale that larger players can leverage, impacting their cost competitiveness and market positioning. Overcoming these barriers will be key to ensuring sustainable growth and broader market adoption.

Service-based models like Heat-as-a-Service (HaaS), subscriptions, leasing, and pay-per-use are gaining traction, reducing upfront costs by shifting expenses from capital to operational. These models enhance energy efficiency and serve as entry points for whole-home electrification, including solar and EV solutions. To tackle high installation costs, many firms are integrating financing solutions, making heat pump adoption more accessible.

Neha Tatikota, Industry Analyst at Frost & Sullivan, states: “Political tailwinds will shape industry dynamics. Despite high upfront costs, heat pumps can offer savings over gas boilers if key factors align – favourable gas-to-electricity price ratios, rebalanced electricity taxes, improved efficiency, and grant availability. Local manufacturing and competition may ease supply bottlenecks, though material vulnerabilities remain. The sector also varies across regions due to differing national laws and requirements.”

She adds: “The industry slowdown is concerning, with manufacturers wary of political uncertainty around subsidies. Clear policies and supportive regulations are crucial to revitalising investment, particularly in Europe, and strengthening EU manufacturers through economies of scale. With strong demand for renewable heating, the right regulations could drive growth, while policy setbacks risk stalling the market.”

Click here to unlock growth potential and explore the future of the global residential heat pump market.

Frost & Sullivan, the growth pipeline company, enables clients to accelerate growth and achieve best-in-class positions in growth, innovation, and leadership. The company’s Growth Pipeline as a Service provides the CEO and the CEO’s Growth Team with transformational strategies and best-practice models to drive the generation, evaluation, and implementation of powerful growth initiatives. Frost & Sullivan leverages over 60 years of experience in partnering with Global 1000 companies, emerging businesses, and the investment community from more than 40 offices on six continents.

Contact:

Kristina Menzefricke
Marketing & Communications
Global Customer Experience, Frost & Sullivan
kristina.menzefricke@frost.com

View original content:https://www.prnewswire.com/news-releases/heat-pump-boom-faces-challenges-strong-policy-support-essential-302365300.html

SOURCE Frost & Sullivan

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BIT Asset Management Receives FINMA Approval for Switzerland’s First and Europe’s Only Spot Bitcoin ETF

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21 minutes ago

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October 22, 2026

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The first exchange-traded fund under Swiss law to invest directly in bitcoin, approved for retail investors in Switzerland

ZURICH, Oct. 22, 2026 /PRNewswire/ — BIT Asset Management AG (“BIT AM”), the wholly owned Swiss asset management subsidiary of BIT (www.bit.com), announced that the Swiss Financial Market Supervisory Authority (FINMA) has approved the Bitcoin Fund ETF (Ticker: BBIT). As confirmed in FINMA’s announcement, it is the first exchange-traded fund in Switzerland to invest directly in bitcoin. It is currently Europe’s only spot bitcoin ETF.

The fund is expected to begin trading on SIX Swiss Exchange in November.

Bitcoin Fund ETF (BBIT)

A spot bitcoin ETF is designed to track the price of bitcoin and can be traded through an ordinary brokerage account. It holds bitcoin directly rather than futures or derivatives. This is the structure that brought bitcoin into mainstream portfolios in the United States, where BlackRock’s iShares Bitcoin Trust (IBIT) and ten other spot bitcoin ETFs launched in January 2024.

Most bitcoin products listed in Europe today are exchange-traded products (ETPs), which are debt instruments that carry issuer risk. The Bitcoin Fund ETF is instead a Swiss collective investment scheme. Its assets are held separately from those of the fund management company and are ring-fenced for investors. The fund is open to retail investors in Switzerland, not only qualified investors.

“Switzerland has established itself as a leading hub for digital assets, combining a strong financial sector, regulatory clarity and an innovative ecosystem,” said John Ge, CEO of BIT Group. “For BIT Group, this makes Switzerland a natural choice for our continued international expansion. Launching the first Swiss Bitcoin ETF is an important milestone for us, reflecting our long-term commitment to the Swiss market and our ambition to bridge traditional finance with emerging technologies.”

“With BBIT, we set out to create a truly Swiss Bitcoin ETF, from fund management and custody to its listing on SIX Swiss Exchange. Investors gain direct exposure to Bitcoin through a FINMA-approved Swiss investment fund, benefiting from the regulatory oversight and investor protections of Switzerland’s established collective investment scheme framework.” said Dominik Oggenfuss, CEO of BIT Asset Management. “Investors can now access bitcoin through an ordinary Swiss bank account, with Swiss fund governance, independent custody and daily transparency on holdings.”

Disclaimer: Investing in the Bitcoin Fund ETF involves a high degree of risk, and you may lose all of your capital. The fund is classified under the Swiss regulatory category “Other alternative investment funds” with particular risk and invests exclusively in Bitcoin, which is extremely volatile. The investment fund risks are not comparable to those of securities funds, and temporary borrowing may increase its total risk exposure to a maximum of 125% of its net asset value. Investors should read the fund documentation and risk warnings before investing. The fund is approved for public offering in Switzerland only. This announcement is for information only and is not an offer or solicitation in any jurisdiction. It is not directed at persons in the US or at U.S. persons.

About BIT Asset Management

BIT Asset Management AG is a Zurich-based manager of collective assets regulated by FINMA, and a wholly owned subsidiary of BIT. Formerly Crypto Finance (Asset Management) AG, it was acquired in full by the Group in 2024 and renamed Matrixport Asset Management AG before taking its current name. It offers regulated funds, exchange-traded products, actively managed certificates and discretionary asset management services, bridging traditional finance and digital assets. The company is led by CEO Dominik Oggenfuss.

About BIT

Founded in 2019 as Matrixport, BIT is an all-in-one digital asset platform headquartered in Singapore. It offers trading, investment, payment, custody and real-world asset tokenization. Through its subsidiaries, BIT holds Trust or Company Service Provider and Money Lender licences in Hong Kong, Major Payment Institution license in Singapore, and a FINMA licence as a manager of collective assets in Switzerland. Through its subsidiaries, BIT operates as an Appointed Representative in the UK, is registered as a Money Services Business in the US and is a member of the Swiss self-regulatory organisation VQF.

View original content:https://www.prnewswire.com/news-releases/bit-asset-management-receives-finma-approval-for-switzerlands-first-and-europes-only-spot-bitcoin-etf-302916555.html

SOURCE BIT Asset Management AG

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BIT Asset Management Receives FINMA Approval for Switzerland’s First and Europe’s Only Spot Bitcoin ETF

Published

21 minutes ago

on

October 22, 2026

By

The first exchange-traded fund under Swiss law to invest directly in bitcoin, approved for retail investors in Switzerland

ZURICH, Oct. 22, 2026 /PRNewswire/ — BIT Asset Management AG (“BIT AM”), the wholly owned Swiss asset management subsidiary of BIT (www.bit.com), announced that the Swiss Financial Market Supervisory Authority (FINMA) has approved the Bitcoin Fund ETF (Ticker: BBIT). As confirmed in FINMA’s announcement, it is the first exchange-traded fund in Switzerland to invest directly in bitcoin. It is currently Europe’s only spot bitcoin ETF.

The fund is expected to begin trading on SIX Swiss Exchange in November.

Bitcoin Fund ETF (BBIT)

A spot bitcoin ETF is designed to track the price of bitcoin and can be traded through an ordinary brokerage account. It holds bitcoin directly rather than futures or derivatives. This is the structure that brought bitcoin into mainstream portfolios in the United States, where BlackRock’s iShares Bitcoin Trust (IBIT) and ten other spot bitcoin ETFs launched in January 2024.

Most bitcoin products listed in Europe today are exchange-traded products (ETPs), which are debt instruments that carry issuer risk. The Bitcoin Fund ETF is instead a Swiss collective investment scheme. Its assets are held separately from those of the fund management company and are ring-fenced for investors. The fund is open to retail investors in Switzerland, not only qualified investors.

“Switzerland has established itself as a leading hub for digital assets, combining a strong financial sector, regulatory clarity and an innovative ecosystem,” said John Ge, CEO of BIT Group. “For BIT Group, this makes Switzerland a natural choice for our continued international expansion. Launching the first Swiss Bitcoin ETF is an important milestone for us, reflecting our long-term commitment to the Swiss market and our ambition to bridge traditional finance with emerging technologies.”

“With BBIT, we set out to create a truly Swiss Bitcoin ETF, from fund management and custody to its listing on SIX Swiss Exchange. Investors gain direct exposure to Bitcoin through a FINMA-approved Swiss investment fund, benefiting from the regulatory oversight and investor protections of Switzerland’s established collective investment scheme framework.” said Dominik Oggenfuss, CEO of BIT Asset Management. “Investors can now access bitcoin through an ordinary Swiss bank account, with Swiss fund governance, independent custody and daily transparency on holdings.”

Disclaimer: Investing in the Bitcoin Fund ETF involves a high degree of risk, and you may lose all of your capital. The fund is classified under the Swiss regulatory category “Other alternative investment funds” with particular risk and invests exclusively in Bitcoin, which is extremely volatile. The investment fund risks are not comparable to those of securities funds, and temporary borrowing may increase its total risk exposure to a maximum of 125% of its net asset value. Investors should read the fund documentation and risk warnings before investing. The fund is approved for public offering in Switzerland only. This announcement is for information only and is not an offer or solicitation in any jurisdiction. It is not directed at persons in the US or at U.S. persons.

About BIT Asset Management

BIT Asset Management AG is a Zurich-based manager of collective assets regulated by FINMA, and a wholly owned subsidiary of BIT. Formerly Crypto Finance (Asset Management) AG, it was acquired in full by the Group in 2024 and renamed Matrixport Asset Management AG before taking its current name. It offers regulated funds, exchange-traded products, actively managed certificates and discretionary asset management services, bridging traditional finance and digital assets. The company is led by CEO Dominik Oggenfuss.

About BIT

Founded in 2019 as Matrixport, BIT is an all-in-one digital asset platform headquartered in Singapore. It offers trading, investment, payment, custody and real-world asset tokenization. Through its subsidiaries, BIT holds Trust or Company Service Provider and Money Lender licences in Hong Kong, Major Payment Institution license in Singapore, and a FINMA licence as a manager of collective assets in Switzerland. Through its subsidiaries, BIT operates as an Appointed Representative in the UK, is registered as a Money Services Business in the US and is a member of the Swiss self-regulatory organisation VQF.

View original content:https://www.prnewswire.com/news-releases/bit-asset-management-receives-finma-approval-for-switzerlands-first-and-europes-only-spot-bitcoin-etf-302916555.html

SOURCE BIT Asset Management AG

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ISHCMC expands academic pathways, giving students more ways to shape their futures

Published

21 minutes ago

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October 22, 2026

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New Personalized Diploma Program builds on ISHCMC’s academic legacy, offering greater choice for Grades 11 and 12 while retaining the full IB Diploma Programme.

HO CHI MINH CITY, Vietnam, Oct. 22, 2026 /PRNewswire/ — The International School Ho Chi Minh City (ISHCMC) will introduce a new Personalized Diploma Program (PDP) from August 2027, expanding academic choices for students in Grades 11 and 12 alongside its established International Baccalaureate Diploma Programme (IBDP).

Building on a learning community shaped by generations of students, educators and families since 1993, the expanded model gives students more ways to shape their senior studies around their strengths, interests and future ambitions. Through a combination of academic choice and educator guidance, ISHCMC aims to help each student make informed decisions about their next steps while contributing to a community that continues to grow with every generation.

Different pathways. A future shaped over generations.

The full IBDP will remain an important part of ISHCMC’s academic offering. The PDP provides an alternative for students seeking a different combination of subjects, bringing together individual IB Diploma courses, Advanced Placement (AP) courses and ISHCMC courses within a personalized program.

Both pathways lead to the ISHCMC High School Diploma, with additional qualifications available depending on the courses taken and assessments completed. Students completing the full IBDP may also earn the IB Diploma by meeting the International Baccalaureate’s requirements. Students following the PDP may earn individual IB course and AP certificates, depending on their course choices and assessment results.

The expanded model recognizes that students may have different interests, strengths and intended university destinations. Rather than expecting every student to follow the same route, ISHCMC will support students in exploring the options available and building an academic program suited to their goals.

“At ISHCMC, every generation benefits from what those before them have built, while adding something of their own. Expanding our academic pathways is about giving students more ways to build on their strengths, pursue their ambitions and shape their futures, supported by the experience and community that have grown here over generations.” Mr. Marco Longmore, Head of School.

Guidance that carries learning forward

Choosing a senior academic pathway is an important decision for students and their families. University requirements vary by country, institution and degree program, making informed subject selection an essential part of planning for life after school.

ISHCMC’s High School and Future Pathways teams will work with students and families to explore course options, understand relevant university entry requirements and make considered decisions about their academic direction. Both pathways can support university applications, with eligibility depending on the qualifications completed and the requirements of each university and program.

The PDP is not intended to be a less demanding alternative to the full IBDP. It offers a different way to structure senior studies around individual goals and course choices, with the expectations and requirements of each course remaining central to the student’s academic experience.

“Every student’s next steps will look different, and our role is to help them understand what those steps require. By working closely with students and families, we can connect individual interests with informed academic choices, helping students approach their future plans with greater clarity and purpose.” Mr. Kohulan Jeganathan, High School Principal.

The new model will begin in August 2027. Ahead of entry into Grades 11 and 12, ISHCMC will work with students and families to explain the available pathways, explore course options and support planning for the transition into senior school. Families can contact the ISHCMC High School and Future Pathways teams to discuss the options and relevant academic requirements.

About the International School Ho Chi Minh City

Established in 1993, the International School Ho Chi Minh City (ISHCMC) is a full-continuum IB international school in Ho Chi Minh City, Vietnam, offering education from Early Years through Grade 12. Its community brings together families from more than 60 nationalities.

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/ishcmc-expands-academic-pathways-giving-students-more-ways-to-shape-their-futures-302916587.html

SOURCE International School Ho Chi Minh City

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