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Commercial Air to Water Heat Pump Market Size - By Application (Education, Healthcare, Retail, Logistics & Transportation, Offices, Hospitality) & Forecast, 2024 - 2032


Published on: 2024-07-30 | No of Pages : 240 | Industry : Industrial-Machinery

Publisher : MIR | Format : PDF&Excel

Commercial Air to Water Heat Pump Market Size - By Application (Education, Healthcare, Retail, Logistics & Transportation, Offices, Hospitality) & Forecast, 2024 - 2032

Commercial Air to Water Heat Pump Market Size

Commercial Air to Water Heat Pump Market size was estimated at USD 5.8 billion in 2023 and is set to witness CAGR of 18% between 2024 and 2032. Growing demand for reliable space heating & hot water solutions along with stringent building mandates encouraging for energy efficiency and carbon reduction, is driving the adoption of energy-efficient HVAC solutions.

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For instance, in December 2023, the European Performance of Buildings Directive was revised to offer detailed strategies for decarbonizing building stock and sets targets for renovating at least 16% of the EU's worst performing non-residential buildings by 2030. Furthermore, the operational advantages offered by these systems including reliable performance, high efficiency, and cost-effectiveness will contribute to product deployment.

Commercial Air to Water Heat Pump Market Report Attributes
Report Attribute Details
Base Year 2023
Commercial Air to Water Heat Pump Market Size in 2023 USD 5.8 Billion
Forecast Period 2024 - 2032
Forecast Period 2024 - 2032 CAGR 18%
2032 Value Projection USD 25.9 Billion
Historical Data for 2019 - 2023
No. of Pages 305
Tables, Charts & Figures 410
Segments covered Application and Region
Growth Drivers
  • Increasing investment for construction of commercial establishments
  • Stern regulations to curb carbon emissions
  • Stringent building emission codes and rising demand for energy efficient technologies
Pitfalls & Challenges
  • High significant cost

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Commercial Air to Water Heat Pump Market Trends

The commercial air to water heat pump industry is set to grow owing to rising energy costs, growing demand for space heating & hot water along with accelerating adoption of renewable energy sources. Favorable government incentives, regulations, tax schemes, with many jurisdictions offering incentives for businesses to invest in renewable energy technologies is set to influence the business outlook. For instance, from January 1, 2023, the U.S. Energy Efficient Commercial Buildings Deduction allows building owners to claim a tax deduction for installing energy-efficient commercial building property. This deduction is now available to designers of EECBP/EEBRP installed in buildings and owners of qualified commercial buildings owned by specified tax-exempt entities, expanding eligibility from previous regulations.

Commercial Air to Water Heat Pump Market Analysis

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The hospitality application witnessed market is projected to cross USD 4.5 billion by 2032. Growing construction activities including hotels, resorts, and restaurants along with increasing demand for versatile heating and cooling solutions, ensuring comfort while minimizing energy consumption and operational costs will accelerate the product demand. Moreover, growing emphasis energy efficiency, reducing carbon emission and integration of smart technology and IoT across heat pump systems will positively influence the business dynamics.

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The Europe commercial air to water heat pump market is set to surpass USD 16 billion by 2032. Growing adoption of low-carbon alternatives, coupled with favorable regulatory policies, and introduction of enhanced technologies to curb emissions will complement the business landscape. For instance, in February 2024, Rinnai UK designers presented plans to install one of two innovative systems at a prestigious hotel, spa, and golf resort located in the north of England. These systems have been demonstrated to effectively reduce costs, lower carbon emissions, and enhance overall energy efficiency. Moreover, the rapid adoption of low-carbon technologies along with strict emissions regulations, robust building energy efficiency standards, and evolving consumer preferences, backed by favorable financial incentives, will accelerate the regional commercial heat pump industry outlook.

Commercial Air to Water Heat Pump Market Share

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Commercial air to water heat pump manufacturers are focusing on forming strategic partnerships, agreements, acquisitions, and innovating new products to strengthen their competitive edge in the market. Key players include Carrier, Mitsubishi Electric, Daikin, Rinnai, Panasonic, and Bosch Thermotechnology Ltd. holds majority of the market share across the industry.

Commercial Air to Water Heat Pump Market Companies

The key market players operating across the industry include

  • Bosch Thermotechnology Ltd.
  • Carrier
  • Clade Engineering Systems Ltd
  • Daikin
  • Glen Dimplex Group
  • Global Energy Ltd. 
  • Guangzhou SPRSUN New Energy Technology Development Co., Ltd.
  • Lochinvar
  • Master Therm tepelná ?erpadla s. r. o.
  • MESTEK, INC.
  • Mitsubishi Electric Corporation
  • Nuetech Solar Systems Pvt. Ltd
  • Panasonic Corporation
  • Rheem Manufacturing Company
  • Rinnai
  • Trane

Commercial Air to Water Heat Pump Industry News

  • In February 2024, Viessmann introduced a new series of air-source heat pumps tailored for both commercial and residential applications. Known as the Vitocal 200-A Pro, this line includes three models with heating capacities ranging from 32 kW to 128 kW, and cooling capacities from 34 kW to 139 kW. The company claims that these heat pumps boast a coefficient of performance (COP) of up to 4.57 and a seasonal coefficient of performance (SCOP) of up to 4.4. Additionally, they utilize non-flammable refrigerant R407C, which has a global warming potential (GWP) of 1774.
  • In May 2023, Daikin Applied Americas introduced an air to water heat pump designed for commercial rooftop applications in both new construction and retrofit projects. Targeted spaces include office buildings, schools, and commercial retail establishments. The heat pump boasts a heating capacity of 91.2 kW and a cooling capacity of 23.58 tons. With a coefficient of performance (COP) of 3.12 in heating mode and a seasonal coefficient of performance (SCOP) of 3.31, it offers efficient heating and cooling solutions for various commercial environments.

The commercial air to water heat pump market research report includes in-depth coverage of the industry with estimates & forecast in terms of “’000 Units” and “USD Million” from 2019 to 2032 for the following segments

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Market, By Application

 

  • Education
  • Healthcare
  • Retail
  • Logistics & transportation
  • Offices
  • Hospitality
  • Others

The above information has been provided for the following regions and countries

  • North America
    • U.S.
    • Canada
  • Europe
    • Austria
    • Norway
    • Denmark
    • Finland
    • France
    • Germany
    • Italy
    • Switzerland
    • Spain
    • Sweden
    • UK
    • Netherlands
    • Poland
    • Belgium
    • Slovakia
    • Ireland
    • Czech Republic
  • Asia Pacific
    • China
    • Japan
    • Australia
    • South Korea
  • Middle East & Africa
    • Saudi Arabia
    • Türkiye
    • South Africa
  • Latin America
    • Brazil
    • Mexico
    • Argentina

 

Table of Content

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