Air Source Heat Pump Compressors Market Size
Air Source Heat Pump Compressors Market was valued at USD 12.6 billion in 2023 and set to grow at a CAGR of over 14.4% from 2024 to 2032. The rapidly shifting consumer preferences regarding efficient HVAC systems coupled with increasing demand for energy-efficient solutions will boost the industry growth.
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The widespread implementation of beneficial heat pump rebates & incentive programs by relevant authorities has propelled the integration of HP units thereby complementing the business landscape. For instance, the Austrian government has implemented a subsidy program effective from January 2023 to December 2024, aimed at encouraging the use of heat pumps covering up to 20% of the total cost for new installations and up to 35% for retrofits, with a maximum grant limit of USD 5,000.
Air Source Heat Pump Compressors Market Report Attributes
| Report Attribute |
Details |
| Base Year |
2023 |
| Air Source Heat Pump Compressors Market Size in 2023 |
USD 12.6 Billion |
| Forecast Period |
2024 - 2032 |
| Forecast Period 2024 - 2032 CAGR |
14.4% |
| 2032 Value Projection |
USD 42.2 Billion |
| Historical Data for |
2019 to 2022 |
| No. of Pages |
250 |
| Tables, Charts & Figures |
335 |
| Segments covered |
Technology and Region |
| Growth Drivers |
- Positive outlook towards energy-efficient systems
- Stringent government policies coupled with availability
- Favorable regulatory targets propelling heat pump deployment
|
| Pitfalls & Challenges |
- Presence of conventional heating & cooling alternatives
|
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Air Source Heat Pump Compressors Market Trends
The drive towards reducing carbon emissions and using electricity instead of fossil fuels is boosting the market for heat pumps. This is because heat pumps can heat and cool homes and businesses efficiently. Companies are also researching and developing new heat pump models with better features. For example, Carrier recently released three heat pumps with higher temperature capabilities, making them perfect for large industrial operations. These AquaForce 61CA heat pumps use screw compressors and can reach temperatures of up to 82 °C.
Air Source Heat Pump Compressors Market Analysis
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Based on the type, the market can be broadly divided into reciprocating, scroll, rotary, screw, and centrifugal. Scroll compressors across air source heat pumps are set to observe significant growth and surpass USD 21 billion by 2032. Growing demand for energy-efficient HVAC systems, continuous technological enhancements to introduce variable speed compressor units, and rising construction expenditure across various establishments are among the key parameters adding to the industry landscape.
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Asia Pacific air source heat pump compressor industry is projected to cross USD 14 billion by 2032 observing a significant pace on account of the rapid rate of industrialization coupled with mounting investments to boost the production & application potential of compressor units. Moreover, integration of smart technology with heat pump components to operate seamlessly will further shape the industry dynamics.
The region has observed rapid urbanization driving the construction of residential, commercial, and industrial buildings, which in turn is increasing the demand for HVAC systems, including heat pumps. In addition, rising temperatures and changing weather patterns across various countries have propelled the demand for space conditioning systems to maintain comfortable indoor environments stimulating the Asia Pacific heat pump compressor industry.
Air Source Heat Pump Compressors Market Share
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The air source heat pump compressors industry has observed the continuous initiatives by various scale local, regional, and global participants. The companies are competing based on a wide range of factors including product quality, reliability, energy efficiency, innovation, and customer service. In addition, market dynamics and technological advancements along with the diversification in the product portfolios continue to shape the industry competition.
Air Source Heat Pump Compressors Market Companies
Some of the leading air source heat pump compressors industry players are
- Atlas Copco
- BITZER Group
- CAREL INDUSTRIES S.p.A.
- Carrier
- Daikin
- Danfoss
- Embraco LLC
- Emerson Electric Co
- GREE ELECTRIC APPLIANCES, INC
- Guangzhou SPRSUN New Energy Technology Development Co., Ltd.
- JOHNSON CONTROLS - HITACHI AIR CONDITIONING COMPANY
- LG Electronics
- Midea Group
- Mitsubishi Electric Corporation
- Panasonic
Air Source Heat Pump Compressors Industry News
- In January 2024, LG Electronics confirmed the inauguration of a novel scroll compressor manufacturing line at its Mexico based factory. The expansion aims at boosting the company’s production capabilities and mitigate the supply chain & logistical challenges mainly across the North America heat pump industry.
- In December 2023, Panasonic introduced a new range of Aquarea M Series air to water heat pump with R290 refrigerant to deliver energy-efficient and environmentally friendly solutions. The new product line features a low noise R290 scroll compressor systems to provide quieter & high capacity at lower outdoor temperatures.
This air source heat pump compressors 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 Type
- Reciprocating
- Scroll
- Rotary
- Screw
- Centrifugal
The above information has been provided for the following regions and countries
- North America
- Europe
- Austria
- Norway
- Denmark
- Finland
- France
- Germany
- Italy
- Switzerland
- Spain
- Sweden
- UK
- Netherlands
- Asia Pacific
- China
- Japan
- Australia
- South Korea
- Middle East & Africa
- Saudi Arabia
- Türkiye
- South Africa
- Latin America
