Residential Air to Air Heat Pump Market Size - By Product (Ducted, Ductless), By Application (Single Family, Multi Family), & Forecast, 2023 - 2032
Published Date: July - 2024 | Publisher: MIR | No of Pages: 240 | Industry: Industrial-Machinery | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationResidential Air to Air Heat Pump Market Size - By Product (Ducted, Ductless), By Application (Single Family, Multi Family), & Forecast, 2023 - 2032
Residential Air to Air Heat Pump Market Size
Residential Air to Air Heat Pump Market was valued at USD 12.9 billion in 2022 and is estimated to record over 9% CAGR between 2023 and 2032. The growing need for cost-effective and efficient heating & cooling solutions along with introduction of government incentives & support for the integration of reliable systems across residential spaces, is set to complement the business dynamics. Furthermore, the increasing investment in the construction of new residential buildings equipped with advanced HVAC technologies will significantly augment to the business dynamics.
To get key market trends
The increasing adoption of energy-efficient systems, coupled with a rising demand for effective heating and cooling solutions, is driving the growth of the residential air to air heat pump market. These systems provide a range of operational advantages, such as high efficiency, reliable performance, compact size, and cost-effectiveness, contributing to a positive demand outlook. In addition, the ongoing trend of replacing conventional heating and cooling systems to curb carbon emissions, along with the widespread embrace of dependable and energy-efficient solutions in residential establishments, will further propel the industry growth.
| Report Attribute | Details |
|---|---|
| Base Year | 2022 |
| Residential Air to Air Heat Pump Market Size in 2022 | USD 12.9 Billion |
| Forecast Period | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR | 9.1% |
| 2032 Value Projection | USD 30.9 Billion |
| Historical Data for | 2019 to 2022 |
| No. of Pages | 390 |
| Tables, Charts & Figures | 520 |
| Segments covered | Product, Application, and Region |
| Growth Drivers |
|
| Pitfalls & Challenges |
|
What are the growth opportunities in this market?
A residential air-to-air heat pump is a type of air source heat pump heating, ventilation, and air conditioning (HVAC) system that provides both heating and cooling for homes. It operates by transferring heat between the indoor and outdoor air using refrigerant. In heating mode, it extracts heat from outdoor air and releases it indoors, while in cooling mode, it reverses the process.
COVID- 19 Impact
The COVID-19 pandemic has significantly influenced the residential air to air heat pump market. The outbreak has led to a reduction in manufacturing activities, closures of facilities, shortages in labor, restricted product deployments, and interruptions in the supply chain. Despite these challenges, companies within the industry have proactively introduced new strategies to alleviate these constraints and sustain production levels, thereby contributing to the positive outlook for industry growth.
Residential Air to Air Heat Pump Market Trends
Hey there! The air to air heat pump market for homes is expected to boom because people are increasingly choosing clean energy for their homes and businesses. Companies are always coming up with better ways to heat and cool our homes, too. As cities grow and we need more efficient ways to keep comfortable inside, the demand for these heat pumps is only going to increase. Governments and companies are even working together to make sure everyone can access these cleaner and more efficient ways to heat their homes, especially in places with cold winters. And let's not forget about all the new homes being built, both big apartment buildings and smaller family houses. As cities expand, especially in developing countries, the need for these heat pumps is going to keep growing.
The introduction of beneficial rebates and incentive schemes from the respective authorities and several governments will further augment the product deployment. For instance, Post-January 2023, the UK government offers grants exceeding USD 5,800 for air-source heat pumps in both new buildings and retrofits, stimulating the market for Europe Ducted Heat Pumps. Additionally, Austria provides grants for air-source heat pumps in new buildings, covering up to 20% of their price, and up to 35% for retrofits, with a maximum of USD 5,000. The subsidy period is from Jan. 3, 2023, to Dec. 31, 2024.
Residential Air to Air Heat Pump Market Analysis
Learn more about the key segments shaping this market
The multi family application is anticipated to witness 9% growth rate from 2023 to 2032, due to the increasing demand for energy-efficient and environmentally friendly solutions, along with the expansion of the real estate sector. The growing recognition of the advantages offered by these systems, particularly in meeting the heating & cooling needs of individual units within multi-family houses and apartments, is set to complement the business landscape. Rising need for zonal heating & cooling control along with increased awareness and availability of these units further encourages the installation of heat pumps in these establishments.
Learn more about the key segments shaping this market
Get ready for the buzz about ducted heat pumps! They're all the rage for homes these days, and for good reasons. These systems are like the Swiss Army knives of home comforts. They keep you cozy in the winter and cool in the summer, all wrapped up in one neat package. Plus, they're a real money saver, especially in places with mild or moderate climates. The best part is, they don't take up too much space. They usually sit quietly in the basement or attic, working their magic without cluttering up your living areas. No wonder people are going gaga over these heat pumps! They're making homes more comfortable, energy-efficient, and stylish all at the same time.
With proper maintenance and professional servicing, these systems can operate for longer time, ensuring reliable and consistent comfort over an extended period. The adoption of cleaner space heating & cooling alternatives in retrofitting projects can lead to substantial reductions in energy consumption and environmental impact further augmenting the product deployment. The introduction of beneficial schemes by the respective authorities include incentive programs, rebates and tax credit will further accelerate the product deployment.
Looking for region specific data?
- The North America residential air to air heat pump market was worth USD 5.4 billion in 2022. The robust expansion of residential structures across the region, and the increasing demand for reliable and efficient space heating & cooling, has positively influenced the industry dynamics. The elevated frequency of extreme climatic conditions has driven the demand for efficient and reliable space heating solutions which further boosted the product demand.
- The availability of various incentives schemes by the respective governments including low-interest loans, investment grants, and tax benefits will redirect consumer shift from conventional to sustainable sources, thereby positively influencing the demand for air-to-air heat pump units. For instance, in January 2023, the Federal government introduced High-Efficiency Electric Homes and Rebates Act and allocated USD 4.5 billion to states for point-of-sale rebates, focusing on home electrification projects for low- and moderate-income households. Program details are still being determined and will vary by state. The rebate is applied directly to the customer's purchase, providing an immediate discount for eligible households, who can receive up to USD 8,000 for heat pump space heating and cooling through HEEHRA rebates for energy efficiency improvements.
- Manufacturers are integrating advanced controls and monitoring features into their air-to-air heat pump offerings including increased automation, remote management, and improved energy optimization that may elevate the product installation. Governments have introduced stringent energy efficiency norms and regulations to limit energy consumption and GHG emissions from residential establishments which further propelled the adoption of these units to achieve energy savings.
Residential Air to Air Heat Pump Market Share
Prominent manufacturers operating across the residential air to air heat pump industry are actively focusing strategic alliances, partnerships and collaborations along with mergers and acquisitions to embrace their industry presence. These initiatives are focused on introducing enhanced and innovative technologies further driving the industry growth. Major players in the industry include
- Rheem Manufacturing Company
- Daikin
- SAMSUNG
- Panasonic Corporation of North America
- Trane
- Carrier
- Bosch Thermotechnology Corp.
- FUJITSU GENERAL
- Bard HVAC
- MRCOOL
- NAPOLEON
- GREE Comfort
- American Standard Heating and Air Conditioning
- BDR Thermea Group
- Lennox International Inc.
- Klimaire Products Inc.
- Blue Star Limited
- Argoclima S.p.A.
Residential Air to Air Heat Pump Market News
- In November 2023, Panasonic has launched the Interios 1.5 Ton Central Heat Pump for residential heating and cooling. The unit is available in two versionsthe Interios All-Electric Central Heat Pump and a hybrid heating system known as Interios Low-Carbon. The indoor unit offers a cooling and heating capacity of 18,000 BTU with R410A refrigerant. At -15°C, the heat pump provides 11,000 BTU capacity and features a function of Computational Constant Airflow for detecting static pressure issues. This launch expanded the company’s product portfolio across the residential air to air heat pump market.
- In March 2023, Rheem unveiled the groundbreaking Endeavor Series, representing an advancement in Split and Packaged Heat Pumps. This redesigned series stands as the company’s enhanced offering, delivering high energy efficiency, reliability, capability, and sustainability. In addition, the new heat pumps are fully compliant with the latest Department of Energy regulations which were implemented in 2023. The company introduced the advanced EcoNet technology into the Endeavor line, empowering homeowners to control multiple products through a smart thermostat or connected device. With Bluetooth connectivity, installation and service processes are streamlined for contractors. The Endeavor heat pump is designed to offer a versatile solution, ensuring consistent comfort throughout the seasons.
This residential air to air 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 Product
- Ducted
- Ducted
Market, By Application
- Single family
- Multi family
The above information has been provided for the following regions and countries
- North America
- U.S.
- Canada
- Europe
- Austria
- Norway
- Denmark
- Finland
- Frace
- Germany
- Italy
- Switzerland
- Spain
- Sweden
- UK
- Netherlands
- Asia Pacific
- China
- Japan
- Australia
- South Korea
- Middle East & Africa
- Saudi Arabia
- Turkey
- South Africa
- Latin America
- Brazil
- Mexico
- Argentina
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