Air to Air Heat Pump Market Size - By Product (Ducted, Ductless), By Application (Residential {Single Family, Multi Family}, Commercial) & Global 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 CustomizationAir to Air Heat Pump Market Size - By Product (Ducted, Ductless), By Application (Residential {Single Family, Multi Family}, Commercial) & Global Forecast, 2023 - 2032
Air to Air Heat Pump Market Size
Air to Air Heat Pump Market size was valued at USD 17.5 billion in 2022 and is set to grow at a rate of 9.2% between 2023 and 2032. Air to air heat pump industry is anticipated to grow owing to the rising integration of energy efficient systems along with accelerating demand for efficient heating and cooling. The ability of these systems to offer various operational benefits including high efficiency, reliable operations, compact size and cost-effectiveness will positively influence the product demand.
To get key market trends
Moreover, ongoing replacement of conventional heating & cooling systems to limit carbon emissions together with growing adoption of reliable energy efficient systems across residential & commercial establishments will further accelerate the air to air heat pump market growth.
| Report Attribute | Details |
|---|---|
| Base Year | 2022 |
| Air to Air Heat Pump Market Size in 2022 | USD 17.5 Billion |
| Forecast Period | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR | 9.2% |
| 2032 Value Projection | USD 42.3 Billion |
| Historical Data for | 2019 to 2022 |
| No. of Pages | 495 |
| Tables, Charts & Figures | 710 |
| Segments covered | Product, Application, and Region |
| Growth Drivers |
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| Pitfalls & Challenges |
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What are the growth opportunities in this market?
Imagine thisyour home breathes in cool air from outside and exhales warm air inside, just like you do! That's what an air-to-air heat pump does. It's like a magic wand that turns the cold outside air into cozy warmth for your living space. Now, an air-to-water heat pump isn't so different. Instead of blowing warm air directly, it warms up water, which can then be used to heat your home. It's like having a giant hot water bottle that keeps your house toasty all winter long. These heat pumps are like the eco-friendly superheroes of your home. They help you save energy and cut down on those nasty greenhouse gases that harm our planet. Plus, they're getting more and more popular in homes and businesses because they're a smart and sustainable way to stay comfortable.
Air to Air Heat Pump Market Trends
Significant variation in the climatic conditions across several geographies attributed by the rising carbon footprint along with increasing global warming levels have shifted the focus of regulators and respective authorities to limit emission levels. The respective governments worldwide have introduced various policies to encourage the shift towards renewable energy sources and mitigate the impact of climate change.
For instance, in February 2023, the French government introduced a plan to provide a rebate of EUR 5,000 to individuals, irrespective of their income status, who opt for the installation of a new energy-efficient heat pump to replace their outdated heating system. This scheme is effective from March 1st, to encourage the adoption of energy-efficient heating systems including heat pump systems. In addition, the growing emphasis on energy-efficient HVAC systems together with adoption of enhanced technological systems will further play a pivotal role in shaping the industry dynamics.
COVID- 19 Impact
The COVID-19 pandemic has had a significant impact on the air-to-air heat pump market size. The outburst has resulted in a decline in manufacturing processes, facility shutdowns, labor shortages, limited product deployment, and disruptions in the supply chain network. However, companies in the industry have implemented new measures to mitigate these restrictions and maintain production outputs, which are expected to contribute to the industry's growth.
Additionally, governments have implemented favorable regulations and increased investments in the development of advanced technological systems, which will aid in the recovery of the industry landscape. Furthermore, various administrations have introduced initiatives aimed at achieving a cleaner environment in response to the pandemic, including programs that support and benefit renewable technologies further balancing the air to air heat pump market outlook.
Air to Air Heat Pump Market Analysis
Learn more about the key segments shaping this market
The ducted heat pump systems across air to air heat pump market was reached USD 8.9 billion in 2022 and is set to observe wide integration in both residential and commercial applications for heating and cooling purposes. These systems are known for their efficiency, especially in mild to moderate climates as their ability to offer the advantage of providing both heating and cooling from a single system, making them versatile and cost-effective.
Ducted heat pumps are typically installed in a central location, such as the attic or basement, resulting in efficient utilization of space within a building which allows for a clean and aesthetically pleasing living or working environment. This aspect contributes to the widespread adoption of ducted heat pumps in residential establishments. These systems can often operate for 15 to 20 years or even longer with proper maintenance and professional servicing along with regularly maintaining and servicing, its operational life can be extended, ensuring reliable and consistent comfort for an extended period.
Growing investments by the respective authorities, manufacturers, and regulatory bodies to introduce efficient heating and cooling systems also contribute to the air to air heat pump market growth. For instance, starting in 2023, homeowners in the United States will have the opportunity to benefit from a federal tax credit for heat pumps. Under the High-Efficiency Electric Home Rebate Act, which is a part of the Inflation Reduction Act, all homeowners will be eligible to receive a 30% federal tax credit on the total cost of purchasing and installing their new heat pump.
The maximum credit amount that can be claimed is set at USD 2,000. This tax credit incentive aims to promote the adoption of high-efficiency heat pumps and support the transition towards more sustainable and energy-efficient heating solutions in residential properties. The wide adoption of these systems across a variety of temperatures and applications, allowing for ambient cooling and heating, which will further boost the deployment of heat pump systems. This versatility makes them suitable for various applications positively accelerating their air to air heat pump market demand.
Ductless heat pumps industry is expected to witness a significant momentum through 2032, on account of accelerating demand for energy-efficient systems along with rising demand for reliable cooling & heating. The growing variations in electricity costs is driving the households to upgrade their HVAC systems to a ductless approach from a forced-air system.
In addition, shifting focus toward adoption of clean energy solutions along with the growing emphasis on renewable energy technologies for commercial and residential heating & cooling requirements will boost the ductless heat pump demand. Moreover, favorable administrative programmes, policies and stringent standards & norms pertaining to limit carbon footprint coupled with the deployment of clean alternatives will offer beneficial prospects for the ductless heat pumps industry expansion.
Learn more about the key segments shaping this market
Get ready for a surge in air-to-air heat pumps in homes! These amazing devices can heat and cool your house, helping you save money on energy bills and reduce your carbon footprint. They're becoming more popular than ever as homeowners look for ways to make their homes more eco-friendly. Smart home enthusiasts are particularly excited about these heat pumps because they can easily connect to home automation systems. This means you can control your heating and cooling from anywhere, which is super convenient and helps you save even more energy. Tech companies are constantly improving air-to-air heat pumps, making them more efficient and powerful. Inverter technology and smart controls are just a few of the innovations that are making these units even better. As technology continues to advance, we can expect to see even more growth in the air-to-air heat pump market.
As the search for greener and more efficient ways to heat and cool our homes intensifies, the popularity of heat pump systems in multi-family buildings is on the rise. These systems are gaining traction as people recognize the benefits they offer for individual apartments or units within larger buildings. The growing real estate market is fueling this trend as more multi-family homes are being built. The ability of heat pumps to provide both heating and cooling with high energy efficiency makes them an attractive option for developers and homeowners alike. One key factor driving the adoption of heat pumps is the need for individual heating and cooling control in each unit. Unlike central systems that provide the same temperature throughout the building, heat pumps allow each unit to customize the temperature to their liking. Manufacturers and HVAC professionals are also playing a role in promoting heat pumps, making them more accessible and available to homeowners. With increased awareness and availability, heat pumps are becoming a more common choice for multi-family homes.
Looking for region specific data?
The North America air to air heat pump market size was evaluated at over USD 8.1 billion in 2022, attributed to the growing demand for efficient & reliable space heating & cooling solutions along with positive regulatory framework. Moreover, respective governments and authorities announced several beneficial policies to address the installation of energy efficiency units coupled with increasing disposable incomes will complement the industry outlook. The market for heat pump in U.S. will surpass USD 29.6 billion by 2032.
In December 2022, ENERGY STAR, a government program run by the Environmental Protection Agency (EPA), announced a new tax credit for air source heat pumps purchased and installed between January 1, 2023, and December 31, 2032. Homeowners and businesses can now claim up to 30% of the project cost, with a maximum credit of $2,000 for each eligible heat pump system. This tax credit is expected to boost the regional industry as more people and businesses install heat pumps in new and existing buildings. In fact, the European market for heat pumps is expected to grow by over 8% each year over the next few years, thanks to the growing demand for energy-efficient heating and cooling systems.
Air to Air Heat Pump Market Share
Major companies operating across the air to air heat pump market are making strategic alliances and partnerships to strengthen their market presence and are focusing on mergers and acquisitions to hold a competitive edge over the others. Key manufacturers in the industry include
- Rheem Manufacturing Company
- Daiki
- SAMSUNG
- Mitsubishi Electric Trane HVAC US LLC
- Panasonic Marketing Europe GmbH
- Bosch Thermotechnology Corp.
- Trane
- Carrier
- FUJITSU GENERAL
- Bard HVAC
- STIEBEL ELTRON GmbH & Co. KG
- Bryant Heating & Cooling
- MRCOOL
- NAPOLEON
- GREE Comfort.
Air to Air Heat Pump Industry News
- In May 2023, Vermont Gas, a U.S. based company, introduced a new program in that focuses on installing heat pumps in households. This initiative aims to expand the availability of low-carbon residential heating & cooling options throughout the nation. The program focuses on utilizing the existing ductwork in homes, employing a centrally ducted heat pump concept. This strategy takes advantage of the favorable market conditions for heat pump adoption in the United States. By leveraging existing infrastructure, this program aims to provide homeowners with an efficient and sustainable solution for their heating and cooling needs.
- In April 2023, Rheem’s Endeavor Prestige series passed the cold climatic heat pump challenge set by the U.S. DOE (Department of Energy. In March 2023, the company launched a new range of air source heat pump systems called the Endeavor Prestige series. These clod climatic heat pump systems are designed to offer 77% of the nominal heating at an ambient temperature of -26°C along with delivers uninterrupted heating at an ambient temperature of -30°C. The industry size for air source heat pump in the U.S. is likely to cross USD 25 billion by 2032.
This air to air heat pump market research report includes in-depth coverage of the industry with estimates & forecast in terms of “’000 Units” & “USD Million” from 2019 to 2032 for the following segments
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Market, By Product
- Ducted
- Ductless
Market, By Application
- Residential
- Single family
- Multi family
- Commercial
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
- Asia Pacific
- China
- Japan
- Australia
- South Korea
- Middle East & Africa
- Saudi Arabia
- Turkey
- South Africa
- Latin America
- Brazil
- Mexico
- Argentina
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