Residential Air to Water Heat Pump Market Size - By Application (Single Family, Multi Family) By Product (Domestic Hot Water Heat Pump, Room Heat Pump), & Forecast, 2023 - 2032

Published Date: July - 2024 | Publisher: MIR | No of Pages: 240 | Industry: Industrial-Machinery | Format: Report available in PDF / Excel Format

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Residential Air to Water Heat Pump Market Size - By Application (Single Family, Multi Family) By Product (Domestic Hot Water Heat Pump, Room Heat Pump), & Forecast, 2023 - 2032

Residential Air to Water Heat Pump Market Size

Hey there! The demand for air-to-water heat pumps (ATW) in homes is booming. These pumps are like a Swiss army knife for heating your home and providing hot water. They use outside air to heat water, which is then circulated around your house. In 2022, the market for these pumps was worth a cool $21.4 billion. And get thisexperts predict it's going to grow like crazy over the next decade, with a yearly growth rate of 15%. Why the hype? Well, people are getting smarter about heating their homes efficiently. ATW heat pumps are super efficient, especially in colder climates. Plus, they're much better for the environment than traditional heating methods. Companies and governments are also jumping on the bandwagon, offering incentives and regulations to encourage the use of ATW heat pumps. So, if you're looking for a way to heat your home that's both efficient and planet-friendly, an ATW heat pump is definitely worth considering.

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The growing need for energy efficient space & water heating technologies coupled with continuous research & development initiatives by public and private players for introduction of advanced technological systems will complement the industry outlook. Similarly, introduction of favourable regulatory framework along with rapidly increasing new & retrofitting construction activities with energy efficient alternatives will boost the industry landscape.
 

Residential Air to Water Heat Pump Market Report Attributes
Report Attribute Details
Base Year 2022
Residential Air to Water Heat Pump Market Size in 2022 USD 21.4 Billion
Forecast Period 2023 to 2032
Forecast Period 2023 to 2032 CAGR 15.4%
2032 Value Projection USD 89.1 Billion
Historical Data for 2019 to 2022
No. of Pages 370
Tables, Charts & Figures 519
Segments covered Application, Product, and Region
Growth Drivers
  • Increasing space & water heating demand across domestic establishments
  • Positive regulatory scenario with heat pump initiatives by respective governments
  • Growing measures to reduce carbon emissions
  • Fluctuating climatic conditions with extreme temperatures
Pitfalls & Challenges
  • Prevalence of other heat pump technologies coupled with availability of conventional heating systems

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COVID-19 Impact

The COVID-19 has hit unprecedentedly as the pandemic represents a disturbance which has impacted drastically the world trade and economy as manufacturing and consumption are scaled back on a global level. Several nations had introduced stringent lockdown protocols amid the pandemic imparting detrimental effects on the residential air to water heat pump market demand. As a result of the pandemic-induced disruptions, manufacturers observed additional difficulties on account of various factors including economic downturns, low purchasing power of customers, constrained cross-border trade flows, and halting of building operations.

However, encouraging initiatives by key the government authorities to uptake the low emission levels caused by curtailed industrial functions amid the pandemic will offset the restraining factors.

Residential Air to Water Heat Pump Market Trends

The rising energy consumption across the building sector and shifting inclination toward the adoption of energy efficient systems across the domestic establishments will observe a significant upsurge for residential air to water heat pump systems. The primary objectives of the respective governments to limit the energy consumption and the replacement of conventional heating systems to curb emissions will favor the business outlook.

Various nations have observed a significant increase in the residential energy consumption to serve a wide range of end use operations including space heating and hot water utilization. Furthermore, to counter the variations in temperature across several geographies, space & water heating technologies account for a considerable growth of the overall energy intake which will further push the product demand.

Residential Air to Water Heat Pump Market Analysis

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The single-family application across residential air to water heat pump market share has increased significantly on account of the growing concerns toward the deteriorating climatic conditions favored by shifting inclination toward the adoption of energy efficient systems. The adoption of favorable policies and for the replacement of conventional heating technologies will further spur the product deployment. Additionally, introduction of stringent norms by the regulatory authorities to curb emissions combined with introduction of enhanced technologies will further complement the business landscape.

The multi family segment is likely to attain 15% growth through 2032 owing to the rising demand for ambient temperatures along with space & water heating demand across the large residential spaces. The fast-paced population growth coupled with the ongoing investments for the development and installation of energy efficient systems across the residential establishments in the urban localities will positively increase the residential air to water heat pump market revenue. In addition, positive outlook for the adoption of advanced technological systems attributed by the stringent building energy performance standards will unveil new opportunities for the industry expansion.

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Hey there! Let's take a closer look at the air to water heat pump market. This market is split into two main typesthose that heat hot water for your home (domestic hot water heat pumps) and those that heat specific rooms (room heat pumps). Domestic hot water heat pumps are getting super popular these days. Why? Well, people want more hot water at home and they're also looking for ways to save energy. These heat pumps do both. They're efficient, easy to install, and they can even heat your home while they're making hot water. Plus, they can hook up with smart controls to make them even more convenient. Governments around the world are getting in on the action too. They're offering all kinds of perks, like tax breaks and subsidies, to encourage people to use more renewable energy sources like heat pumps. This sweetens the deal for people considering heat pumps, making it easier for them to make the switch.

The growing expenditure on new & renovation infrastructure projects across residential buildings coupled with substantial financial support from respective administrations will further propel the room heat pump market growth. Moreover, positive outlook by the heat pump manufacturers to support green energy transition with environmentally friendly HVAC systems transition will unveil lucrative growth opportunities across the deployment of room heat pump systems. Continuous adoption of sustainable energy technologies for limiting the energy consumption across residential applications is set to propel the product deployment.

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In 2022, the home air conditioners that use water to cool houses in the Asia Pacific region brought in over $13.5 billion. And it's only expected to grow from there! Why? Because more and more people are moving into apartments and houses in cities and suburbs. And with the way the weather keeps changing, people need these air conditioners that can both heat and cool their homes. Plus, people have more money to spend these days, and they're more interested in using energy-friendly technology. In places where it gets cold, people are using these air conditioners more for heating and getting hot water, and they're looking for energy-efficient ways to do it. All of this is a big boost for the air conditioner industry in the region. In the United States alone, the home air conditioner market is expected to top $22.2 billion by 2030.

In addition, Europe air to water heat pump market for residential applications is also poised to observe strong growth backed by the stringent building energy efficiency norms, encouraging emission reduction targets, availability of financial benefit policies, and substantial presence of various heat pump manufacturing companies.

Residential Air to Water Heat Pump Market Share

Various small- and large-scale manufacturers are operating across the residential air to water heat pump market at the regional and global levels. The continuous introduction of new strategic initiatives including partnerships/collaborations, expansion of manufacturing facilities, and mergers & acquisitions by key industry players will play a key role in shaping the industry dynamics. Major industry players are consist of

  • Daikin
  • Mitsubishi Electric Corporation
  • Panasonic Corporation
  • Carrier
  • JOHNSON CONTROLS - HITACHI AIR CONDITIONING COMPANY
  • Maritime Geothermal
  • Glen Dimplex Group
  • Vaillant Group
  • SAMSUNG
  • STIEBEL ELTRON GmbH & Co. KG
  • Lochinvar
  • WOLF
  • FUJITSU GENERAL
  • NIBE Industrier AB
  • Midea
  • LG Electronics

Residential Air to Water Heat Pump Industry News

  • In April 2023, LG Electronics announced to start heat pump manufacturing base in the U.S. for domestic heat pump systems. The facility will produce 100% electrical indoor, units, with future plans to make outdoor heat pump systems at some point. In addition, the U.S. government is also driving the demand by offering rebates and tax incentives such as the introduction of IRA (Inflation Reduction Act). This expansion will strengthen the company’s market position across the North America air to water heat pump industry and further increase its customer base.
  • In February 2023, Johnson Controls-Hitachi confirmed to introduce its Yutaki M R32 monobloc air-to-water heat pumps for North American market. The advanced product line with 3- and 4-ton capacity range is designed to efficiently operate in within cold climatic conditions with easy applicability across residential and retrofit projects. This launch expanded the company’s product portfolio and strengthened its presence across residential air to water heat pump market.

This market research report on residential air to water heat pump 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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By Application

 

  • Single family
  • Multi family

By Product

  • Domestic hot water heat pump
  • Room heat pump

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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