Air Source Heat Pump Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2024-2032F Segmented By Process (Air to Air (Ducts, Ductless), Air to Water (Split, Integrated)) By End Use (Residential, Hotels & Resorts, Gym & Spas, Education, Food Service, and Others (Healthcare, Offices, etc.)), By Sales Channel (Plumbers, Dealers & Contractors, Retail, Direct Sales, Online, and Oth
Published Date: November - 2024 | Publisher: MIR | No of Pages: 320 | Industry: Consumer Goods and Retail | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request Customizationin June 2022, the maker of HVAC systems, Trane, launched the Ascend model ACX. This first air-to-water heat pump enables households to seek decarbonization through electric cooling and heating. The most recent technology includes a heat pump and chiller technologies, providing residential structures with space heating and cooling features.
According to the International Energy Agency (IEA), in 2021, 190 million heat pump units were operating in buildings globally.
According to the IEA's report, global heat pump sales climbed by more than 13% in 2021. Sales in the European Union, where France, Italy, and Germany are the three biggest markets, increased by over 35% annually and surpassed 2.2 million units. The following most active markets for air-source heat pumps were China (up 13%), Japan (up 13%), and the United States (up 15%). With more than 60% of the global market share in 2021, air-source heat pumps dominate sales.
Fluctuations in Temperature Across the Globe is Fueling the Market Growth
With temperatures all over the place, it's no surprise that everyone's looking into air-source heat pumps. Think about itwinters are getting brutal, summers are scorching—we need reliable heating and cooling! Air source heat pumps are a hit because they're super efficient, pulling renewable energy from the air instead of guzzling fossil fuels. Plus, they're not picky; they work just as well in freezing northern climates as they do in steamy tropical zones. This versatility makes them perfect for homes and businesses, which is why the market is booming. And with rising CO2 messing with the climate – remember Canada in December 2021? From -51°C in the Northwest Territories to a balmy 4.6°C in Nova Scotia! – the need for efficient climate control is only growing. The move away from old-school, fossil fuel-powered boilers towards low-carbon heat pumps makes total sense, especially since heat pumps can handle such a wide range of temperatures. ASHP are going to change. Plus, governments are pushing for lower carbon emissions, and air source heat pumps are a big part of the solution. Expect to see more incentives and regulations to encourage people to switch, fueling even more growth in the market.
Download Free Sample ReportIncreasing Government Initiatives is Fueling the Market Growth
Think of air source heat pumps – they're really taking off globally! A big reason is that governments are creating clear rules and offering some sweet deals, like tax breaks, rebates, and even subsidies. Basically, countries want to cut down on pollution, so they're putting money into promoting these heat pumps. Europe's a great example. They're getting serious with regulations, starting new programs, and setting national targets that are really helping the heat pump industry thrive. Take Germany, for instancethey've launched the Energy Efficiency Work Plan with a goal to install over 500,000 heat pumps by 2024, and then over 800,000 every year after that! Plus, they're planning to stop funding new construction and gas heating projects that don't meet the new Efficiency House 40 standard. It's not just Europe, though. Lots of governments are adding incentives and regulations to get people to switch to heat pumps. We're talking tax credits, rebates, and grants for homeowners and businesses. In the United States, the federal government offers a tax credit of up to 26% of the cost of installation. Some places are even requiring the use of air source heat pumps in certain buildings or areas. Scotland, for example, wants to install a million heat pumps by 2030 and is requiring them in all new buildings.
These government initiatives are driving demand for air source heat pumps, as homeowners and businesses are encouraged to adopt this technology in order to take advantage of incentives and meet regulatory requirements. This, in turn, is fueling the growth of the air source heat pump market, as manufacturers and installers work to meet the increasing demand.
Energy Efficiency of Heat Pumps is Aiding the Market Growth
Air-source heat pumps are great for saving energy because they don't hog electricity. In fact, the US Department of Energy says a well-designed one can actually pump out three times more heat than the electricity it takes to run! That's because they move heat instead of burning fuel to make it, unlike those old combustion heating systems. And get thisNortheast Energy Efficiency Partnerships discovered that swapping out electric resistance heaters for air-source heat pumps in the Northeast and Mid-Atlantic saved folks around 3,000 kWh (or about $459) every year. Replacing old oil systems? We're talking savings of 6,200 kWh (or almost $948)! Even keeping your oil system as backup but using it less can save you close to 3,000 kWh (or about $300) annually. All these savings? They're only going to make these heat pumps even more popular!
Poor Maintenance and Installation is Hindering the Market Growth
Poor installation, duct losses, and inadequate maintenance are a few challenges preventing the global market for air-source heat pumps from expanding.
Market Segmentation
So, when we look at the worldwide market for air source heat pumps, we can break it down in a few waysby the process they use (like air-to-air – either with HVAC ducts or without – or air-to-water, split or integrated), by who's actually using them (think residential homes, big hotels & resorts, even gyms & spas, education facilities, and food service spots, plus other places like Healthcare facilities and Offices). Then there's how they're being soldyou've got your trusted plumbers, dealers & contractors, big retail stores, direct sales from the manufacturer, of course the online world, and others like distributors and builders. Finally, we’re looking at it geographically, across North America, Europe, the bustling Asia-Pacific region, South America, and even the Middle East & Africa. You can learn more here.
Company Profiles
Vaillant Group, Swegon Group AB, Robert Bosch GmbH, Trane Technologies Company, LLC, NIBE Industrier AB, Corp., Rheem Manufacturing Company, Viessmann Group, A. O. Smith Corporation, DAIKIN INDUSTRIES, Ltd., Carrier Global Corporation
| Attribute | Details |
| Base Year | 2022 |
| Historical Years | 2018 – 2021 |
| Estimated Year | 2023 |
| Forecast Period | 2024 – 2028 |
| Quantitative Units | Revenue in USD Billion, Volume in Thousand Units and CAGR for 2018-2021 and 2023E-2028F |
| Report Coverage | Revenue forecast, company share, competitive landscape, growth factors, and trends |
| Segments Covered | Process End Use Sales Channel Region |
| Regional Scope | North America, Europe, Asia-Pacific, Middle East & Africa and South America |
| Country Scope | United States, Canada, Mexico, Germany, France, United Kingdom, Italy, Spain, Norway, Sweden, China, India, Japan, South Korea, Australia, New Zealand, Finland, Saudi Arabia, UAE, South Africa, Qatar, Kuwait, Brazil, Argentina, Colombia |
| Key Companies Profiled | Vaillant Group, Swegon Group AB, Robert Bosch GmbH, Trane Technologies Company, LLC, NIBE Industrier AB, Corp., Rheem Manufacturing Company, Viessmann Group, A. O. Smith Corporation, DAIKIN INDUSTRIES, Ltd., Carrier Global Corporation, etc. |
| Customization Scope | 10% free report customization with purchase. Addition or alteration to country, regional & segment scope. |
| Pricing and Purchase Options | Avail of customized purchase options to meet your exact research needs. Explore purchase options |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/pdf format on special request) |
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