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 CustomizationAir 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
in 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
Temperature variations among different regions, as a significant element, is influencing the need for air-source heat pumps. In many parts of the world, winters are becoming colder, and summers are becoming hotter, leading to greater demand for heating and cooling solutions. Air source heat pumps are a popular choice for homeowners and businesses because they are highly efficient, using renewable energy from the air to provide heating and cooling without relying on fossil fuels. In addition, air source heat pumps can be used in a wide range of climates, from cold northern regions to hot and humid tropical areas. This versatility makes them a popular choice for both residential and commercial applications, driving the growth of the air source heat pump market. Rising CO2 levels have brought extreme climate changes to numerous economies worldwide, which is driving up the demand for effective heating and cooling systems. For instance, Canada's northwest territories experienced their coldest day in December 2021 when the temperature dropped to minus -51°C. On the other side, Louisburg and Nova Scotia in Canada had the day's hottest temperatures (averaging 4.6°C). The air source heat pump market landscape will be improved by the deliberate switch from fossil fuel-powered boilers toward low carbon heat pumps due to its capacity to operate over a wide range of temperatures to service heating & cooling needs efficiently. Furthermore, as governments around the world increasingly focus on reducing carbon emissions and combating climate change, air source heat pumps are seen as a key technology for achieving these goals. Many governments are introducing incentives and regulations to encourage the adoption of air source heat pumps and other renewable energy technologies, further driving the growth of the market.
Download Free Sample ReportIncreasing Government Initiatives is Fueling the Market Growth
The global market for air source heat pumps is growing due to the adoption of a clear legal framework and the availability of financial assistance programs, including tax benefits, rebates, and subsidies. To minimize their carbon footprint, the governments of many nations are investing in and taking steps to promote the market for air-source heat pumps. Europe's market is expanding due to their efforts to adopt a tougher regulation framework, new heat pump programs, and profitable national goals that complement the sector growth. For instance, Germany unveiled the Energy Efficiency Work Plan, which outlines its plans to construct over 500,000 heat pump units by 2024 and over 800,000 units annually, following the implementation of the heat pump mandate. Additionally, the nation intends to stop funding construction and gas heating projects that do not meet the new Efficiency House 40 requirement. The region's strict regulatory framework will boost the adoption of products in the area. Moreover, many governments are introducing incentives and regulations to encourage the adoption of air source heat pumps, such as tax credits, rebates, and grants for homeowners and businesses that install these systems. For example, in the United States, the federal government offers a tax credit of up to 26% of the cost of an air source heat pump installation. In addition, some governments are introducing regulations that require the use of air source heat pumps in certain types of buildings or in specific regions. For example, the Scottish government has set a target of installing 1 million air source heat pumps by 2030 and has launched regulations requiring the use of these systems 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
Because they don't require a lot of electricity to operate, air-source heat pumps aid in energy conservation. A correctly designed air-source heat pump can provide a home with up to three times as much heat as the electrical energy it uses, according to the US Department of Energy. This is feasible because a heat pump transfer heat rather than converting it from a combustion heating system that uses fuel. The Northeast Energy Efficiency Partnerships found that installing an air-source heat pump resulted in annual savings of about 3,000 kWh (or USD459), compared to electric resistance heaters and 6,200 kWh (or USD948), compared to oil systems when entire units were replaced in the Northeast and Mid-Atlantic regions. The average annual savings are close to 3,000 kWh when replacing oil (i.e., the oil system is kept but uses less energy) (or about USD300). Future market growth is anticipated to be boosted by these reasons.
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
The global air source heat pump market is segmented into the process, end use, sales channel, region, and company. Based on the process, the market is segmented into air-to-air (ducts, ductless) and air-to-water (split, integrated). Based on end use, the market is divided into residential, hotels & resorts, gyms & spas, education, food service, and others (Healthcare, Offices, etc). Based on sales channel, the market is fragmented into plumbers, dealers & contractors, retail, direct sales, online, and others (Distributors, Builders, etc.). The market analysis also studies the regional segmentation, divided among North America, Europe, Asia-Pacific, South America, and Middle East & Africa.
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) |
FAQ'S
For a single, multi and corporate client license, the report will be available in PDF format. Sample report would be given you in excel format. For more questions please contact:
Within 24 to 48 hrs.
You can contact Sales team (sales@marketinsightsresearch.com) and they will direct you on email
You can order a report by selecting payment methods, which is bank wire or online payment through any Debit/Credit card, Razor pay or PayPal.
Discounts are available.
Hard Copy