Air Source Heat Pump Market Size By Product (Air to Air, Air to Water), By Application (Residential{Single-family Houses, Multi-family Apartments}, Commercial{Education, Healthcare, Retail, Logistics & Transportation, Offices, Hospitality, Others}, Industrial), Industry Analysis Report, Regional Outlook (U.S., Canada, Mexico, Austria, Norway, Denmark, Finland, France, Germany, Italy, Switzerland, Spain, Sweden, UK, China, Japan, India, Australia, New Zealand, Malaysia, Thailand, Philippines, Taiwan, Indonesia, South Korea, Iran, Iraq, Saudi Arabia, UAE, Egypt, Kuwait, Qatar, Oman, Turkey, Algeria, Nigeria, South Africa, Venezuela, Brazil, Argentina, Peru), Competitive Market Share & Forecast, 2017 – 2024

Published Date: January 2018 | 600 Pages | Report ID: GMI2393 Report Format: PDF

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Industry Trends

Air Source Heat Pump Market size for 2016 was valued over USD 20 billion and is predicted to surpass annual installation of 10 million units by 2024.

U.S. Air Source Heat Pump Market, By Application, 2016 (‘000 Units) 
U.S. Air Source Heat Pump Market, By Application, 2016 (‘000 Units) 

Favorable government initiatives including incentive plans, emissions reduction targets and clean heating and cooling program to promote the use of conventional HVAC unit, will drive the air source heat pump market size. In 2017, the New York State Energy Research and Development Authority established an “Air Source Heat Pump Program” to help the state to use renewable energy, save money, increase energy efficiency, and reduce reliance on fossil fuels.

Increasing demand for energy efficient system to reduce electricity bills along with green building codes and standards will stimulate the ASHP market growth. In 2017, the U.S. government introduced a tax rebate for the residential and commercial sectors to support the adoption of energy efficient systems by 2021. Rising urbanization and industrialization coupled with increasing disposable income in the developing countries will further propel the business growth. In 2015, the World Bank has analyzed that more than 50% of the population of Asia Pacific was residing in urban areas which is more than the combined population of Europe and the U.S.

Air Source Heat Pump Market, By Product

Air to Air (ATA) heat pump market size is predicted to expand over 6% owing to its ability to purify air and its suitability for a wide range of properties. These systems can either be used as a stand-alone system or as an effective way of complementing existing conventional heating system, making its adoption suitable. ATA units are generally preferred over geothermal unit on account of its cost effectiveness and zero expenses requirement for ground works including boreholes.

Reduced energy consumption and environmental impact are some of the key features which will positively impact the Air to Water (ATW) heat pump market. These units deliver space cooling & heating as well as water heating solutions. Ongoing innovations across the industry to meet the increasing product demand will further fuel the business outlook. In 2017, Stiebel Eltron unveiled a new indoor air to water series for heating & cooling with power control: WPL, ideal indoor pump for low acoustic emission.

Air Source Heat Pump Market, By Application

Residential ASHP market is set to grow on account of rising awareness to reduce energy bills and shifting trends toward improved living standards. Adoption of innovative technologies owing to the increasing disposable income of individuals will augment the product demand. Efforts toward improving air quality coupled with growing demand for high-level comfort will further drive the industry growth.

Commercial application in 2016, accounted for over 6% of the ASHP market share. Growing investments toward infrastructure development coupled with rising focus to adopt efficient building envelope will embellish the business growth. Growing demand for flexible system, which can integrate easily with conventional HVAC system in new and existing constructed building architecture will further complement the industry landscape.

Air Source Heat Pump Market, By Region

The U.S. air source heat pump market is set to witness strong growth on account of growing concerns to curb carbon footprint along with introduction of government initiatives to promote the adoption of heat pumps. Increasing demand for space and water heating in the nation will further fuel the air source unit penetration. In 2016, as per the U.S. Department of Energy (DOE), water heating across commercial buildings accounted for 4% of electricity consumption along with 18% for residential buildings.

Germany air source heat pump market size is predicted to exceed 60 thousand units by 2024. Increasing electricity prices along with climate change impacts will positively influence the industry landscape. The electricity prices in the country reached from USD 27.58 kWh in 2010 to USD 34.61 kWh in 2016. The German Renewable Energy Heating Act encourages all new commercial and residential buildings to adopt a sustainable heating scheme. On or after January 2016, new building construction will only be permitted if it uses energy generated from renewable sources for space and water heating.

Competitive Market Share

Key players in air source heat pump market include Carrier, A.O. Smith, Mitsubishi Electric, NIBE, Daikin Industries, BDR Thermea Group, Fujitsu General, Johnson Controls, Bosch Thermotechnik, Colmac, Dimplex, LG Electronics, Panasonic, Climaveneta, Danfoss, Colmac, and Vaillant.

The leading industry players have extensively adhered to mergers and acquisition to justify and augment their market penetration. In February 2017, NIBE acquired 50% shares in the CGC Group of Companies to have an extra platform for the heat pumps for commercial applications in Canada and the U.S.

Air Source Heat Pump Industry Background

Air Source Heat Pump Market

Air source unit is a system which transfers heat from outdoor to indoor or vice versa rather than converting it from fuel. The system can offer efficient heating and cooling for residential, commercial and industrial buildings. These units are a low-carbon alternative to a conventional solid fuel heating system or oil boiler. In ideal conditions, it can provide up to three times more heat when compared with the electrical energy it utilizes.

What Information does this report contain?

Historical data coverage: 2013 to 2016; Growth Projections: 2017 to 2024.
Expert analysis: industry, governing, innovation and technological trends; factors impacting development; drawbacks, SWOT.
6-7 year performance forecasts: major segments covering applications, top products and geographies.
Competitive landscape reporting: market leaders and important players, competencies and capacities of these companies in terms of production as well as sustainability and prospects.

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