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Air Source Heat Pump Market Size By Product (Air to Air, Air to Water), By Application (Residential {Single-family Houses, Multi-family Apartments}, {Domestic Hot Water Heat Pump, Room Heat Pump}, Commercial {Education, Healthcare, Retail, Logistics & Transportation, Offices, Hospitality, Others}), Industry Analysis Report, Regional Outlook, Covid-19 Impact Analysis, Application Potential, Competitive Market Share & Forecast, 2021 – 2028

  • Report ID: GMI2393
  • Base Year: 2020
  • Report Format: PDF

Industry Trends

Air source heat pump market size was valued at over USD 48 billion in 2020 and its annual installation is anticipated to exceed 17 million units by 2028. Increasing investment to develop green building infrastructure along with improved technological upgradation will propel market demand over the forecast years.

Developing countries have issued strict regulatory norms to limit the increasing carbon footprint and thus have introduced favorable policies and framework for the adoption of efficient heating units. Moreover, the rapid urbanization and industrialization across emerging economies have stimulated a growth in demand for heating requirement, which in turn will complement the statistics for the air source heat pump market trends.

Air Source Heat Pump Market

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Over the last two years, the global economy had been majorly impacted by the COVID-19 pandemic. Ongoing vaccination drives and easing of lockdown protocols have provided revival of various industries and commercial sector. Thus, re-surge of product demand post COVID is anticipated to grow with opening of economic sector leading to uptrend in commercial application.

The study includes a detailed analysis and insights of industry trends across the globe segmented on a regional & country basis across product and various application. Moreover, the market forecasts & estimates are in conjunction with the data represented by authorities including Energy Information Administration (EIA), the International Energy Agency (IEA),), government regulatory bodies, and company press releases.

Easy installation coupled with flexible integration across multiple applications will stimulate the air-to-air source heat pump industry growth

Air source heat pump Market By Product

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The air-to-air source heat pump market is expected to register over 5.5% CAGR in the forecast timeframe. Air to air heat pumps are widely installed across small logistics and transportation establishments owing to their limited power requirement along with adequate and quick heating circulation. Easy installation and simple designs are among the paramount features driving the market share of air to air source heat pump systems. Product vital features include low initial installation cost, low space requirement and flexible integration across multiple applications, which in turn will provide positive momentum for increased product penetration.

Growing commercial buildings along with stringent emission norms will drive the adoption of air source heat pump systems across the sector

Commercial air source heat pumps accounted for about 25% of the market share in 2020. Introduction of strict building energy codes along with stringent emission norms by various countries have proliferated the demand of commercial based air source heat pump market. These air source heat pump systems are becoming a preferred choice among the commercial offices and buildings owing to a considerable reduction in electricity bills along with cost savings in long run. Ongoing investment toward the refurbishment of existing buildings in compliance with the carbon neutral targets will further promote the growth of air source heat pump industry. Growing space heating demand from colleges/universities, offices, and government/military services will further drive the air source heat pump adoption over the coming years. Expanding economic structures along with government measures to raise foreign investments in various region’s goods and service sector industry will positively influence the commercial sector growth, thereby proliferating the overall market statistics.

Ongoing technological development and automation of products across North America will complement the market size

Air source heat pump Market By Region

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North America air source heat pump market accounted for over 33% share of the global industry in 2020 and is anticipated to grow further over the forecast timeline. The robust development across residential and commercial sectors is the prime factors for extensive demand across the North American market. New York, New Jersey, Vancouver and Mexico city are amongst the major commercial hubs across the region that are proliferating the demand of the air source heat pump systems. Extensive building infrastructure development with increasing investment toward construction activities has provided positive drivers for product installations. Rising automation in temperature control and flexibility in operation will drive the requirement of technologically advanced and compatible heating units, which in turn will propel the regional air source heat pump market size.

Product innovation and business acquisition strategy acting as the focal point of market players

Major market players are focusing on research and development of new products with advanced features to enhance their market share in the air source heat pump industry. Mergers and acquisitions are among the key strategies followed by the leading market players to gain a competitive edge in the global industry. In addition, leading market participants are focusing toward backward & forward linkages of manufacturing air sourced heat pump components to achieve economies of scale and increase their product deployment.

The prominent players profiled in the air source heat pump market report includes Daikin Industries, Bosch Thermotechnology Corp., A. O. Smith Corporation, Vaillant Group, Mitsubishi Electric Corporation, Toshiba Carrier Corporation, Danfoss A/S amongst other players.

Air source heat pump market research report includes in-depth coverage of the market trends with estimates & forecast in terms of “Units, and ‘USD” from 2018 to 2028, for the following segments:

By Product

  • Air to air
  • Air to water

By Application

  • Residential
    • Single-family houses
    • Multi-family apartments
  • Residential, by product
    • Domestic hot water heat pump,
    • Room heat pump
  • Commercial
    • Education
    • Healthcare
    • Retail
    • Logistics & transportation
    • Offices
    • Hospitality
    • Others

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


Authors: Ankit Gupta, Nikhil Paranjape

Frequently Asked Questions (FAQ) :

The global industry revenue from air source heat pumps was more than USD 48 billion in 2020 and will cross 17 million units in terms of annual installation through 2028 owing to rising technological upgradations and growing investments in green building infrastructure.

Air-to-air source heat pump market size will witness a growth rate of over 5.5% through 2028 as they are largely installed in small logistics and transportation facilities to offer adequate and quick heating circulation with limited power.

Commercial air source heat pumps, which held more than 25% of the market remuneration in 2020, are increasingly used in commercial offices and buildings as they offer benefits like reduced electricity bills and cost savings in the long run.

North America was responsible for around 33% of the air source heat pump industry share in 2020 and will observe growth driven by robust development of the residential and commercial sectors.

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Premium Report Details

  • Published Date: Oct 2021
  • Companies covered: 28
  • Tables & Figures: 793
  • Countries covered: 24
  • Pages: 450

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