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Air Source Heat Pump Market Size By Product (Air to Air, Air to Water), By Application (Residential {[Single Family, Multi Family], Product [Domestic Hot Water Heat Pump, Room Heat Pump]}, Commercial {Education, Healthcare, Retail, Logistics & Transportation, Offices, Hospitality}), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2022 – 2030

  • Report ID: GMI2393
  • Published Date: Oct 2022
  • Report Format: PDF

Industry Statistics

Air Source Heat Pump Market size valued at USD 48 billion in 2021 and is projected to record a CAGR of over 6% from 2022 to 2030. Increasing deployment of clean energy technologies may foster product adoption.
 

Air Source Heat Pump Market Overview

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The accelerating climate change and the subsequent rise in deployment of clean and sustainable energy solutions are the leading factors augmenting demand for air source heat pumps. The massive growth in the world population and the skyrocketing fuel prices have escalated the requirement for alternative energy sources with improved efficiency and sustainable benefits. This has encouraged major industry participants to undertake R&D projects focused on developing innovative technologies and HVAC systems with a lower carbon footprint and GHG emissions.
 

For instance, in June 2022, Trane, an air conditioning, ventilation, and heating system manufacturer, launched Ascend model ACX, the first air-to-water heat pump solution that lets homeowners seek decarbonization via electric cooling and heating. The latest technology incorporates heat pump and chiller technology, offering space heating and cooling features to residential structures. The accelerating green transition across several economies may bolster the industry outlook.
 

Higher deployment costs may act as a growth barrier

Air source heat pumps involve relatively higher installation costs compared to their conventional counterparts, which may hamper the air source heat pump market. In addition, the proliferation of other clean energy technologies such as solar heating and district heating, coupled with their rapid integration across a range of capacity applications may impede the demand for air source heat pumps.
 

Shift toward sustainable solutions to boost the demand for air-to-water heat pumps

Air Source Heat Pump Market Size

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In terms of the product, the air source heat pump market from air-to-water segment is predicted to exhibit over 6% growth rate through 2030, owing to the transition toward sustainable technologies and the increased focus on minimizing the environmental impact. Air-to-water heat pumps offer a range of benefits, including lesser heating time, low noise, and minimal installation expenses. The supportive regulatory framework to promote the utilization of energy-efficient heating and cooling technologies may further augment the industry demand.
 

Constant urban migration to drive product demand across the residential sector

Air Source Heat Pump Market Share

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Air source heat pump market from the residential application is anticipated to expand at more than 5% CAGR through 2030. The consistent rise in global population and the boosting pace of urbanization have pushed the demand for adequate housing infrastructure. Extensive installation of space heating and cooling systems, in addition to the increasing investments in the real estate and construction sectors will sway the industry dynamics.
 

Supportive government norms to aid industry growth across Europe

Europe air source heat pump market accounted for USD 13 billion in 2021. The increasing demand for hot water in areas with limited water supply may escalate product adoption across the region. There is improved cognizance about the benefits of heat pumps, such as increased cost savings, enhanced comfort, and improved energy efficiency. Besides, the rising government incentives, along with product installation in public establishments such as schools and hospitals may positively influence the regional landscape.
 

Increasing strategic investments to propel the competitive outlook

The prominent players participating in the air source heat pump market include Vaillant Group, Swegon Group AB, Trane, NIBE Industrier AB, Viessmann, A.O. Smith, DAIKIN INDUSTRIES, Ltd., Carrier, Bosch Thermotechnology Ltd, Rheem Manufacturing Company, Finn Geotherm UK Limited, STIEBEL ELTRON GmbH & Co. KG, GREE ELECTRIC APPLIANCES, INC., FUJITSU GENERAL,  Panasonic Corporation, Toshiba Air Conditioning, LG Electronics, Lennox International Inc., Glen Dimplex Group, Mitsubishi Electric Corporation, BARD HVAC, Colmac Industries, SAMSUNG, Grant UK, and Systemair AB. These companies are infusing hefty investments to aid the development of sustainable, clean, and efficient energy solutions that could bring about lucrative growth and strengthen their strategic outlook.
 

Impact of COVID-19 on the industry

The air source heat pump market suffered a significant setback due to the sudden outbreak of the COVID-19 pandemic. The imposition of stringent lockdown mandates and social distancing norms severely disrupted the supply chain operations, causing delays. The investments made by individuals and SMEs were cancelled. Besides, economic slowdown and financial shocks restrained the product installations, negatively impacting the market landscape. However, the skyrocketing fuel prices, growing environmental concerns, and resumed operations across the industry may spur the market forecast through 2030.
 

This market research report on air source heat pump includes in-depth coverage of the industry with estimates & forecast in terms of “Units” & “USD Million” from 2018 to 2030, for the following segments:

Market Insights, By Product

  • Air to Air
  • Air to Water

Market Insights, By Application

  • Residential
    • Single Family
    • Multi Family
    • 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
    • Poland
    • Belgium
    • Slovakia
    • Ireland
    • Czech Republic
  • Asia Pacific
    • China
    • Japan
    • Australia
    • South Korea
  • Middle East & Africa
    • Saudi Arabia
    • Turkey
    • South Africa
  • Latin America
    • Brazil
    • Mexico
    • Argentina

 

Authors: Ankit Gupta, Divyendu Sharma

Frequently Asked Questions (FAQ) :

The market size of air source heat pump accounted for over USD 48 billion in 2021 and is anticipated to grow at over 6% CAGR from 2022 to 2030 due to the proliferating demand for clean energy solutions.

The air-to-water segment is slated to witness over 6% growth rate through 2030, due to a range of benefits, including lesser heating time, low noise, and minimal installation expenses.

The residential application segment is anticipated to surge by over 5% CAGR between 2022 and 2030, owing to the population growth, urban migration, and increasing construction projects.

The Europe market held over USD 13 billion in 2021 and is expected to depict lucrative growth between 2022 and 2030, due to favorable regulatory norms.

The major companies participating in the industry include Vaillant Group, Swegon Group AB, Trane, NIBE Industrier AB, Viessmann, A.O. Smith, DAIKIN INDUSTRIES, Ltd., Carrier, Bosch Thermotechnology Ltd, Rheem Manufacturing Company, Finn Geotherm UK Limited, STIEBEL ELTRON GmbH & Co. KG, GREE ELECTRIC APPLIANCES, INC., FUJITSU GENERAL, and others.

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Premium Report Details

  • Base Year: 2021
  • Companies covered: 25
  • Tables & Figures: 1319
  • Countries covered: 29
  • Pages: 650

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