Air Source Heat Pump Market Analysis

 Air Source Heat Pump Market Analysis

Air source heat pump market value from the air-to-water product segment accounted for USD 26 billion in 2022, owing to supportive regulatory frameworks for renewable heating solutions. For example, in April 2022, the Clean Heat Grant was introduced to help existing small buildings transition to low-carbon heating systems including air-to-water heat pumps. The product offers a range of benefits, including low noise, lesser heating time, and minimal installation expenses. The strong focus on minimizing environmental impacts will thus promote the utilization of efficient air-to-water heating and cooling technologies.

Based on the application, the residential segment is slated to depict over 13% CAGR through 2032, attributed to the consistent rise in population and rapid urbanization. Government initiatives are also being introduced to address the requirement for adequate housing infrastructure. For instance, in May 2022, the U.S. government released a Housing Supply Action Plan to limit the housing supply shortfall and create affordable housing units. These factors will escalate the usage of clean heating technologies such as air-source heat pump boilers across the residential sector.

Regionally speaking, the Asia Pacific air source heat pump market size will expand at a CAGR of 10% till 2032, on account of increasing population and construction expenditure. According to statistics from the International Trade Administration, in 2021, the Korean construction-related sector, including civil engineering services and public and private infrastructure, recorded a 9.2% growth. Furthermore, with the rising disposable income and positive outlook toward the deployment of efficient heating and cooling solutions to cut energy bills. The market for U.S. air source heat pump is poised to surpass USD 25 Billion by 2032.