Air to Water Heat Pump Market Analysis

Air to Water Heat Pump Market Analysis

Residential applications in the air to water heat pump market are set to witness a substantial growth with the rising population and urbanization trends. Nearly 54% of the global urban population resides in Asia.  In fact, by 2050, urban population in the region is expected to grow by 50%. This enlarging population pool will lead to an increase in the hot water heating demand. The surging space cooling and heating requirements across residential establishments owing to varied climatic conditions is also likely to propel the regional landscape. Moreover, the introduction of favourable measures to meet the increasing consumer demand have led to the significant usage of enhanced technologies, further boosting the product adoption.

Air to water heat pump market from the multi-family residential application is anticipated to surpass USD 30 billion by 2032. The rising influx of private and government investments for the building of multi-story residential structures has resulted in a positive influence for multi-family structures. One of the key factors pushing the popularity of air-to-water heat pumps for residential use is the increasing inclination toward sustainable alternatives to minimize energy consumption. The growing government support in all regions will also play a major role in lowering the energy use.

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North America air to water heat pump market is poised to witness more than 18% growth rate through 2032 on account of the rising demand for space heating and cooling systems and the expansion of the real estate sector. The regional government is working on several significant initiatives for the adoption of reliable technologies to cater to the rising energy consumption needs. For instance, in November 2022, the U.S. government announced a funding of USD 9 billion to support the installation of energy efficient systems including heat pumps across residential applications. Furthermore, the presence of stringent regulatory measures toward limiting the carbon emissions have accelerated the demand for these units, subsequently instigating a favorable business scenario. The market for European air to water heat pumps is likely to hit USD 62.6 billion by 2032.