Air to Water Heat Pump Market Size

Air to Water Heat Pump Market Size

Air to Water Heat Pump Market size valued at USD 26.5 billion in 2022 and is projected to expand at over 15.5% CAGR from 2023 to 2032. Prominent public and private institutions have made significant efforts towards increasing the operational performance of heat pump technologies on a global scale. Citing an instance from April 2022, a study published by the IEA Heat Pumping Technologies Technical Collaboration Programme (IEA HPT TCP) confirmed that the air-to-water (ATW) heat pump systems utilizing propane (R290) considerably enhance the energy efficiency of a place, as compared to other counterparts.

The air to water (ATH) heat pump systems are also increasingly deployed across the residential sector of Europe and North America. For instance, new house building projects in the U.S. increased by nearly 6.8% in February 2022, with a stunning 22% year on year growth.

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Rising popularity of conventional heating technologies

The higher availability of traditional heating and cooling systems that deploy renewable energy or fossil fuels may negatively influence the industry growth. The access to functional advantages in terms of operational costs, incentives, and tax refunds, on the other hand, might alleviate these constraints. To balance the cost inhibitions for customers, respective administrative authorities have also created advantageous schemes such as subsidies in power bills and tax incentives, further complimenting the use of these systems.