Asia Pacific Residential Air to Water Heat Pump Market
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Asia Pacific Residential Air to Water Heat Pump Market was estimated at USD 14.2 billion in 2023 and is set to expand at a CAGR of 12.6% from 2024 to 2032.
Increasing demand for energy-efficient hot water & heating system across residential sector along with rapid urbanization and rising population is driving the industry growth. Shifting focus on reducing emissions coupled with stringent regulatory standards for energy efficiency, and government initiatives promoting heat pump adoption, are accelerating the product deployment.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Asia Pacific Residential Air to Water Heat Pump Market size in 2023: | USD 14.2 Billion |
| Forecast Period: | 2024 - 2032 |
| Forecast Period 2023 - 2032 CAGR: | 12.6 |
| 2023 Value Projection: | USD 40.9 Billion |
| Historical Data for: | 2021 - 2023 |
| No of Pages: | 85 |
| Tables, Charts & Figures: | 12 |
| Segments Covered: | Application, Product, and Country |
| Growth Drivers: |
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| Pitfalls Challenges: |
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Asia Pacific residential air-to-water heat pump industry is anticipated to grow owing to rising construction activities across the residential sector driven by increasing urbanization and rising demand for hot water and space heating solutions. Favorable regulatory framework encouraging the adoption of heat pumps, coupled with consumer inclination toward adoption of advanced technological solutions will complement the industry landscape. For instance, in April 2024, China's Standardization Administration introduced a new mandatory national standard for heat pump and water chiller energy efficiency, replacing four existing standards, unifying requirements for water chillers and low ambient temperature air source heat pumps.
Furthermore, ongoing technological advancements, increased environmental consciousness, and the enforcement of stringent energy efficiency regulations will positively influence business dynamics.
The single-family application is set to cross over USD 26 billion by 2032. Increasing urban population, coupled with strict government mandates for energy conservation, is driving the demand for air-to-water heat pump systems. Rising living standards and the demand for compact, efficient heating technologies are significant factors influencing product deployment in domestic applications. Additionally, growing focus on improving building energy efficiency in emerging economies and increasing concerns about emission reductions are boosting the demand for clean and energy-efficient technologies further complementing the air-to-water heat pump industry outlook.
Domestic hot water heat pump is anticipated to witness a CAGR of over 12.5% through 2032. Increasing demand for hot water in households, along with a shift towards energy-efficient solutions, is driving the adoption of these units. These systems are designed for optimal performance and easy installation, addressing both space heating and hot water needs. Additionally, favorable regulations toward heat pump deployment, growth in the construction industry, and increasing retrofitting of building infrastructure with energy-efficient systems is set to positively influence the industry outlook.
China residential air to water heat pump market is likely to exceed USD 24 billion by 2032. Increasing consumer awareness of energy-efficient alternatives, government financial incentives, expanding building infrastructure, and growing demand for low-carbon heating and cooling solutions will accelerate product deployment. Rapidly growing real estate sector owing to rising population and government initiatives promoting smart city development will complement the business landscape. Furthermore, ongoing innovations across heat pump systems including variable speed compressor technology and increasing investments to introduce eco-friendly solutions, will augment the industry landscape.
Manufacturers in the industry are incorporating advanced controls and monitoring features into their heat pump units to improve performance, remote management capabilities, and energy optimization systems, which contribute to more efficient product deployment. Players across the Asia Pacific residential air-to-water heat pump market are focusing on introducing technologies that has low energy consumption and greenhouse gas emissions. In response to growing environmental concerns, authorities have implemented strict energy efficiency standards, which are significantly influencing industry dynamics.
Major players operating across the industry include:
Market, By Application
Market, By Product
The above information has been provided for the following countries:
Carrier, Daikin, Fujitsu, Glen Dimplex, Guangdong Phnix, Guangzhou Sprsun, Johnson Controls-Hitachi, LG Electronics, Mitsubishi Electric, Panasonic, Samsung, Stiebel Eltron, Sunrain, Tongyi, Viessmann are some of the key residential air-to-water heat pump companies in Asia Pacific.
China residential air to water heat pump industry size may exceed USD 24 billion by 2032, driven by the rising population and government initiatives promoting smart city development
Domestic hot water heat pumps are projected to grow at a CAGR of over 12.5% till 2032 on account of increasing household demand for hot water and a shift towards energy-efficient solutions.
Asia Pacific residential air to water heat pump from single family application is expected to surpass USD 26 billion by 2032, owing to the increasing urban population, coupled with strict government mandates for energy conservation.
The market size of Asia Pacific residential air to water heat pump was worth over USD 14.2 billion in 2023 and could record around 12.6% CAGR between 2024 and 2032, due to the increasing demand for energy-efficient hot water & heating systems.