Residential Air to Water Heat Pump Market Size - By Application (Single Family, Multi Family) By Product (Domestic Hot Water Heat Pump, Room Heat Pump), & Forecast, 2023 - 2032

Residential Air to Water Heat Pump Industry Analysis

Residential Air to Water Heat Pump Market size valued at USD 21.4 in 2022 and is set to grow at a 15% CAGR from 2023 to 2032. An air to water (ATW) heat pump or hydronic heat pump unit is a type of air source heat pump unit which operates as a water-based system for space heating and hot water supply across various establishments. Growing demand for efficient space heating technologies coupled with significant prevalence of cold climatic conditions will escalate the use of residential air to water heat pump. Moreover, availability of favorable initiatives by industry players and government bodies along with significantly higher efficiency levels with low carbon footprint are among the key parameters augmenting the industry landscape.
 

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The growing need for energy efficient space & water heating technologies coupled with continuous research & development initiatives by public and private players for introduction of advanced technological systems will complement the industry outlook. Similarly, introduction of favourable regulatory framework along with rapidly increasing new & retrofitting construction activities with energy efficient alternatives will boost the industry landscape.
 

COVID-19 Impact

The COVID-19 has hit unprecedentedly as the pandemic represents a disturbance which has impacted drastically the world trade and economy as manufacturing and consumption are scaled back on a global level. Several nations had introduced stringent lockdown protocols amid the pandemic imparting detrimental effects on the residential air to water heat pump market demand. As a result of the pandemic-induced disruptions, manufacturers observed additional difficulties on account of various factors including economic downturns, low purchasing power of customers, constrained cross-border trade flows, and halting of building operations.
 

However, encouraging initiatives by key the government authorities to uptake the low emission levels caused by curtailed industrial functions amid the pandemic will offset the restraining factors.
 

Residential Air to Water Heat Pump Market Trends

The rising energy consumption across the building sector and shifting inclination toward the adoption of energy efficient systems across the domestic establishments will observe a significant upsurge for residential air to water heat pump systems. The primary objectives of the respective governments to limit the energy consumption and the replacement of conventional heating systems to curb emissions will favor the business outlook.
 

Various nations have observed a significant increase in the residential energy consumption to serve a wide range of end use operations including space heating and hot water utilization. Furthermore, to counter the variations in temperature across several geographies, space & water heating technologies account for a considerable growth of the overall energy intake which will further push the product demand.
 

Residential Air to Water Heat Pump Application Segmentation

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The single-family application across residential air to water heat pump market share has increased significantly on account of the growing concerns toward the deteriorating climatic conditions favored by shifting inclination toward the adoption of energy efficient systems. The adoption of favorable policies and for the replacement of conventional heating technologies will further spur the product deployment. Additionally, introduction of stringent norms by the regulatory authorities to curb emissions combined with introduction of enhanced technologies will further complement the business landscape.
 

The multi family segment is likely to attain 15% growth through 2032 owing to the rising demand for ambient temperatures along with space & water heating demand across the large residential spaces. The fast-paced population growth coupled with the ongoing investments for the development and installation of energy efficient systems across the residential establishments in the urban localities will positively increase the residential air to water heat pump market revenue. In addition, positive outlook for the adoption of advanced technological systems attributed by the stringent building energy performance standards will unveil new opportunities for the industry expansion.
 

Residential Air to Water Heat Pump Product Segmentation

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Based on product, the industry is categorized into domestic hot water heat pump and room heat pump. Domestic hot water heat pump is anticipated to register a significant upsurge on account of the rising demand for hot water across residential establishments along with shifting inclination toward adoption energy efficient systems. These units offer optimized performance, easy installation, and the ability to deliver space heating & hot water needs, are some of the key parameters augmenting the residential air to water heat pump market demand. Furthermore, various government bodies offer a wide range of incentives, subsidies, tax credits, and other forms of financial support to boost the deployment of renewable systems positively catering to the industry growth.
 

The growing expenditure on new & renovation infrastructure projects across residential buildings coupled with substantial financial support from respective administrations will further propel the room heat pump market growth. Moreover, positive outlook by the heat pump manufacturers to support green energy transition with environmentally friendly HVAC systems transition will unveil lucrative growth opportunities across the deployment of room heat pump systems. Continuous adoption of sustainable energy technologies for limiting the energy consumption across residential applications is set to propel the product deployment.
 

Residential Air to Water Heat Pump Regional Analysis

The Asia Pacific residential air to water heat pump market size surpassed USD 13.5 billion in 2022 and is poised to expand tremendous growth owing to the increasing penetration of residential building structures across urban and suburban areas. Variations in the climatic conditions, rapid rate of urbanization, rising disposable incomes across customers, and shifting trends towards clean energy technologies are some of the key parameters catering to the regional industry landscape. Rising demand for space heating and hot water across colder regions along with adoption of energy efficient systems is forecast to augment the product deployment. The U.S. residential heat pump industry is poised to surpass USD 22.2 billion by 2030.
 

In addition, Europe air to water heat pump market for residential applications is also poised to observe strong growth backed by the stringent building energy efficiency norms, encouraging emission reduction targets, availability of financial benefit policies, and substantial presence of various heat pump manufacturing companies.
 

Residential Air to Water Heat Pump Industry Leaders

Various small- and large-scale manufacturers are operating across the residential air to water heat pump market at the regional and global levels. The continuous introduction of new strategic initiatives including partnerships/collaborations, expansion of manufacturing facilities, and mergers & acquisitions by key industry players will play a key role in shaping the industry dynamics. Major industry players are consist of Daikin, Mitsubishi Electric Corporation, Panasonic Corporation, Carrier, JOHNSON CONTROLS - HITACHI AIR CONDITIONING COMPANY, Maritime Geothermal, Glen Dimplex Group, Vaillant Group, SAMSUNG, STIEBEL ELTRON GmbH & Co. KG, Lochinvar, WOLF, FUJITSU GENERAL, NIBE Industrier AB, Midea, and LG Electronics.
 

Residential Air to Water Heat Pump Industry News

• In April 2023, LG Electronics announced to start heat pump manufacturing base in the U.S. for domestic heat pump systems. The facility will produce 100% electrical indoor, units, with future plans to make outdoor heat pump systems at some point. In addition, the U.S. government is also driving the demand by offering rebates and tax incentives such as the introduction of IRA (Inflation Reduction Act). This expansion will strengthen the company’s market position across the North America air to water heat pump industry and further increase its customer base.
   
• In February 2023, Johnson Controls-Hitachi confirmed to introduce its Yutaki M R32 monobloc air-to-water heat pumps for North American market. The advanced product line with 3- and 4-ton capacity range is designed to efficiently operate in within cold climatic conditions with easy applicability across residential and retrofit projects. This launch expanded the company’s product portfolio and strengthened its presence across residential air to water heat pump market.
   

This market research report on residential air to water heat pump includes in-depth coverage of the industry with estimates & forecast in terms of “’000 Units” & “USD Million” from 2019 to 2032 for the following segments:

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By Application

• Single family
• Multi family

By Product

• Domestic hot water heat pump
• Room heat pump

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
• Asia Pacific
  • China
  • Japan
  • Australia
  • South Korea
• Middle East & Africa
  • Saudi Arabia
  • Turkey
  • South Africa
• Latin America
  • Brazil
  • Mexico
  • Argentina