Air Source Heat Pump Market size to exceed $77bn by 2028

Air source heat pump market size is expected to surpass USD 77 Billion by 2028, as reported in the latest study by Global Market Insights Inc.
 

Global air source heat pump industry has witnessed an uptrend in the past decade owing to rising demand for space heating on account of the ongoing urbanization. Developing countries across Asia Pacific and Middle East & Africa are witnessing increase in consumer purchasing power leading to more adoption of energy efficient air source heat pumps. Rising global temperature pattern owing to global warming coupled with increasing real estate investment will further augment the market expansion.


 

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The global economy experienced a downturn in late 2019 on account of the outbreak of coronavirus. However, the heat pump market witnessed a surge in demand from the residential sector owing to the lockdown protocols implemented by the government. Various governments across the globe have implemented vaccination drives and easing of lockdown measures of varying degrees to control the spread of disease. This has significantly impacted the market outlook & the manufactures have been able to cater the rising demand of heat pumps across segments.
 

Advanced technology and relatively lower manufacturing cost associated with air-to-air segment will proliferate the market statistics for air source heat pump system.

Air to air sourced heat pump market is estimated to witness a noteworthy growth over the forecast time frame due to the ongoing technological upgradation, compact structure, and customization of auxiliary systems & technologies. Governments across many countries are offering several rebates, tax credits to the homeowners and office space owners to promote the deployment of such sustainable units.
 

Growing concerns toward rising carbon footprint across the globe will boost the market demand for air source heat pumps across commercial applications.

Heavy reliance on chlorofluorocarbon gases in heating and air-conditioning systems have significantly increased the carbon footprint of nations across the globe. The developing nations deploy chlorofluorocarbon gases on account of their lower cost and maintenance, due to which the ozone depletion has increased, leading to rise in global warming. International regulations pertaining to the emission standards levels will stimulate a requirement for reliable eco-friendly product in the market to replace the traditional gas-based product, thus boosting the air source heat pump market statistics. Growing emphasis on deploying sustainable technologies to comply with the strict emission targets will positively impact the market share of air source heat pump in the forecast timeline.
 

Browse key industry insights spread across 450 pages with 749 market data tables & 44 figures & charts from the report, “Air Source Heat Pump Market Forecasts By Product (Air to Air, Air to Water), Application (Residential{Single-family Houses, Multi-family Apartments}, {Domestic Hot Water Heat Pump, Room Heat Pump}, Commercial {Education, Healthcare, Retail, Logistics & Transportation, Offices, Hospitality, Others}), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2018 – 2028in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/air-source-heat-pump-market

 

Rising concerns for energy security across Asia Pacific region will boost the market statistics for air source heat pump systems.

Development in reforms pertaining to energy efficiency along with increasing concern toward energy security methods will appreciably drive the air source heat pump market share across Asia Pacific countries. The increasing penetration of residential and commercial building structures across urban areas in the Asia Pacific region will further add to the energy demand, which will fuel the emission level. Therefore, the policymakers are implementing the use of sustainable technologies including heat pumps across the residential and commercial sector to curb the carbon footprint and thus comply with the emission targets.
 

Key players operational in the air source heat pump market include Daikin, Bosch Thermotechnology, A. O. Smith Corporation, Vaillant Group, Mitsubishi Electric Corporation, Toshiba, Danfoss. amongst others.
 

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