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Air Source Heat Pump Market size worth $85 Bn by 2030

  • Published Date: October 12, 2022

Air Source Heat Pump Market size is set to surpass USD 85 billion by 2030, according to a new research report by Global Market Insights Inc.
 

The report identifies the implementation of supportive regulatory norms pertaining to the utilization of sustainable heating and cooling solutions to be a significant factor supporting the global penetration of clean heat pump technologies from 2022 to 2030. The rise in concerns about global climate change and surging carbon emissions have encouraged governments worldwide to undertake necessary measures and introduce policies aimed at creating a greener future. These may include financial benefits programs such as tax credit and rebate schemes that focus on the efficient use of resources, thereby complementing air source heat pump (ASHP) adoption. For instance, in August 2022, the U.S. government announced the rollout of the Inflation Reduction Act of 2022, which offers a federal tax credit allowing domestic users to avail rebates & credits up to USD 14,000.
 

Integrated heating and cooling applications to foster the adoption of air-to-air heat pumps

In terms of product, the air source heat pump market from air-to-air segment is likely to record an appreciable valuation by 2030, owing to the dramatic change in climatic conditions all over the world and the proliferation of advanced technological solutions. Air-to-air heat pumps can offer both water cooling and space heating benefits in residential and commercial establishments. Moreover, the increasing deployment of these systems due to lower maintenance requirements and minimized emission levels may propel segment growth.
 

Development of commercial facilities to increase product demand

Air source heat pump market from commercial application is slated to showcase substaintial gains on account of population boom and rise in demand for clean energy sources. The surging energy demand has encouraged respective governments and local authorities across several economies to introduce strict building codes and emission reduction norms to reduce environmental impact. The rapid expansion of the urban infrastructure and the development of new commercial establishments may aid industry growth.
 

Browse key industry insights spread across 650 pages with 1279 market data tables & 40 figures & charts from the report, “Air Source Heat Pump Market Size By Product (Air to Air, Air to Water), By Application (Residential {[Single Family, Multi Family], Product [Domestic Hot Water Heat Pump, Room Heat Pump]}, Commercial {Education, Healthcare, Retail, Logistics & Transportation, Offices, Hospitality}), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2022 – 2030”, in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/air-source-heat-pump-market
 

Growing emphasis on promoting sustainable technologies across North America

North America air source heat pump market is projected to attain more than 4% growth rate between 2022 and 2030. Increasing consumer inclination toward energy-efficient products and the growing adoption of sustainable technologies across commercial and residential establishments will fuel the regional market demand. In addition, the escalating rollouts of financial subsidies and benefit programs by state and federal authorities to foster the deployment of energy-efficient heat pumps will fuel the industry landscape.
 

Capacity expansion to emerge as the prominent strategic move

Major companies operating in the air source heat pump market are Vaillant Group, Swegon Group AB, Trane, NIBE Industrier AB, Viessmann, A.O. Smith, DAIKIN INDUSTRIES, Ltd., Carrier, Bosch Thermotechnology Ltd, Rheem Manufacturing Company, Finn Geotherm UK Limited, STIEBEL ELTRON GmbH & Co. KG, GREE ELECTRIC APPLIANCES, INC., FUJITSU GENERAL,  Panasonic Corporation, Toshiba Air Conditioning, LG Electronics, Lennox International Inc., Glen Dimplex Group, Mitsubishi Electric Corporation, BARD HVAC, Colmac Industries, SAMSUNG, Grant UK, and Systemair AB. These firms are putting in significant investments to set up new production facilities to meet the current sustainability goals and the surging demand of the widely expanding consumer base.
 

Authors: Ankit Gupta, Divyendu Sharma