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Air to Water Heat Pump Market worth over $113.5 Bn by 2032

  • Published Date: January 6, 2023

Air to Water Heat Pump Market size is set to surpass USD 113.5 billion by 2032, according to a new research report by Global Market Insights Inc.

The air to water heat pumps are gaining prominence across the residential, commercial, and manufacturing industries. The increasing energy needs across these verticals has generated the demand for higher energy output by not degrading the existing resources. However, the continual use of fossil fuels to power electricity production, heating & cooling, hot water, and other activities in diverse facilities is one of the key contributors to carbon emissions. To counter this rising carbon footprint across the globe, several governments are taking up significant measures.

To cite an instance, the European Union (EU)introduced an ambitious plan for 55% reduction in GHG emissions (compared to 1990 levels) by 2030. Furthermore, several regulatory authorities are enacting supportive policies such as renewable heat supports, tax credits, subsidies, and financial incentives to encourage the construction of low-carbon renewable energy sources, such as the ATW heat pumps. Since these pumps are not only energy efficient, but also environment and cost friendly, their demand is expected to surge in the upcoming years.  To illustrate, for every kilowatt of energy used by these pumps, between 3 and 5 kW of heat is transferred, for serving multiple applications.

Thriving emphasis on reducing CO2 emissions to fuel product demand across commercial applications

Air to water heat pump market size from commercial applications is projected to observe more than 16% CAGR through 2032. The higher need for space heating and hot water from healthcare facilities, educational institutions, and retail sectors, among others, is likely to drive Air to water heat pump demand across commercial applications. The influx of strict government rules aimed at reducing emissions from HVAC equipment will also push the product adoption. The growing government support in North America and Asia Pacific for retrofitting heating and cooling systems across buildings to fulfil pollution standards will foster air to water heat pump industry growth.

The rising demand for hot water and efficient space heating solutions in offices will also accelerate the demand for air to water heat pumps as ecological alternatives to natural gas or oil boilers. These pumps allow the user to have cooling, heating, and hot water at a lower cost than natural gas or oil boilers. To illustrate, these machines can extract up to 77% of the energy from the ambient air for free. The ongoing investments in the development of commercial establishments, will further create a favourable business scenario for the deployment of these systems.

Browse key industry insights spread across 550 pages with 1050 market data tables & 31 figures & charts from the report, “Air to Water Heat Pump Market Size 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, Growth Potential, Competitive Market Share & Forecast, 2023 – 2032”, in detail along with the table of contents:

Rise in public and private partnerships for product enhancement across Europe

Europe held over 32% of the global air to water heat pump market share in 2022, driven by the emergence of positive regulatory measures, supported by a plethora of fiscal support programs and policies. Major industry participants are collaborating with government agencies on new research and development (R&D) efforts for improved product efficiency ratings. Viessmann, for example, debuted Vitocal 150-A and Vitocal 151-A, two new monobloc air source heat pumps, in the United Kingdom in April 2022 to offer reduced installation costs and serve as boiler unit replacements in diverse residential applications. Moreover, the establishment of new partnerships to strengthen product portfolios with enhanced operational flexibility and capacities will benefit the industry landscape.

Competitive landscape of global air to water heat pump market

Trane, Bosch Thermotechnology Corp., Glen Dimplex Group, DAIKIN INDUSTRIES Ltd., Carrier Corporation, Panasonic Corporation, NIBE Industrier AB, Vaillant Group, SAMSUNG, STIEBEL ELTRON GmbH & Co. KG, Viessmann, Toshiba Air Conditioning, LG Electronics, WOLF GmbH, FUJITSU GENERAL LIMITED, and Guangzhou SPRSUN New Energy Technology Development Co., Ltd are some of the prominent companies offering their products in the air to water heat pump market. To grab a larger revenue share, these firms are involved in various business strategies, such as mergers and acquisitions, partnerships, and new product launches.

Authors: Ankit Gupta, Divyendu Sharma