Air Source Heat Pump Market Size- By Product (Air to Air, Air to Water), By Application (Residential {Single Family, Multi Family}, Commercial {Education, Healthcare, Retail, Logistics & Transportation, Offices, Hospitality}), Regional Outlook & Forecast, 2024 - 2032

Air Source Heat Pump Market Size

Air Source Heat Pump Market was valued at USD 47.7 billion in 2023 and is anticipated to witness about 14.4% CAGR from 2024 to 2032. The introduction of new initiatives by key industry players along with growing inclination towards adoption of cleaner refrigerants with low global warming potential (GWP) will accelerate industry landscape.
 

Moreover, the introduction of encouraging regulatory policies by respective administrations across developed as well as emerging economies to play a pivotal role in shaping the industry dynamics. For instance, in February 2024, the U.S. Department of Energy (DoE) declared an allocation of USD 63 million, in addition to the previous USD 169 million, aiming to boost the production of domestic heat pump water heaters, heat pumps, and associated components in the country.
 

Air Source Heat Pump Market Trends

Air source heat pump industry is projected to observe significant expansion on account of extreme temperature variations, the continuous efforts to deploy reliable heating & cooling alternatives with operating temperature ranges, and significant fluctuations in the climatic conditions. Moreover, introduction of new initiatives by key industry players along with growing inclination towards adoption of cleaner refrigerants with low global warming potential (GWP) will further accelerate the transition towards ASHP systems.
 

Air Source Heat Pump Market Analysis

Air to water heat pump market is projected to surpass USD 115 billion by 2032, owing to the prevalence of cold climatic conditions and influx of new monetary benefit programs by key government bodies. Growing energy consumption for space & water heating operations have unveiled new opportunity for energy saving advanced ATW alternatives. Moreover, favorable regulatory framework coupled with new research & development initiatives by government & non-government agencies will further complement the air to water heat pump deployment.
 

Growing demand for space heating & cooling systems with diminished carbon footprint to favor the air to air heat pump market growth. Moreover, the lower initial deployment cost, limited operation & maintenance requirements, integration of smart control & functioning features, and lower operational expenses, are among the key factors complementing the business outlook across the globe.
 

Residential segment is set to attain about 14% CAGR through 2032, on account of the continuously rising infrastructure expenditure on new households, growing number of building stocks with the adoption of cleaner technologies, government financial support programs for low-income families, and rapid population growth across urban localities. Moreover, mounting construction activities to establish & refurbish advanced infrastructure, introduction of stern building energy standards, and ongoing R&D programs by key players are among the key factors augmenting the residential heat pump industry landscape.
 

Asia Pacific air source heat pump market is likely to exceeded USD 55 billion by 2032, on account of rapidly growing population rate, increasing construction expenditure, and rising disposable incomes. Positive outlook towards adoption of efficient heating & cooling systems to lower the energy bills along with overall energy consumption will sway the industry landscape. Moreover, initiatives by key industry players to design & manufacture advanced heat pumps with extended operational characteristics across diversified applications will complement the industry growth.
 

Air Source Heat Pump Market Share

Various industry players offer a wide range of air source heat pumps through numerous channels across the industry. Growing research & development initiatives to introduce advanced products with enhanced operational features coupled with paradigm shift towards adoption of green energy technologies will create new opportunities for different industry participants.
 

Air Source Heat Pump Market Companies

The key companies actively operating across the industry includes:

• Bosch Thermotechnology Ltd
• Carrier
• Colmac Industries
• DAIKIN INDUSTRIES Ltd
• Fujitsu General
• Glen Dimplex Group
• Gree Electric Appliances, Inc.
• Guangzhou SPRSUN New Energy Technology Development Co., Ltd.
• Lennox International Inc.
• LG Electronics
• Mitsubishi Electric Corporation
• NIBE Industrier AB
• Panasonic Corporation
• Rheem Manufacturing Company
• SAMSUNG
• Stiebel Eltron GmbH & Co. KG
• Swegon Group AB
• Systemair AB
• Toshiba Air Conditioning
• Trane
• Vaillant Group
• WOLF GmbH
   

Air Source Heat Pump Industry News

• In July 2024, Trane introduced an all-in-one ASHP unit with modular multi-pipe design called Thermafit Model MAS utilizing R-454B refrigerant and a capacity rating of up to 30 tons. The new unit is specifically fabricated to serve commercial and industrial establishments and can be stacked up to 10 modules to deliver a total capacity rating of up to 300 tons ensuring continuous operation.
   
• In May 2024, Midea unveiled its EVOX G3 heat pump system, the latest generation in the EVOX series designed to provide extreme comfort, performance, and ease of installation throughout North America. The inverter-driven cold climate heat pump technology can deliver a heating output of up to 100% at temperatures down to -13 °F along with efficient operations up to -22°F, while maintaining a COP rating of up to 1.8, thereby offering an advanced solution for home heating & cooling upgrades.
   

This air source heat pump market research report includes in-depth coverage of the industry with estimates & forecast in terms of “’000 Units” and “USD Million” from 2021 to 2032 for the following segments:

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Market, By Product

• Air to Air
• Air to Water

Market, By Application

• Residential
  • Single Family
  • Multi Family
  • Residential, By Product
    • Domestic Hot Water Heat Pump
    • Room Heat Pump
• Commercial
  • Education
  • Healthcare
  • Retail
  • Logistics & Transportation
  • Offices
  • Hospitality
  • Others

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
  • Türkiye
  • South Africa
• Latin America
  • Brazil
  • Mexico
  • Argentina