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.