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Air Source Heat Pump Market Size

Report ID: GMI2393
Published Date: Jul 2024
Report Format: PDF

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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.

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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 Report Attributes
Report Attribute	Details
Base Year:	2023
Air Source Heat Pump Market Size in 2023:	USD 47.7 Billion
Forecast Period:	2024 - 2032
Forecast Period 2024 - 2032 CAGR:	14.4%
2032 Value Projection:	USD 159.7 Billion
Historical Data for:	2021 - 2023
No. of Pages:	125
Tables, Charts & Figures:	40
Segments covered:	Product, Application, and Region
Growth Drivers:	Rapid transition towards energy-efficient, heating & cooling technologies Prevalence of extreme climatic conditions along with continuous R&D initiatives Growing efforts to reduce HVAC energy consumption in buildings Introduction of financial incentive programs by government bodies
Pitfalls & Challenges:	Availability of conventional heating & cooling technologies along with significant initial cost

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Authors: Ankit Gupta, Divyendu Sharma

Frequently Asked Questions (FAQ) :

The market size of air source heat pump was worth over USD 47.7 billion in 2023 and is anticipated to experience a growth rate of 14.4% through 2032, backed by growing inclination towards adoption of cleaner refrigerants with low global warming potential (GWP).

Residential segment is set to attain a CAGR of over 14% through 2032, on account of the continuously rising infrastructure expenditure on new households, and growing number of building stocks with the adoption of cleaner technologies.

Asia Pacific air source heat pump industry is projected to surpass USD 55 billion by 2032, on account of rapidly growing population rate, increasing construction expenditure, and rising disposable incomes.

Bosch Thermotechnology Ltd, Carrier, Colmac Industries, DAIKIN INDUSTRIES Ltd, Fujitsu General, Glen Dimplex Group, Gree Electric Appliances, Inc., Swegon Group AB, Systemair AB, Toshiba Air Conditioning, and Trane among others.