Air to Air Heat Pump Market Size – By Product, By Application, Analysis, Share, Growth Forecast, 2024 - 2032

Air to Air Heat Pump Market Size

The global air to air heat pump market was valued at USD 19 billion in 2023 and is set to grow at CAGR of 9.7% from 2024 to 2032. Increasing adoption of energy-efficient systems coupled with rising need for effective heating and cooling solutions across residential and commercial establishments is complementing the industry landscape. Ongoing expansion of building infrastructure along with replacement of traditional heating and cooling systems to environmentally friendly alternatives, with an aim to decrease carbon emissions will augment the product deployment.
 

Stringent regulatory landscape to limiting carbon emissions and favorable initiatives toward enhancing the energy efficiency of building infrastructure will positively influence the industry dynamics. For instance, in September 2024, the California Energy Commission has implemented revisions to the state's Building Energy Efficiency Standards, also known as the Energy Code, for 2025. These modifications are expected to yield significant benefits, including USD 4.8 billion in energy cost reductions, a decrease in greenhouse gas emissions of about 4 million metric tons, and improvements in the climate resilience and comfort of residential and commercial structures.
 

Air to Air Heat Pump Market Trends

The air to air heat pump industry is set to grow owing to varying climatic conditions across various regions, driven by increasing greenhouse gas emissions and temperature, and increasing demand for energy efficient heating & cooling systems. Implementation of various measures to curb emissions and the integration of innovative technologies, will augment the business dynamics.
 

For instance, in February 2024, nine states in the U.S. established ambitious goals for increasing the use of zero-emission heat pumps in homes. This initiative amins to lower residential emissions and promote cleaner energy-efficient devices for heating, cooling, and water heating. Growing need for maintaining comfortable temperatures across various applications, coupled with government policies promoting energy-efficient systems will complement the industry landscape.

Air to Air Heat Pump Market Analysis

The ducted segment is predicted to hit USD 21 billion by 2032. Rising demand for heating & cooling solutions, varying climatic conditions, policies for reducing emissions and technological advancements in temperature control and air quality will complement the industry landscape. Increasing investments for development of energy efficient systems owing to their adaptability to various climates and applications coupled with favorable government incentives across various geographies their will augment the ducted heat pump deployment.
 

Single family application is projected to witness a growth rate of over 9.5% through 2032. Rising demand for heating and cooling solutions and ongoing shift towards adoption of energy-efficient systems is augmenting the industry outlook. Growing need to reduce energy consumption and ongoing research and development initiatives, focusing on technologies like inverter systems and smart controls to enhance performance will accelerate the product deployment.
 

U.S. air to air heat pump market is projected to surpass USD 11 billion by 2032. Ongoing infrastructure development and rising demand for space heating and cooling solutions is complementing industry growth. Favorable regulatory reforms, beneficial schemes and investment initiatives by authorities promoting the adoption of high-energy-efficient systems will positively influence the business dynamics.
 

Air to Air Heat Pump Market Share

Leading manufacturers in the air to air heat pump sector are actively pursuing innovation through new product development and technological advancements. These companies are also engaging in strategic alliances, joint ventures, and collaborative agreements to enhance their market presence. Prominent players such as Carrier, Panasonic, LG Electronics, DAIKIN, Trane, and Bosch Thermotechnology, amongst others, collectively accounted for a significant portion of the market share.
 

Air to Air Heat Pump Market Companies

Key industry players operating across industry include:

• AAON
• American Standard Heating and Air Conditioning
• Bard HVAC
• Bosch Thermotechnology
• Carrier
• Daikin
• Fujitsu General
• GREE Comfort
• LG Electronics
• Lennox
• MRCOOL
• Napoleon
• Panasonic
• Rheem
• Samsung
• Stiebel Eltron
• Trane
   

Air to Air Heat Pump Industry News

• In September 2024, Carrier has successfully developed residential heat pumps that meet the Department of Energy's Cold Climate Heat Pump Challenge criteria. These innovative variable-speed heat pump units called Infinity with Greenspeed Intelligence, set for production at Carrier's Collierville facility in Tennessee, demonstrate exceptional performance in extreme cold conditions. These units can operate efficiently at temperatures as low as -23 degrees Fahrenheit, maintaining full capacity at 0 degrees.
   
• In July 2024, Daikin Applied has introduced air-source heat pumps to its Rebel and Rebel Applied rooftop systems. These new units employ electric heat pumps, eco-friendly R-32 refrigerant, and energy-efficient inverter compressors. The updated systems aim to improve comfort, reduce costs, and lower carbon emissions for building owners. The R-32 refrigerant contributes to a significant efficiency increase compared to previous models. Primarily targeting schools and commercial offices, this heat pump technology represents Daikin's commitment to advancing sustainable HVAC solutions.
   

This air to air 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:

Click here to Buy Section of this Report

Market, By Product

• Ducted
• Ductless

Market, By Application

• Residential
  • Single family
  • Multi family
• Commercial

The above information has been provided for the following region 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
  • Turkey
  • South Africa
• Latin America
  • Brazil
  • Mexico
  • Argentina