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Air to Air Heat Pump Market Size

Report ID: GMI5938
Published Date: Oct 2024
Report Format: PDF

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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.

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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 Report Attributes
Report Attribute	Details
Base Year:	2023
Air to Air Heat Pump Market Size in 2023:	USD 19 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	9.7%
2032 Value Projection:	USD 44.2 Billion
Historical Data for:	2021 to 2023
No. of Pages:	95
Tables, Charts & Figures:	32
Segments covered:	Product, Application, and Region
Growth Drivers:	Increasing adoption of energy-efficient technologies Rapidly rising energy consumption across space heating & cooling operations Encouraging regulatory framework with favorable financial subsidy programs
Pitfalls & Challenges:	Growing inclination towards other heat pump technologies

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Authors: Ankit Gupta, Divyendu Sharma

Frequently Asked Questions (FAQ) :

The global market for air-to-air heat pump was reached USD 19 billion in 2023 and is set to grow at a 9.7% CAGR from 2024 to 2032, driven by the increasing adoption of energy-efficient systems.

The ducted segment is predicted to hit USD 21 billion by 2032, due to rising demand for heating and cooling solutions and favorable government incentives.

The single-family application segment is projected to witness a growth rate of over 9.5% through 2032, driven by the shift towards energy-efficient systems and advancements in smart controls.

The U.S. air-to-air heat pump market is projected to surpass USD 11 billion by 2032, supported by ongoing infrastructure development and favorable regulatory reforms.

Key industry players 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, and Trane.