Air to Water Heat Pump Market Size – By Application (Residential {Product [Domestic Hot Water Heat Pump, Room Heat Pump]}, Commercial {Education, Healthcare, Retail, Logistics & Transportation, Offices, Hospitality}) & Forecast, 2024 - 2032

Air to Water Heat Pump Market Size

Air to Water Heat Pump Market was valued at USD 28.7 billion in 2023 and is anticipated to observe about 16.8% CAGR from 2024 to 2032. Rapid development of the sustainable building infrastructure along with rising population & ongoing urbanization has propelled the demand for energy efficient heating & cooling systems.
 

Various geographies have observed significant upsurge in the energy consumption to suffice space heating & hot water needs. Moreover, growing demand for ambient & low temperature heating alternatives along with shifting trends toward advanced technological systems will boost the business outlook.
 

Air to Water Heat Pump Market Trends

Air to water heat pump industry is set to observe a significant pace as energy efficiency has gained a significant attention in the recent years on account of rapidly depleting conventional energy resources and introduction stringent government norms. These systems are considered as an advanced alternative that can deliver an energy-efficient substitute to support the space heating and the preparation of domestic hot water. In addition, the rapidly growing population trend coupled with a rise in the total number of household units has increased space heating demand, which will stimulate the heat pump business dynamics.
 

Air to Water Heat Pump Market Analysis

Based on application, the residential segment is set to surpass USD 85 billion by 2032, owing to the rising population have to an increase in the hot water and space heating demand along with establishment of multi-story buildings and large residential spaces. Moreover, increasing demand for efficient technologies to serve heating needs for residential applications along with shifting consumer focus toward the adoption of energy efficient technologies will augment the residential air to water heat pump industry.
 

Commercial application is set to witness an appreciable momentum owing to the introduction of stringent building energy standards by the regulators along with rising demand for space heating & hot water from healthcare establishments, educational institutes, retail sectors among many others. Robust economic frameworks, coupled with government initiatives to increase foreign investments in the service sector, will drive business growth. Moreover, growing construction expenditures, introduction of innovative units, stringent emission standards, and refurbishing of prevailing public establishments are the key parameters complementing the commercial air to water heat pump industry.
 

Asia Pacific air to water heat pump market is predicted to hit USD 45 billion by 2032, owing to the rising population and urbanization rate across the region along with the increasing demand for space heating and hot water across colder territories. The expanding presence of residential and commercial buildings in urban and suburban areas has significantly contributed towards the product demand. Moreover, respective governments across the region have introduced various beneficial schemes including corporate tax credits, rebates, and personal tax credit to promote the adoption of various energy efficiency technologies driving the industry growth.
 

Europe air to water heat pump market is directed by encouraging regulatory policies, reinforced by numerous fiscal support schemes and policies. Various industry participants in collaboration with government departments are emphasizing on introducing new research & development initiatives to enhance the product efficiency ratings and deployment potential across new verticals.
 

Air to Water Heat Pump Market Share

The growing demand for efficient and reliable space heating technologies and hot water to encounter ever-increasing energy consumption along with introduction of stringent standards to encourage energy efficiency will boost the air to water heat pump industry. Moreover, Manufacturers and suppliers have been continuously reorganizing their research and development investments to expand and enhance their product portfolios. Additionally, the industry players are making new investments to integrate sustainable technological platforms, marking a significant breakthrough.
 

Air to Water Heat Pump Market Companies

Major manufacturers operating across the industry comprising of:

• Bosch Thermotechnology Corp.
• Carrier Corporation
• DAIKIN INDUSTRIES Ltd.
• FUJITSU GENERAL LIMITED
• Glen Dimplex Group
• Guangzhou SPRSUN New Energy Technology Development Co., Ltd.
• LG Electronics
• NIBE Industrier AB
• Panasonic Corporation
• SAMSUNG
• STIEBEL ELTRON GmbH & Co. KG
• Toshiba Air Conditioning
• Trane
• Vaillant Group
• Viessmann
• WOLF GmbH
   

Air to Water Heat Pump Industry News

• In March 2024, LG Electronics Canada unveiled the R32 Air-to-Water Heat Pump at the Canadian Mechanical and Plumbing Expo. The new product is designed with a focus on energy efficiency and sustainability to ensures quiet operation and offer versatile temperature ranges, making it ideal for both residential and commercial applications.
   
• In March 2024, Panasonic announced its latest air-to-water heat pumps, designed for commercial and multi-residential applications, with a release date set for September. The new products are introduced as a part of the Aquarea M Series lineup is equipped with R290 refrigerants and are available in three variants with rated powers of 20 kW, 25 kW, and 30 kW.
   

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

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Market, By Application

• Residential
  • Single family
  • Multi family
  • 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 countries:

• North America
  • U.S.
  • Canada
• Europe
  • Austria
  • Norway
  • Denmark
  • Finland
  • France
  • Germany
  • Italy
  • Switzerland
  • Spain
  • Sweden
  • UK
  • Netherlands
  • Poland
  • Belgium
  • Slovakia
  • Ireland
  • Czech Republic
• Asia Pacific
  • China
  • Japan
  • Australia
  • South Korea
• Middle East & Africa
  • Saudi Arabia
  • Turkey
  • South Africa
• Latin America
  • Brazil
  • Mexico
  • Argentina