Asia Pacific Commercial Heat Pump Market Size - By Product (Air Source, Ground Source, Water Source), By Application (Education, Healthcare, Retail, Logistics & Transportation, Offices, Hospitality), & Forecast, 2024 - 2032

Asia Pacific Commercial Heat Pump Market Size

Asia Pacific Commercial Heat Pump Market was valued at USD 4.5 billion in 2023 and is the is set to grow at CAGR of 9.9% from 2024 to 2032. Rising demand for efficient and reliable heating & cooling solutions across commercial applications along with shifting focus toward enhance comfort and ambient temperature will accelerate the product demand.
 

Accelerating expenditures for the development of commercial establishments owing to rising population and rising urbanization across developed countries will complement the industry landscape. Moreover, growing inclination toward limiting emissions and stringent regulations toward enhancing the energy efficiency of commercial establishments will further augment the business outlook.
 

Asia Pacific Commercial Heat Pump Market Trends

Asia Pacific commercial heat pump industry is likely to grow owing to increasing adoption of advanced technologies, increasing environmental concerns and implementation of stringent energy efficiency standards. Stringent regulatory mandates toward energy efficiency technologies, coupled with growing preference toward modern heating and cooling systems over traditional heating solutions, further shaping the business dynamics. Moreover, ongoing technological advancements in heat pump systems and increasing focus on limiting building emissions will complement the industry landscape.
 

Asia Pacific Commercial Heat Pump Market Analysis

The air source segment is predicted to hit USD 9 billion in 2032. Increasing demand for energy efficient solutions for space heating, cooling, and hot water along with a growing emphasis on energy efficiency will augment the industry landscape. Rising environmental awareness and ongoing replacement of traditional heating and cooling systems, combined with government mandates prioritizing energy efficiency and reduced carbon footprints, is driving the product demand. Furthermore, technological advancements that boost system efficiency and offer operational flexibility across various commercial applications are set to significantly influence the air source heat pump industry dynamics.
 

Ground source heat pump across commercial applications is set to grow on account of rising demand for advanced heat pump units that provide precise temperature control and zoning capabilities. Furthermore, growing emphasis on energy efficiency, rising adoption of renewable technologies, and efforts to reduce energy consumption and operational costs are driving the product deployment.
 

Hospitality segment is anticipated to witness a CAGR of over 9.5% through 2032. Rising demand for efficient heating and cooling solutions in hotels, resorts, restaurants, and other hospitality venues and focus on energy efficiency has augmented the industry landscape. Additionally, heat pump offering quiet operation, precise temperature control and zoning capabilities, along with efforts to reduce energy consumption and operational costs are accelerating product deployment.

China commercial heat pump market is set to exceed USD 7 billion by 2032. Rising demand for reliable, efficient space heating and cooling solutions coupled with growing inclination toward reducing carbon emissions is complementing the industry landscape. Stringent mandates toward enhancing the energy efficiency of buildings coupled with introduction of favorable financial incentives, have further shape the business dynamics. Moreover, rapid urbanization and increasing construction of commercial buildings have accelerated heat pump deployment, thereby influencing the industry's dynamics.
 

Asia Pacific Commercial Heat Pump Market Share

Rising energy consumption and stringent energy efficiency standards are driving the demand for efficient space heating technologies and hot water solutions, across commercial applications. Manufacturers and suppliers are actively reshaping their research and development investments to expand and refine their product offerings. Carrier, DAIKIN, SAMSUNG, Panasonic Corporation, Mitsubishi Electric and LG Electronics hold the major market share across the Asia Pacific commercial heat pump industry.
 

Asia Pacific Commercial Heat Pump Market Companies

Key industry players operating across industry include:

• Bosch Thermotechnology Ltd.
• Carrier
• Daikin
• FUJITSU GENERAL
• Glen Dimplex Group
• GREE Commercial
• Guangzhou SPRSUN New Energy Technology Development Co., Ltd.
• LG Electronics
• Mitsubishi Electric Corporation
• Panasonic Corporation
• Rheem Australia
• Rinnai Australia Pty Ltd
• SAMSUNG
• SUNRAIN Co., Ltd.
• Trane Technologies International Limited
   

Asia Pacific Commercial Heat Pump Industry News

• In June 2024, Viessmann has introduced the Vitocal 250-A Pro, an air to water HP unit suitable for commercial and larger residential establishments. This advanced unit achieves a flow temperature of up to 70°C, delivering a cooling output of 21.7 kW and a heating output of 39.5 kW. With a noise level of just 60.9 dB(A) during reduced operation, it stands out as one of the quietest in its category. Designed for versatility, its outdoor units can be seamlessly installed even in densely developed areas, boasting a coefficient of performance of 5.6.
   
• In March 2024, Panasonic has unveiled its plans to launch the new R290 Aquarea M Series air-to-water heat pump units in Asia Pacific this September. This heat pump is designed for multi-dwelling complexes, offices, stores, and various light commercial applications with capacities of 20, 25, and 30kW. These units can achieve a water outlet temperature of up to 75°C [167°F] even at an outside temperature of −15°C, and can provide 55°C hot water at an outside temperature of −25°C.
   

This Asia Pacific commercial 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:

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Market, By Product

• Air Source
• Ground Source
• Water Source

Market, By Application

• Education
• Healthcare
• Retail
• Logistics & transportation
• Offices
• Hospitality
• Others

The above information has been provided for the following countries:

• China
• Japan
• Australia
• South Korea