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Asia Pacific Residential Air to Water Heat Pump Market Trends

Report ID: GMI11573
Published Date: Sep 2024
Report Format: PDF

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Asia Pacific Residential Air to Water Heat Pump Market Trends

Asia Pacific residential air-to-water heat pump industry is anticipated to grow owing to rising construction activities across the residential sector driven by increasing urbanization and rising demand for hot water and space heating solutions. Favorable regulatory framework encouraging the adoption of heat pumps, coupled with consumer inclination toward adoption of advanced technological solutions will complement the industry landscape. For instance, in April 2024, China's Standardization Administration introduced a new mandatory national standard for heat pump and water chiller energy efficiency, replacing four existing standards, unifying requirements for water chillers and low ambient temperature air source heat pumps.

Furthermore, ongoing technological advancements, increased environmental consciousness, and the enforcement of stringent energy efficiency regulations will positively influence business dynamics.

Authors: Ankit Gupta, Divyendu Sharma

Frequently Asked Questions (FAQ) :

The market size of Asia Pacific residential air to water heat pump was worth over USD 14.2 billion in 2023 and could record around 12.6% CAGR between 2024 and 2032, due to the increasing demand for energy-efficient hot water & heating systems.

Asia Pacific residential air to water heat pump from single family application is expected to surpass USD 26 billion by 2032, owing to the increasing urban population, coupled with strict government mandates for energy conservation.

Domestic hot water heat pumps are projected to grow at a CAGR of over 12.5% till 2032 on account of increasing household demand for hot water and a shift towards energy-efficient solutions.

China residential air to water heat pump industry size may exceed USD 24 billion by 2032, driven by the rising population and government initiatives promoting smart city development

Carrier, Daikin, Fujitsu, Glen Dimplex, Guangdong Phnix, Guangzhou Sprsun, Johnson Controls-Hitachi, LG Electronics, Mitsubishi Electric, Panasonic, Samsung, Stiebel Eltron, Sunrain, Tongyi, Viessmann are some of the key residential air-to-water heat pump companies in Asia Pacific.