Asia Pacific Reversible 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 Reversible Heat Pump Market Size

Asia Pacific Reversible Heat Pump Market was valued at USD 1.7 billion in 2023 and is set to grow at CAGR of 10.1% from 2024 to 2032. Population growth, urbanization, and the rapid development of sustainable building infrastructure have increased demand for energy-efficient heating and cooling systems, influencing the industry landscape.
 

Increasing demand for efficient and reliable heating and cooling solutions, driven by a focus on enhancing comfort and maintaining optimal ambient temperatures, accelerating the product demand. Furthermore, the increasing emphasis on reducing emissions and stringent regulations aimed at improving energy efficiency in commercial buildings are further enhancing the market outlook.
 

Asia Pacific Reversible Heat Pump Market Trends

Asia Pacific reversible heat pump industry is expected to grow on account of increasing adoption of advanced technologies, rising environmental concerns, and implementation of stringent energy efficiency standards. Regulatory mandates for energy-efficient technologies, coupled with a growing preference for modern heating and cooling systems over traditional solutions, are shaping the market dynamics. For instance, in April 2024, China's Standardization Administration introduced mandatory national standards for minimum energy efficiency values and grades for heat pumps. This new standard will replace four existing standards for various types of heat pumps, including water-source and low ambient temperature air source models.
 

Asia Pacific Reversible Heat Pump Market Analysis

The air source segment is anticipated to cross over USD 3.5 billion in 2032. Surging demand for energy-efficient solutions in space heating, cooling, and hot water, growing environmental awareness, coupled with the phased-out traditional heating and cooling systems, is propelling product demand. Stringent government mandates toward energy efficiency and focus on reducing carbon footprint will further accelerate the product deployment. Ongoing technological advancements to enhance system efficiency and operational flexibility across various applications is set to play a pivotal role in shaping the air source heat pump industry dynamics.
 

Ground source heat pump segment is set to grow owing to rising investments in green building infrastructure across residential and commercial sectors along with shifting focus toward adoption of low carbon heating & cooling systems. GHPs are favored for their eco-friendly nature, reliability, ability to minimize heat losses, and effective humidity control which is set to augment the product deployment. Moreover, growing emphasis on energy efficiency, rising adoption of renewable technologies, and proactive measures to reduce energy consumption and operational costs are driving the product demand.
 

The residential segment is anticipated to witness a CAGR of over 10% through 2032. Growing population across the region along with increasing demand for heating, hot water and cooling solutions across single family houses, apartments and multi-family residential establishments have complemented the industry landscape. Increasing construction activities, inclination toward enhancing the energy efficiency of buildings together with ongoing replacement of traditional heating technologies will accelerate the residential heat pump business outlook.
 

China reversible heat pump market is likely to exceed USD 1.8 billion by 2032. Growing population, increasing urbanization, rising demand for efficient heating and cooling solutions, is complementing the industry landscape. Stringent mandates aimed at enhancing building energy efficiency, along with the introduction of favorable financial incentives, are further influencing business dynamics. Moreover, growing inclination to reduce carbon emissions, refurbishment of residential and commercial building infrastructure has accelerated the adoption of sustainable technologies, further augmenting the industry outlook.
 

Asia Pacific Reversible Heat Pump Market Share

Increasing energy consumption and strict energy efficiency regulations are fueling the demand for efficient space heating and hot water technologies in commercial applications. Manufacturers and suppliers are realigning their research and development efforts to enhance and diversify their product portfolios. Furthermore, industry participants are investing in sustainable technological platforms, leading to notable advancements. Carrier, DAIKIN, Panasonic Corporation, Mitsubishi Electric and Trane hold the major market share across the Asia Pacific reversible heat pump industry.
 

Asia Pacific Reversible Heat Pump Market Companies

Key industry players operating across industry include:

• Carrier
• Clivet S.p.A.
• Daikin
• Glen Dimplex
• Guangdong Wotech Renewable Energy & Technology Co., Ltd.
• Guangdong Shunde O.S.B. Environmental Technology Co., Ltd.
• Guangzhou SPRSUN New Energy Technology Development Co., Ltd.
• Mammoth (Shanghai) Air Conditioning Ltd
• Mitsubishi Electric Corporation
• Panasonic Corporation
• Systemair AB
• Trane Technologies International Limited
• YANMAR HOLDINGS CO., LTD.
   

Asia Pacific Reversible Heat Pump Industry News

• In April 2024, Trane Technologies unveiled its updated residential product line, featuring design improvements to its high-efficiency heat pumps and air conditioners. The new models incorporate next-generation refrigerants with 78% lower global warming potential (GWP). These re-engineered products offer enhanced efficiency, allowing homeowners to meet their heating and cooling requirements while reducing energy costs and environmental impact.
   
• In February 2024, Panasonic Heating & Cooling Solutions has introduced ECOi-W Aqua-G Blue, a new and enhanced air-to-water reversible heat pump for multi-dwelling residential commercial, industrial, and applications. The new products offer a rated power range from 50 kW to 80 kW and a coefficient of performance between 3.2 and 3.4. The unit features a variable speed pump that can automatically adjusts its speed based on the required capacity, enabling a 70% reduction in annual energy consumption.
   

This Asia Pacific reversible 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

• Residential
• Commercial
• Industrial

The above information has been provided for the following countries:

• China
• Japan
• Australia
• South Korea