Commercial Air Source Heat Pump Market Size - By Application, By Product, Analysis, Share, Growth Forecast, 2024 – 2032

Commercial Air Source Heat Pump Market Size

The global commercial air source heat pump market size was evaluated at USD 10.6 billion in 2023 and is set to grow at over 15% CAGR from 2024 to 2032. Stringent energy regulations with a growing focus on reducing carbon emissions coupled with ongoing integration of renewable energy sources into HVAC systems will complement the industry landscape.
 

In addition, key governments & organizations are increasingly incentivizing the use of electric HVAC systems promoting decarbonization and diminishing dependence on fossil fuel adding to the business growth. For instance, in January 2024, the UK Green Building Council (UKGBC) introduced a direction regarding the retrofitting of large office buildings indicating new avenues helping in attaining decarbonization of commercial infrastructures.
 

Commercial Air Source Heat Pump Market Trends

The commercial air source heat pump industry is projected to observe strong growth owing to growing focus on sustainability and energy efficiency across non-residential buildings. Air source heat pumps are widely integrated for their ability to efficiently transfer heat, using significantly less energy, aligning with the global decarbonization targets and building efficiency standards. Moreover, the growing construction expenditure of commercial buildings driven by the fast-paced urbanization & population growth coupled with the integration of green building technologies will add to the industry pace.
 

For instance, in August 2024, the Australian Bureau of Statistics confirmed that the total value of construction of non-residential buildings in the country totaled USD 9.7 billion in April – June quarter 2024, observing 9.7% increase from USD 8.8 billion January – March quarter 2024.
 

Commercial Air Source Heat Pump Market Analysis

Hospitality segment is projected to cross USD 7 billion by 2032, on account of the growing installation of heat pumps in hospitality areas to provide both heating and cooling in a highly energy-efficient operations. Moreover, advance HP systems including variable speed heat pumps, allow precise temperature control improving the space comfortability round the year. In addition, the growing demand for consistent hot water solutions in restaurants, cafes, and hotels, among other verticals, will proliferate the commercial heat pump industry dynamics.
 

The commercial air source heat pump market from air to water product segment is set to experience a growth rate of over 17.5% by 2032 as energy efficiency gains attention due to rapidly depleting conventional energy resources and stringent government regulations. These systems offer an advanced, energy-efficient alternative for space heating and domestic hot water preparation. In addition, the increasing population and rising number of building units have escalated space heating demand, which is projected to drive the commercial air to water heat pump market dynamics.
 

Significant climate variations across different regions, attributed to increasing carbon footprints and global warming, have prompted regulators and authorities to focus on limiting emissions complementing the commercial air to air heat pump industry outlook. Moreover, the key government authorities have introduced policies to encourage the adoption of renewable energy sources and mitigate climate change impacts.
 

For instance, in February 2023, the government of France implemented a financial incentive program to promote the adoption of energy-efficient heating solutions. Under this initiative, individuals can receive a rebate of up to EUR 5,000 for replacing their outdated heating systems with new, high-efficiency heat pumps.
 

U.S. commercial air source heat pump market is projected to surpass USD 5.5 billion by 2032 owing to the increasing awareness of energy efficiency and the need to reduce greenhouse gas emissions is propelling market growth. In addition, introduction of new public-private partnerships is fostering collaboration between government bodies and private companies augmenting the innovation, technology, and operational expertise of the heat pump units, thereby augmenting the U.S. air source heat pump industry.
 

For instance, in April 2024, AAON, Inc. announced its collaboration with the U.S. DOE to advance cold climate commercial HP units and boost the commercial HP technology as a part of the DOE’s2024-2027 Better Buildings Commercial Building Heat Pump Accelerator initiative.
 

Commercial Air Source Heat Pump Market Share

The commercial air source heat pump industry is currently experiencing significant growth, driven by several competitive trends shaped by the presence of supportive policies and incentives aimed at reducing carbon emissions. Key players including Carrier, Daikin, Trane, and OCHSNER, among others, are constantly seeking advent of advanced technologies including variable-speed compressors and hybrid systems, enhancing efficiency and performance of the systems to boost their market share & presence.
 

Commercial Air Source Heat Pump Market Companies

Key manufacturers actively participating across the industry consist of:

• Bosch
• Carrier
• Clade
• Clivet
• Daikin
• Glen Dimplex
• Guangdong PHNIX
• Guangzhou SPRSUN
• Lochinvar
• Mitsubishi Electric
• Mestek
• Ochsner
• Panasonic
• Rheem
• Rinnai
• Trane
   

Commercial Air Source Heat Pump Industry News

• In September 2024, Viessmann Climate Solutions UK introduced a new line of ASHP designed primarily across larger properties and small- to mid-scale commercial applications. The new product has a capacity of 40 kW delivering both heating & cooling operations with a COP of 5.32 while operating at a low GWP natural R-290 propane refrigerant.
   
• In May 2024, Clivet unveiled Thunder, a propane (R290) based air-cooled reversible heat pumps with cooling, heating, and hot water needs across commercial & residential verticals. The product line has a capacity rating between 35 to 73 kW along with the ability to connect up to 16 units with variable-speed control to serve larger heating and cooling demands.
   

The commercial air source 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 Application

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

Market, By Product

• Air to air
• Air to water

The above information has been provided for the following regions and countries:

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