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Base Year: 2023
Companies covered: 16
Tables & Figures: 34
Countries covered: 26
Pages: 105
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Commercial Air Source Heat Pump Market
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Commercial Air Source Heat Pump Market Size
The global commercial air source heat pump industry was evaluated at USD 10.6 billion in 2023 and is set to experience a growth rate of 15% 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.
Commercial Air Source Heat Pump Market Analysis
The 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. Furthermore, the enhancement in the commercial construction dynamics attributed to the higher need for steady hot water supply in cafes, restaurants and hotels will complement the product demand.
The air to water heat pump industry is set to experience a growth rate of over 17.5% through 2032. The advancement towards energy efficiency due to depleting common energy resources alongside government regulations will also be a major factor. Moreover, in addition to serving as an energy efficient alternative for domestic hot water system and space heating, the growth of these pumps will be fueled by the increasing construction of buildings as well as the growing population.
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 example, in French government initiated a subsidy scheme in February 2023 which allows users to receive more than USD 5,150 (EUR 5,000) for the removal of central heating systems and the installation of new high-quality heat pump systems.
The 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.
Commercial Air Source Heat Pump Market Share
There are a significant number of competitive strategies which are aided by the encouraging policies and incentives to lower carbon emissions which helps pushing the commercial air source heat pumps industry. In addition, key players including Carrier, Daikin, Trane, and OCHSNER, and many others, are constantly on the lookout for change or upgradation of their product portfolio. In addition, the companies seek to enhance system performance and efficiency by deploying the new variable speed compressors with hybrid systems to increase market presence.
Commercial Air Source Heat Pump Market Companies
Key manufacturers actively participating across the industry consist of:
Commercial Air Source Heat Pump Industry News
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
Market, By Product
The above information has been provided for the following regions and countries: