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Commercial Air Source Heat Pump Market Size

Report ID: GMI11621
Published Date: Sep 2024
Report Format: PDF

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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.

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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 Report Attributes
Report Attribute	Details
Base Year:	2023
Commercial Air Source Heat Pump Market Size in 2023:	USD 10.6 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	15%
2032 Value Projection:	USD 37.6 Billion
Historical Data for:	2021 to 2023
No. of Pages:	105
Tables, Charts & Figures:	34
Segments covered:	Application, Product, and Region
Growth Drivers:	Increasing demand for energy-efficient systems along with prevalence of encouraging regulatory policies Growing integration of smart building technologies Rapid urbanization coupled with rising construction expenditure
Pitfalls & Challenges:	Availability of conventional alternatives

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Authors: Ankit Gupta , Divyendu Sharma

Frequently Asked Questions (FAQ) :

The market size of commercial air source heat pump reached USD 10.6 billion in 2023 and is projected to grow at a CAGR of over 15% from 2024 to 2032, led by growing integration of smart building technologies.

The air-to-water product segment is expected to grow at a rate of over 17.5% through 2032, propelled by the focus on energy efficiency, stringent government regulations, and the increasing demand for space heating and domestic hot water.

The hospitality segment is projected to exceed USD 7 billion by 2032, driven by the growing installation of heat pumps in hospitality areas for energy-efficient heating and cooling, as well as the demand for consistent hot water solutions in restaurants, cafes, and hotels.

The U.S. market is set to surpass USD 5.5 billion by 2032, driven by increasing awareness of energy efficiency, the need to reduce greenhouse gas emissions, and new public-private partnerships fostering innovation and operational expertise.

Key manufacturers include Bosch, Carrier, Clade, Clivet, Daikin, Glen Dimplex, Guangdong PHNIX, Guangzhou SPRSUN, Lochinvar, Mitsubishi Electric, Mestek, Ochsner, Panasonic, Rheem, Rinnai, and Trane.