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Commercial Air Source Heat Pump Market Trends

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

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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.

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.