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Base Year: 2023
Companies covered: 16
Tables & Figures: 34
Countries covered: 24
Pages: 115
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Residential Air Source Heat Pump Market
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Residential Air Source Heat Pump Market Size
The global residential air source heat pump market size was evaluated at USD 37.1 billion in 2023 and is projected to achieve a CAGR of 14.2% from 2024 2032. The combination of the advancement of technology, concern for the environment, and supportive government policies has significantly boosted the industry growth.
The proliferation of the innovative energy-efficient heat pump technology aiding in the reduction of carbon emissions and achievement of climate goals will further boost the industry development. For example, in December 2023, the U.S. DoE proclaimed an investment of around USD 530 million in technical grants. These grants are intended to increase the adoption of new energy codes, standards for building performance, and zero energy mandates that are expected to increase energy savings and efficiency.
Residential Air Source Heat Pump Market Trends
The residential air source heat pump industry is set to attain significant uptake owing to the development of heat pumps using low global warming potential (GWP) refrigerants with reduced environmental impact coupled with prevalence of financial incentives from governments encouraging homeowners. For example, in July 2024, the South Korea based Navien launched a new product line of ASHP mainly for domestic use. It incorporates a DC inverter which has six types with an output capacity ranging from 6 to 17 kW and uses propane R290 as a refrigerant.
In addition, innovations in heat pump design and introduction of smart HP units that integrate with home automation systems, are among the key factors augmenting the industry landscape.
Residential Air Source Heat Pump Market Analysis
Residential air to water heat pump industry is projected to surpass USD 89 billion by 2032, driven by the escalating demand for hot water in households along with the ease of installation, providing space heating and hot water services aimed at meeting different consumer needs. The enhanced features including dual functionality where consumer preference for comprehensive, cost-effective, and energy conscious solutions is growing, therefore increasing growth in the air to water industry.
The demand in the residential air-to-air heat pump sector is growing substantially owing to the newer models equipped with effective compressors and refrigerants which enables them to work efficiently at low outdoor temperatures. Furthermore, smart technology integrated for better control of the device with an ability to run the HP units from a distant location using smart phone, tablets, and other devices will shape the residential air source heat pump market dynamics.
The single family segment is set to observe a CAGR of over 14% through 2032, due to the use of HP units toward enhancing energy efficiency, sustainability, and smart home automation. In addition, it is supported by incentives & rebates provided by governments and utilities for shifting from fossil fuel-based heating systems with the adoption of heat pumps in single-family applications.
The Asia Pacific residential air source heat pump market size is expected to cross 49 billion by 2032, propelled by the combination of economic expansion, urbanization, and a heightened focus on energy efficiency. The rising living standards and the population expansion coupled with the rapid urbanization, economic growth, and growing construction expenditures will add to the air source heat pump industry growth. For example, according to the report by the Australian Bureau of Statistics in July 2024, the total value of residential construction in the country had reached USD 5 billion as of May 2024 and had increased by 4.5 percent as compared to May 2023 with a figure of USD 4.78 billion.
Residential Air Source Heat Pump Market Share
The residential air source heat pump industry is propelled by intense competition owing to the combination of growing demand for energy-efficient home heating and cooling solutions and rapid technological advancements. The residential heat pump industry is shaped by various global & regional players including Daikin, Mitsubishi Electric, Panasonic, and LG Electronics, expanding their product reach with extensive distribution networks and established product portfolios.
Residential Air Source Heat Pump Market Companies
Major manufacturers in residential air source heat pump industry include:
Residential Air Source Heat Pump Industry News
The residential 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 Product
Market, By Application
The above information has been provided for the following regions and countries: