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Residential Air Source Heat Pump Market Size

Report ID: GMI11199
Published Date: Sep 2024
Report Format: PDF

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Residential Air Source Heat Pump Market Size

Residential Air Source Heat Pump Market was valued at USD 37.1 billion in 2023 and is projected to achieve around 14.2% CAGR from 2024 to 2032, driven by a combination of technological advancements, environmental concerns, and supportive government policies.

Residential Air Source Heat Pump Market

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Moreover, increasing adoption of energy-efficient heat pump technologies facilitating significant reductions in carbon emissions and achieving climate goals will further proliferate the industry growth. For instance, in December 2023, the U.S. DoE announced an investment of approximately USD 530 million in technical grants aiming to bolster the adoption of modern energy codes, building performance standards, and zero energy mandates, designed to achieve optimized energy savings and efficiency.

Residential Air Source Heat Pump Market Report Attributes
Report Attribute	Details
Base Year:	2023
Residential Air Source Heat Pump Market Size in 2023:	USD 37.1 Billion
Forecast Period:	2024 – 2032
Forecast Period 2024 – 2032 CAGR:	14.2%
2024 – 2032 Value Projection:	USD 122.1 Billion
Historical Data for:	2021-2023
No. of Pages:	95
Tables, Charts & Figures:	34
Segments covered:	Product, Application, and Region
Growth Drivers:	Growing awareness and demand for energy-efficient solutions Availability of supportive government policies, subsidies, and incentives Ongoing technological innovations in ASHP technology and associated components
Pitfalls & Challenges:	High initial upfront cost coupled with stringent regulations pertaining to refrigerants

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Authors: Ankit Gupta, Divyendu Sharma

Frequently Asked Questions (FAQ) :

The market size of residential air source heat pump was worth over USD 37.1 billion in 2023 and is anticipated to register 14.2% CAGR between 2024 and 2032, driven by the increasing technological advancements, environmental concerns, and supportive government policies.

The air to water segment in the residential air source heat pump market is projected to reach USD 89 billion by 2032, due to the rising demand for hot water in residential environments and strong shift toward energy-efficient solutions.

Asia Pacific residential air source heat pump market is expected to cross USD 49 billion by 2032, driven by economic expansion, rapid urbanization, and growing construction expenditures.

AERMEC S.P.A., Bosch Thermotechnology Ltd., Clivet S.p.A., Daikin, FUJITSU GENERAL, JOHNSON CONTROLS - HITACHI AIR CONDITIONING COMPANY, Lennox International Inc., LG Electronics, and Midea, among others.