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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.
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.
How big is the residential air source heat pump market?
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.
Why is the use of residential air to water heat pump rising?
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.
Why is the residential air source heat pump industry booming in Asia Pacific?
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.
Who are the major residential air source heat pump industry players?
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.