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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. 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.
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.