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Residential Air to Air Heat Pump Market Trends

Report ID: GMI7552
Published Date: Nov 2024
Report Format: PDF

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Residential Air to Air Heat Pump Market Trends

The residential air to air heat pump industry is anticipated to observe substantial expansion on account of the continuous advancements in heating and cooling systems coupled with shifting consumer preference towards clean energy technologies. Ongoing urbanization in developing countries and the expansion of residential projects, including multi-story buildings and single-family homes, will positively influence business dynamics.

Government and authority-led incentive schemes and rebates will further boost product deployment. For instance, since January 2023, the UK government has been offering grants exceeding USD 5,800 for air-source heat pumps across prevailing and new constructions retrofits, stimulating the market for various HP systems across Europe. Similarly, the government of Austria introduced financial support for ASHP units across new building infrastructures covering up to 20% of the cost. In addition, the program available from January 2023 to December 31^st, 2024, also offers aid for retrofitting activities for up to 35%, with a maximum of USD 5,000.

Authors: Ankit Gupta, Divyendu Sharma

Frequently Asked Questions (FAQ) :

The global market for residential air-to-air heat pump was reached USD 14 billion in 2023 and is set to grow at a CAGR of 9.6% from 2024 to 2032, driven by the increasing demand for cost-effective and efficient heating and cooling solutions.

The single-family segment is projected to exceed USD 19.5 billion by 2032, due to the rising demand for energy-efficient and eco-friendly solutions, along with the growth of the real estate sector.

The ductless segment is anticipated to grow at a CAGR of over 9.5% through 2032, propelled by the rising demand for energy-efficient heating and cooling systems and the increasing volatility of electricity costs.

The U.S. residential air-to-air heat pump market is anticipated to reach USD 7.8 billion by 2032, led by increasing residential construction and government incentives such as low-interest loans, investment grants, and tax benefits.

Key industry players include American Standard, Bard, Blue Star, Bosch, Carrier, Daikin, Fujitsu, Gree, Klimaire, LG, Lennox, MrCool, Napoleon, Panasonic, Rheem, Samsung, Stiebel Eltron, and Trane.