Air Source Heat Pump Market Size
The air source heat pump market was worth $47.7 billion in 2023 and is expected to grow at a rate of roughly 14.4% per year from 2024 to 2032. The launch of new projects by important participants in the sector, together with a growing desire to use refrigerants that are better for the environment and have a low global warming potential (GWP), will speed up the growth of the business.
Also, the establishment of supportive regulatory policies by governments in both rich and developing economies will have a big impact on how the industry works. For example, in February 2024, the U.S. Department of Energy (DoE) announced an additional USD 63 million, bringing the total to USD 169 million, to encourage the production of heat pump water heaters, heat pumps, and related parts in the U.S.
| Report Attribute | Details |
|---|---|
| Base Year | 2023 |
| Air Source Heat Pump Market Size in 2023 | USD 47.7 Billion |
| Forecast Period | 2024 - 2032 |
| Forecast Period 2024 - 2032 CAGR | 14.4% |
| 2032 Value Projection | USD 159.7 Billion |
| Historical Data for | 2021 - 2023 |
| No. of Pages | 125 |
| Tables, Charts & Figures | 40 |
| Segments covered | Product, Application, and Region |
| Growth Drivers |
|
| Pitfalls & Challenges |
|
Air Source Heat Pump Market Trends
The air source heat pump sector is expected to grow a lot because of the drastic changes in temperature, the ongoing efforts to find reliable heating and cooling options that work at a wide range of temperatures, and the big changes in the weather. Also, the shift to ASHP systems will speed up even more because important companies in the sector are starting new projects and more people are choosing refrigerants that are better for the environment and have a lower global warming potential (GWP).
Air Source Heat Pump Market Analysis
The air-to-water heat pump market is expected to reach more than USD 115 billion by 2032. This is because cold weather is common and important government organizations are offering new money-saving schemes. As more energy is used for heating space and water, new improved ATW options that save energy have become available. Also, a good regulatory framework and new research and development projects by both government and non-government organizations can help the adoption of air to water heat pumps even more.
The air-to-air heat pump industry will rise because more people want space heating and cooling systems that have a smaller carbon footprint. The lower initial deployment cost, less operation and maintenance needs, integration of smart control and operating capabilities, and lower operational costs are some of the main elements that are helping businesses throughout the world.
The residential segment is expected to grow at a rate of about 14% per year through 2032. This is because infrastructure spending on new homes is always going up, there are more building stocks because of cleaner technologies, the government has programs to help low-income families, and the population is growing quickly in cities. In addition, the residential heat pump business is growing because of more construction to create and repair modern infrastructure, stricter building energy standards, and ongoing research and development projects by important companies.
The Asia Pacific air source heat pump market will probably be worth more than USD 55 billion by 2032. This is because the population is growing quickly, construction costs are going up, and people's disposable incomes are going up. A positive view on using more efficient heating and cooling systems to cut energy costs and overall energy use will change the way the sector works. Also, efforts by important companies in the industry to design and build modern heat pumps with more features that can be used in a wider range of situations would help the business thrive.
Air Source Heat Pump Market Share
Various industry players offer a wide range of air source heat pumps through numerous channels across the industry. Growing research & development initiatives to introduce advanced products with enhanced operational features coupled with paradigm shift towards adoption of green energy technologies will create new opportunities for different industry participants.
Air Source Heat Pump Market Companies
The key companies actively operating across the industry includes
- Bosch Thermotechnology Ltd
- Carrier
- Colmac Industries
- DAIKIN INDUSTRIES Ltd
- Fujitsu General
- Glen Dimplex Group
- Gree Electric Appliances, Inc.
- Guangzhou SPRSUN New Energy Technology Development Co., Ltd.
- Lennox International Inc.
- LG Electronics
- Mitsubishi Electric Corporation
- NIBE Industrier AB
- Panasonic Corporation
- Rheem Manufacturing Company
- SAMSUNG
- Stiebel Eltron GmbH & Co. KG
- Swegon Group AB
- Systemair AB
- Toshiba Air Conditioning
- Trane
- Vaillant Group
- WOLF GmbH
Air Source Heat Pump Industry News
- In July 2024, Trane introduced an all-in-one ASHP unit with modular multi-pipe design called Thermafit Model MAS utilizing R-454B refrigerant and a capacity rating of up to 30 tons. The new unit is specifically fabricated to serve commercial and industrial establishments and can be stacked up to 10 modules to deliver a total capacity rating of up to 300 tons ensuring continuous operation.
- In May 2024, Midea unveiled its EVOX G3 heat pump system, the latest generation in the EVOX series designed to provide extreme comfort, performance, and ease of installation throughout North America. The inverter-driven cold climate heat pump technology can deliver a heating output of up to 100% at temperatures down to -13 °F along with efficient operations up to -22°F, while maintaining a COP rating of up to 1.8, thereby offering an advanced solution for home heating & cooling upgrades.
This 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
Market, By Product
- Air to Air
- Air to Water
Market, By Application
- Residential
- Single Family
- Multi Family
- Residential, By Product
- Domestic Hot Water Heat Pump
- Room Heat Pump
- Commercial
- Education
- Healthcare
- Retail
- Logistics & Transportation
- Offices
- Hospitality
- Others
The above information has been provided for the following regions and countries
- North America
- U.S.
- Canada
- Europe
- Austria
- Norway
- Denmark
- Finland
- France
- Germany
- Italy
- Switzerland
- Spain
- Sweden
- UK
- Netherlands
- Asia Pacific
- China
- Japan
- Australia
- South Korea
- Middle East & Africa
- Saudi Arabia
- Türkiye
- South Africa
- Latin America
- Brazil
- Mexico
- Argentina
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