Air to Water Heat Pump Market Size
In 2023, the air to water heat pump market was worth USD 28.7 billion. It is expected to grow at a rate of roughly 16.8% per year from 2024 to 2032. The need for energy-efficient heating and cooling systems has grown because of the quick growth of the sustainable building infrastructure and the rise in population and increasing urbanization.
There has been a big increase in energy use in different parts of the world to meet the needs for space heating and hot water. Also, the company picture will get better because more people want heating systems that work in low temperatures and ambient temperatures, and because more people are moving toward more advanced technology.
| Report Attribute | Details |
|---|---|
| Base Year | 2023 |
| Air to Water Heat Pump Market Size in 2023 | USD 28.7 Billion |
| Forecast Period | 2024 to 2032 |
| Forecast Period 2024 to 2032 CAGR | 16.8% |
| 2032 Value Projection | USD 115.4 Billion |
| Historical Data for | 2021 to 2023 |
| No. of Pages | 220 |
| Tables, Charts & Figures | 30 |
| Segments covered | Application and Region |
| Growth Drivers |
|
| Pitfalls & Challenges |
|
Air to Water Heat Pump Market Trends
The air to water heat pump sector is going to grow quickly since energy efficiency has become a big problem in the last few years due to the rapid depletion of traditional energy sources and strict regulatory rules. These systems are seen to be an advanced option that can provide an energy-efficient way to heat a home and make hot water for the home. Also, the quickly rising population and the expansion in the number of homes has increased the need for space heating, which will boost the heat pump company.
Air to Water Heat Pump Market Analysis
By 2032, the residential category is expected to be worth more than $85 billion. This is because more people will need hot water and space heating, and more multi-story structures and huge homes will be built. The domestic air to water heat pump business will also grow because more people want energy-efficient technology to heat their homes and because people are becoming more interested in using energy-efficient technologies.
Commercial use is expected to grow quickly since regulators are putting in place stricter building efficiency regulations and there is a growing need for space heating and hot water in healthcare facilities, schools, stores, and many other places. Strong economic frameworks and government efforts to attract more foreign investment in the service sector can help businesses expand. The commercial air to water heat pump business is also rising because of higher construction costs, the launch of new units, stricter emission rules, and the renovation of existing public buildings.
The Asia Pacific air-to-water heat pump market is expected to reach USD 45 billion by 2032. This is because the population and rate of urbanization are both expanding in the region, and there is also a growing need for space heating and hot water in colder areas. The growing number of homes and businesses in cities and suburbs has had a big impact on the demand for the commodity. In addition, the governments in the region have set up a number of helpful programs, like as business tax credits, rebates, and personal tax credits, to encourage the use of different energy-efficient technologies that are driving the expansion of the industry.
The European air-to-water heat pump market is driven by supportive government policies and a number of financial assistance programs and initiatives. Different people in the sector are working with government departments to push for new research and development projects that will improve the product's efficiency ratings and make it easier to use in new areas.
Air to Water Heat Pump Market Share
The growing demand for efficient and reliable space heating technologies and hot water to encounter ever-increasing energy consumption along with introduction of stringent standards to encourage energy efficiency will boost the air to water heat pump industry. Moreover, Manufacturers and suppliers have been continuously reorganizing their research and development investments to expand and enhance their product portfolios. Additionally, the industry players are making new investments to integrate sustainable technological platforms, marking a significant breakthrough.
Air to Water Heat Pump Market Companies
Major manufacturers operating across the industry comprising of
- Bosch Thermotechnology Corp.
- Carrier Corporation
- DAIKIN INDUSTRIES Ltd.
- FUJITSU GENERAL LIMITED
- Glen Dimplex Group
- Guangzhou SPRSUN New Energy Technology Development Co., Ltd.
- LG Electronics
- NIBE Industrier AB
- Panasonic Corporation
- SAMSUNG
- STIEBEL ELTRON GmbH & Co. KG
- Toshiba Air Conditioning
- Trane
- Vaillant Group
- Viessmann
- WOLF GmbH
Air to Water Heat Pump Industry News
- In March 2024, LG Electronics Canada unveiled the R32 Air-to-Water Heat Pump at the Canadian Mechanical and Plumbing Expo. The new product is designed with a focus on energy efficiency and sustainability to ensures quiet operation and offer versatile temperature ranges, making it ideal for both residential and commercial applications.
- In March 2024, Panasonic announced its latest air-to-water heat pumps, designed for commercial and multi-residential applications, with a release date set for September. The new products are introduced as a part of the Aquarea M Series lineup is equipped with R290 refrigerants and are available in three variants with rated powers of 20 kW, 25 kW, and 30 kW.
This air to water heat pump market research report includes in-depth coverage of the industry with estimates & forecast in terms of “’000 Units” & “USD Million” from 2021 to 2032 for the following segments
Market, By Application
- Residential
- Single family
- Multi family
- 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 countries
- North America
- U.S.
- Canada
- Europe
- Austria
- Norway
- Denmark
- Finland
- France
- Germany
- Italy
- Switzerland
- Spain
- Sweden
- UK
- Netherlands
- Poland
- Belgium
- Slovakia
- Ireland
- Czech Republic
- Asia Pacific
- China
- Japan
- Australia
- South Korea
- Middle East & Africa
- Saudi Arabia
- Turkey
- South Africa
- Latin America
- Brazil
- Mexico
- Argentina
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