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Commercial Air to Water Heat Pump Market Size - By Application (Education, Healthcare, Retail, Logistics & Transportation, Offices, Hospitality) & Forecast, 2024 - 2032
Commercial Air to Water Heat Pump Market Size - By Application (Education, Healthcare, Retail, Logistics & Transportation, Offices, Hospitality) & Forecast, 2024 - 2032
Published Date: July - 2024 | Publisher: MIR | No of Pages: 240 | Industry: Industrial-Machinery | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Free Sample Ask for Discount Request CustomizationCommercial Air to Water Heat Pump Market Size
Commercial Air to Water Heat Pump Market size was estimated at USD 5.8 billion in 2023 and is set to witness CAGR of 18% between 2024 and 2032. Growing demand for reliable space heating & hot water solutions along with stringent building mandates encouraging for energy efficiency and carbon reduction, is driving the adoption of energy-efficient HVAC solutions.
To get key market trends
For instance, in December 2023, the European Performance of Buildings Directive was revised to offer detailed strategies for decarbonizing building stock and sets targets for renovating at least 16% of the EU's worst performing non-residential buildings by 2030. Furthermore, the operational advantages offered by these systems including reliable performance, high efficiency, and cost-effectiveness will contribute to product deployment.
| Report Attribute | Details |
|---|---|
| Base Year | 2023 |
| Commercial Air to Water Heat Pump Market Size in 2023 | USD 5.8 Billion |
| Forecast Period | 2024 - 2032 |
| Forecast Period 2024 - 2032 CAGR | 18% |
| 2032 Value Projection | USD 25.9 Billion |
| Historical Data for | 2019 - 2023 |
| No. of Pages | 305 |
| Tables, Charts & Figures | 410 |
| Segments covered | Application and Region |
| Growth Drivers |
|
| Pitfalls & Challenges |
|
What are the growth opportunities in this market?
Commercial Air to Water Heat Pump Market Trends
Due to higher energy costs, the need for efficient heating and hot water, and the rising popularity of renewable energy, the commercial air-to-water heat pump industry is booming. Governments are also giving financial aid, laws, and tax breaks to encourage businesses to switch to renewable energy. For example, in the US, businesses can now get a tax deduction for installing energy-efficient equipment in commercial buildings. This deduction is now also available to those who design and own specific types of buildings owned by certain non-profit groups.
Commercial Air to Water Heat Pump Market Analysis
Learn more about the key segments shaping this market
The hospitality application witnessed market is projected to cross USD 4.5 billion by 2032. Growing construction activities including hotels, resorts, and restaurants along with increasing demand for versatile heating and cooling solutions, ensuring comfort while minimizing energy consumption and operational costs will accelerate the product demand. Moreover, growing emphasis energy efficiency, reducing carbon emission and integration of smart technology and IoT across heat pump systems will positively influence the business dynamics.
Learn more about the key segments shaping this market
Get ready for a green revolution in Europe's air-conditioning and heating scene! The market for eco-friendly heat pumps that use air and water to heat and cool spaces is projected to hit a whopping 16 billion dollars by 2032. Why the surge? People are becoming increasingly aware of climate change and are embracing greener solutions. Governments are backing this up with policies that encourage cutting down on carbon emissions. Plus, companies are stepping up with innovative technologies to make these heat pumps even better. For example, in 2024, Rinnai UK showcased a clever system for a swanky hotel in England. It slashes energy costs, cleans up carbon emissions, and makes the place more energy-efficient overall. With more and more people choosing low-carbon tech, stricter rules on emissions, tighter energy standards for buildings, and even some financial perks, it's clear that the heat pump industry in Europe is set for a bright and sustainable future.
Commercial Air to Water Heat Pump Market Share
Looking for region specific data?
Commercial air to water heat pump manufacturers are focusing on forming strategic partnerships, agreements, acquisitions, and innovating new products to strengthen their competitive edge in the market. Key players include Carrier, Mitsubishi Electric, Daikin, Rinnai, Panasonic, and Bosch Thermotechnology Ltd. holds majority of the market share across the industry.
Commercial Air to Water Heat Pump Market Companies
The key market players operating across the industry include
- Bosch Thermotechnology Ltd.
- Carrier
- Clade Engineering Systems Ltd
- Daikin
- Glen Dimplex Group
- Global Energy Ltd.
- Guangzhou SPRSUN New Energy Technology Development Co., Ltd.
- Lochinvar
- Master Therm tepelná ?erpadla s. r. o.
- MESTEK, INC.
- Mitsubishi Electric Corporation
- Nuetech Solar Systems Pvt. Ltd
- Panasonic Corporation
- Rheem Manufacturing Company
- Rinnai
- Trane
Commercial Air to Water Heat Pump Industry News
- In February 2024, Viessmann introduced a new series of air-source heat pumps tailored for both commercial and residential applications. Known as the Vitocal 200-A Pro, this line includes three models with heating capacities ranging from 32 kW to 128 kW, and cooling capacities from 34 kW to 139 kW. The company claims that these heat pumps boast a coefficient of performance (COP) of up to 4.57 and a seasonal coefficient of performance (SCOP) of up to 4.4. Additionally, they utilize non-flammable refrigerant R407C, which has a global warming potential (GWP) of 1774.
- In May 2023, Daikin Applied Americas introduced an air to water heat pump designed for commercial rooftop applications in both new construction and retrofit projects. Targeted spaces include office buildings, schools, and commercial retail establishments. The heat pump boasts a heating capacity of 91.2 kW and a cooling capacity of 23.58 tons. With a coefficient of performance (COP) of 3.12 in heating mode and a seasonal coefficient of performance (SCOP) of 3.31, it offers efficient heating and cooling solutions for various commercial environments.
The commercial air to water heat pump market research report includes in-depth coverage of the industry with estimates & forecast in terms of “’000 Units” and “USD Million” from 2019 to 2032 for the following segments
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Market, By Application
- 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
- Poland
- Belgium
- Slovakia
- Ireland
- Czech Republic
- Asia Pacific
- China
- Japan
- Australia
- South Korea
- Middle East & Africa
- Saudi Arabia
- Türkiye
- South Africa
- Latin America
- Brazil
- Mexico
- Argentina
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