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The air source heat pump market size is estimated to grow at a CAGR of 11.41% between 2023 and 2028. The market size is forecast to increase by USD 50.80 billion.
The report offers extensive research analysis on the Air Source Heat Pump Market, with a categorization based on Product, including air-to-water and air-to-air. It further segments the market by Application, encompassing residential, industrial, and commercial. Additionally, the report provides geographical segmentation, covering APAC, Europe, North America, the Middle East and Africa, and South America. Market size, historical data (2017-2021), and future projections are presented in terms of value USD million for all the mentioned segments.
Air Source Heat Pump Market Forecast 2024-2028
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Driver - Growing environmental concerns
The increasing need to reduce greenhouse gas emissions and increased awareness of environmental issues are key factors contributing to the global air source heat pumps market. In addition, the awareness of the severe effects of climate change is causing civilizations to shift their focus toward energy-efficient and sustainable heating and cooling systems. Furthermore, due to its small carbon footprint, air source heat pumps, which use heat from the air to generate heat or cool, have drawn attention.
For instance, in the European Union (EU), strict emission reduction goals have supported the replacement of traditional fossil fuel-based heating systems with air-source heat pumps, greatly lowering carbon emissions. In addition, environmental consciousness is a key factor fuelling this market's rise, as consumers and governments in places like North America and APAC are embracing these systems to reduce energy usage and battle climate change. Therefore, growing environmental concerns are expected to drive the air source heat pump market growth during the forecast period.
The integration of smart technology and IoT features is a major trend in the global air source heat pump market as it improves the functionality and efficiency of air source heat pump systems. In addition, users can remotely monitor and operate their heating and cooling systems by connecting them to the internet. Furthermore, this allows for immediate changes through web interfaces or smartphone apps.
Moreover, to maximize energy use, homeowners can, for example, pre-cool or pre-heat their spaces before returning home. In addition, real-time diagnostics and predictive maintenance help personnel find problems early, cutting down on maintenance expenses and downtime. Furthermore, this trend, which is in line with the larger shift towards energy-efficient and environmentally friendly HVAC solutions, not only increases user convenience but also helps with energy savings and sustainability by allowing more accurate and effective management of air source heat pumps. Hence, such factors are expected to drive the growth of the global air source heat pump market during the forecast period.
Even though air source heat pump systems promise long-term energy savings, the initial upfront cost of purchasing and installing them is a major challenge in the global air source heat pump market, turning off potential customers. In addition, due to the equipment, installation, and, in certain situations, required home changes, these systems are relatively costly.
Moreover, the installation of a high-efficiency air source heat pump can be expensive, and there may be further costs if the house does not have enough ducting or insulation. In addition, though over time, air source heat pumps can significantly lower heating and cooling expenditures, this financial barrier may deter consumers on a tight budget from making the initial purchase. Hence, such factors are hindering the market growth during the forecast period.
The air-to-water segment is estimated to witness significant growth during the forecast period. One of the main factors that is fuelling the growth of the air-to-water segment is the increasing focus on environmental sustainability and energy efficiency. In addition, air-to-water heat pumps are becoming increasingly common because of their cost-effectiveness, eco-friendliness, and adaptability to different climates. Furthermore, these pumps effectively transfer heat from the outside air to provide hot water and space heating.
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The air-to-water segment was the largest segment and was valued at USD 26.97 billion in 2018. Moreover, the demand for air-to-water heat pumps is further supported by government incentives and regulations that encourage the adoption of energy-efficient heating solutions. In addition, air-to-water heat pumps are expected to develop at a strong rate and become a dominant product in the global air source heat pump market as more people and businesses look to cut back on their energy use and carbon footprint. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
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North America is estimated to contribute 37% to the growth by 2027. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period. One of the main factors that is contributing to the growth of air-source heat pumps in North America is the growing need for heat pump systems due to the focus on environmental sustainability and energy efficiency. In addition, initiatives like the US's Clean Energy for America Act, which offer tax breaks for the installation of energy-efficient heating and cooling equipment like air source heat pumps. Moreover, a greater awareness among customers of their energy expenses and carbon footprint has resulted in a higher uptake of these systems. Furthermore, since air-source heat pumps can provide both heating and cooling, they have become increasingly popular in regions of North America with extreme weather, such as harsh winters in the north and scorching summers in the south. Hence, such factors are driving the market growth in North America during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
A. O. Smith India Water Products Pvt. Ltd: The company offers air source heat pump products such as heat pump water heater, which has a dedicated outdoor unit that can be placed on a terrace, balcony, and service areas.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
Alibaba Group Holding Ltd., Ariston Holding NV, BDR Thermea Group, Carrier Global Corp., Colmac Industries Inc., Daikin Industries Ltd., Danfoss AS, Emerson Electric Co., Fujitsu General Ltd., Glen Dimplex Europe Holdings Ltd., Grant Engineering UK Ltd., Groupe Airwell, Haier Smart Home Co. Ltd., Hitachi Ltd., Ingersoll Rand Inc., Jaquar Group, Mitsubishi Electric Corp., NIBE Industrier AB, and Robert Bosch GmbH
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The air source heat pump market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
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Air Source Heat Pump Market Scope |
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Report Coverage |
Details |
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Page number |
157 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 11.41% |
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Market Growth 2024-2028 |
USD 50.80 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
10.75 |
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Regional analysis |
North America, Europe, APAC, South America, and Middle East, and Africa |
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Performing market contribution |
North America at 37% |
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Key countries |
US, Canada, China, UK, and Germany |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
A. O. Smith India Water Products Pvt. Ltd., Alibaba Group Holding Ltd., Ariston Holding NV, BDR Thermea Group, Carrier Global Corp., Colmac Industries Inc., Daikin Industries Ltd., Danfoss AS, Emerson Electric Co., Fujitsu General Ltd., Glen Dimplex Europe Holdings Ltd., Grant Engineering UK Ltd., Groupe Airwell, Haier Smart Home Co. Ltd., Hitachi Ltd., Ingersoll Rand Inc., Jaquar Group, Mitsubishi Electric Corp., NIBE Industrier AB, and Robert Bosch GmbH |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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