Global Air Source Heat Pump Market 2017-2021

  • Published: May 2017
  • Pages: 70
  • SKU: IRTNTR13139

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Technavio’s market research analysts have predicted that the air source heat pump market will grow by USD 76.11 billion by 2021. This market research report identifies Carrier, Daikin Industries, Danfoss, Mitsubishi Electric, and NIBE as the leading players in the global air source heat pump market. A comprehensive analysis of this market is also presented by the product (air-to-air heat and air-to-water pumps) and geography (the Americas, APAC, and EMEA).


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Overview of the global air source heat pump market

According to Technavio’s market research report, the global air source heat pump market will grow at a steady rate and post a CAGR of almost 11% during the forecast period. A large number of operational benefits of air source heat pumps when compared to conventional systems will drive the growth prospects for the global air source heat pump market throughout the projected period. Since the same heat pump can offer both heating and cooling benefits throughout the year unlike conventional heating and cooling systems like boilers, furnaces, ductless air conditioners, and room heaters, the coming years will experience a high demand for air source heat pumps from consumers. Additionally, benefits of air source heat pump systems including high efficiency, energy savings, low maintenance cost, low operating costs, and high life expectancy, will also stimulate the growth of the air source heat pump market.

The emergence of building energy management systems (BEMS) is considered as one of the major trends that improve the growth rate of the global air source heat pump market. With the growing emphasis on energy efficiency, reduction of emissions, the introduction of energy labels such as the Energy Star and Three-Star, high dependence on fossil fuels, and rising environmental problems, there will be an increased usage of BEMS, which in turn, will drive the demand for HVAC and air source heat pumps.

Competitive landscape and key vendors

The global air source heat pump market has the presence of well-diversified international, regional, and local vendors and is highly fragmented. Several local and regional vendors are increasingly focusing on offering highly-customized and energy-efficient heat pumps at lower prices, which will result in price wars with international vendors. However, these local and regional vendors find it increasingly difficult to compete against the international vendors in terms of quality, features, and services. Factors such as product extensions and technological innovations will further strengthen the market’s competitive environment during the forecast period.

Key vendors in this market are -

  • Carrier
  • Daikin Industries
  • Danfoss
  • Mitsubishi Electric
  • NIBE

Other prominent vendors in the market include Airwell, A. O. Smith, BDR Thermea, Bosch Thermotechnik, Bryant Heating & Cooling Systems, Climaveneta, China Yangzi, Colmac, Dimplex, Emerson Climate Technologies, Fujitsu General, Grant, Haier, Hitachi Appliances, Ingersoll-Rand, Johnson Controls, LG Electronics, Panasonic, Samsung Electronics, Swegon, Toshiba, Thermia Heat Pumps, Vaillant, and Viessmann.


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Segmentation by product and analysis of the air source heat pump market

  • Air-to-air heat
  • Air-to-water pumps

The air to air type heat pumps segment accounted for the majority shares of the air source heat pump market during 2016. Benefits such as the easy installation of air-to-air heat pumps, energy savings capacity of air to air heat pumps, the reversed function to provide cooling in summer, the even distribution of heat across rooms, and the filtration of dust particles, are driving the demand for air-to-air heat pumps in the cooler regions of North America and Europe.

Segmentation by geography and analysis of the air source heat pump market

  • Americas
  • APAC
  • EMEA

EMEA accounted for the largest share of the air source heat pump market during 2016 and the region will remain the largest revenue contributor to the market until the end of 2021. Factors such as the improvement in economic conditions, the resurgence in construction and manufacturing activities, the expansion of the residential sector, the availability of easy credit facilities, and the changing consumer preferences, will resulted in the increased demand for air source heat pumps in the region.


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Key questions answered in the report include

  • What will the market size and the growth rate be in 2021?
  • What are the key factors driving the global air source heat pump market?
  • What are the key market trends impacting the growth of the global air source heat pump market?
  • What are the challenges to market growth?
  • Who are the key vendors in the global air source heat pump market?
  • What are the market opportunities and threats faced by the vendors in the global air source heat pump market?
  • What are the trending factors influencing the market shares of the Americas, APAC, and EMEA?
  • What are the key outcomes of the five forces analysis of the global air source heat pump market?

Technavio also offers customization on reports based on specific client requirement.

Air source heat pumps make use of air as the source of heat and transfer it for heating air cooling indoors. These pumps, like refrigerators, use electricity to move heat from a cool space to a warm space, make the warm space warmer and cool space cooler. Technavio’s reports for the heavy industries industry cover a wide range of product sectors like unit operations and engineering tools. Further to rendering information on various aspects like the changes in customer choices and the attributes, which can affect the growth of vendors in the unit operations industry’s marketspace, Technavio’s reports also furnish a competitive analysis of the dominant vendors in the heavy industries market.

To effectively calculate the unit operations industry’s growth potential, our team of market research experts conform to a comprehensive research approach of qualitative and quantitative techniques and carry out an extensive analysis of several parameters, including technological innovations and the demand for different products across multiple geographical locations. With an intent to help clients compose new strategies for growth, our upcoming industry research report on the global air source heat pump market also offers practical insights construed from the data collected from information sources such as manufacturers, decision makers, channel partners, and regulatory bodies.

This upcoming report on the global air source heat pump market also takes into account the growth of similar markets such as the geothermal heat pump and heat exchanger, which are forecasted to grow at a CAGR of about 12% and close to 6%, respectively, during 2017 to 2021. According to our market research experts, the growing construction industry and an increase in the income levels in India, China, and other developing countries, coupled with the need to conserve energy and the shift to unconventional energy sources will fuel the growth of the tools and components industry for the next few years.

This upcoming industry research report for the global air source heat pump market also identifies the market drivers, trends, and the hurdles faced by the heavy industries vendors and gives insights into test and measurement and tools and components markets.

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PART 01: Executive summary

PART 02: Scope of  the report

PART 03: Research Methodology

PART 04: Introduction

  • Key market highlights

PART 05: Market landscape

  • Market overview
  • Market size and forecast
  • Five forces analysis

PART 06: Market segmentation by product

  • Market overview
  • Global air source heat pump market by air-to-air heat pumps
  • Global air source heat pump market by air-to-water heat pumps

PART 07: Geographical segmentation

  • Market overview
  • EMEA
  • Americas
  • APAC

PART 08: Decision framework

PART 09: Drivers and challenges

  • Market drivers
  • Impact of drivers on key customer segments
  • Market challenges
  • Impact of challenges on key customer segments

PART 10: Market trends

  • Emergence of BEMS
  • Advanced features and innovations that enhance performance
  • Dual-fuel heat pumps

PART 11: Vendor landscape

  • Competitive scenario
  • Other prominent vendors

PART 12: Key vendor analysis

  • Carrier Corporation
  • Daikin Industries
  • Danfoss
  • Mitsubishi Electric
  • NIBE

PART 13: Appendix

  • List of abbreviations

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.


Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases


Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts



  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis


  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape
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