USD 1.49 Billion
Air Source Heat Pump Market Size, Share, Growth Analysis, By Product(Air to Air, Air to Water), By Application(Residential, Single Family, Multi Family), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG20I2144 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
62
|Figures:
75
Air Source Heat Pump Market Insights
Global Air Source Heat Pump Market size was valued at USD 1.49 Billion in 2022 and is poised to grow from USD 1.58 Billion in 2023 to USD 2.56 Billion by 2031, at a CAGR of 6.20% during the forecast period (2024-2031).
The air source heat pump market is poised for substantial growth, primarily propelled by the increasing adoption of highly efficient dry vacuum pumps, which epitomize the forefront of technological advancement. These dry vacuum pumps offer a plethora of advantages when compared to their traditional counterparts. A notable advantage is their eco-friendly operation, eliminating the necessity for oil in their functioning. The remarkable efficiency of dry vacuum pumps translates into a noteworthy 40%-60% reduction in energy consumption compared to conventional models, rendering them a compelling choice across various applications. Furthermore, their widespread utilization in projects yields diminished operational costs and initial savings by streamlining central plant equipment and electrical infrastructure.
Dry vacuum pumps extend their appeal by not only delivering 100% oil-free operation but also ensuring efficiency across the entire pressure range. This adaptability has spurred a surge in demand for laboratory vacuum pumps across diverse industries, including pharmaceuticals, biotechnology, chemicals, oil and gas, and agriculture, each necessitating tailor-made vacuum pump solutions. The integration of cutting-edge technologies with traditional vacuum pumps has led to innovative devices, such as those incorporating vacuum gauges and micropumps or coupling field-emission electron sources with micropumps. These breakthroughs enhance the stability of electron beam guns after eliminating residual gases, underscoring the market's potential for substantial growth.
Nonetheless, the market contends with specific challenges, particularly stringent government regulations, notably within the healthcare sector, and the volatility of raw material costs, which could potentially hinder its growth trajectory. Despite these obstacles, the air source heat pump market is poised for expansion, driven by technological advancements and the adaptability of dry vacuum pumps in addressing diverse industry requirements.
US Air Source Heat Pump Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Residential
Fastest Growth
Residential
Growth Rate
6.20% CAGR
Global Air Source Heat Pump Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Air Source Heat Pump Market Segmental Analysis
The global air source heat pump market is segmented on the basis of product, application, region. By product, the market is segmented into air to air, air to water. By application, the market is segmented into residential, single family, multi family. By region, the market is segmented into North America, Europe, Latin America, Asia- Pacific, Middle East and Africa.
Air Source Heat Pump Market Analysis By Product
The air-to-air segment is poised to maintain its leadership position in the market throughout the forecast period. This predominance can be attributed to the segment's exceptional versatility and efficiency, rendering it a preferred choice for a wide array of heating and cooling applications. Air-to-air heat pump systems offer a dual advantage, as they can seamlessly complement existing conventional heating and cooling systems or operate as standalone solutions. This adaptability makes them exceptionally well-suited for various scenarios and environments.
An important driver behind the preference for air-to-air systems over ground source heat pump units is their cost-effectiveness. Unlike ground source systems, air-to-air heat pumps do not require expensive groundwork or excavation during installation. This cost-efficient feature enhances their appeal for both residential and commercial applications within the HVAC industry. The prominence of the air-to-air segment underscores the increasing demand for flexible, efficient, and budget-friendly HVAC solutions capable of satisfying the diverse heating and cooling needs of contemporary buildings and structures.
Air Source Heat Pump Market Analysis By Application
Over the forecast period, it is expected that the residential segment will continue to maintain its position as the dominant force in the market. This can be attributed to a range of influential factors that are driving the widespread adoption of air source heat pumps in residential settings. To begin with, there is a growing awareness among homeowners regarding the importance of reducing energy consumption and cutting down on utility expenses. Air source heat pumps provide an energy-efficient solution for both heating and cooling needs, aligning perfectly with the increasing focus on sustainable living and environmental responsibility.
Another important factor behind the dominance of residential construction is the development of living standards. Homeowners are increasingly looking for advanced technologies and solutions that provide a higher level of comfort in their homes. Air source heat pumps with their precise temperature regulation ensure comfortable indoor air all year round. In addition, these systems improve indoor air quality, which is an important part of modern living.
Global Air Source Heat Pump Market By Application
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Air Source Heat Pump Market Regional Insights
North America remains an important market for air source heat pumps, especially in the US and Canada. In these countries, strict energy efficiency regulations and increasing emphasis on reducing carbon dioxide emissions are leading to the adoption of air source heat pumps in both the residential and commercial sectors. A well-established HVAC infrastructure coupled with incentives and rebates for energy efficient systems is fueling market growth. The demand for smart and connected heat pumps is also growing strongly in the North American market, which corresponds to the technological development of the region.
In the Asia Pacific region, countries such as Japan, China and South Korea are witnessing significant growth in the air source heat pump market. Rapid urbanization, rising disposable incomes and concerns about air pollution are increasing the demand for energy-efficient heating and cooling solutions. Government initiatives, especially in China, to promote green technologies and reduce carbon emissions are accelerating market expansion. Hybrid heat pump systems, which combine air and ground source technologies and respond to the different climates of the region, are also emerging in the Asia-Pacific region. Additionally, residential adoption of heat pump water heaters is increasing in countries such as Japan, which is fueling market growth.
Global Air Source Heat Pump Market By Geography
- Largest
- Fastest
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Air Source Heat Pump Market Dynamics
Air Source Heat Pump Market Drivers
Efficiency in Energy Use and Sustainability
- Air source heat pumps are becoming more popular because they provide a more sustainable and environmentally friendly heating and cooling solution than conventional systems. This is due to rising environmental consciousness and stronger requirements on energy efficiency.
Governmental Incentives
- To promote the construction of energy-efficient HVAC systems, including air source heat pumps, several governments across the world provide incentives, tax credits, and rebates. These incentives support lower startup costs and promote market expansion.
Urbanization and Construction
- New prospects for the installation of air source heat pump systems in residential and commercial buildings are being created by rapid urbanization and an expanding construction sector, particularly in emerging nations.
Air Source Heat Pump Market Restraints
High Cost
- Despite possible long-term energy savings, some consumers may be put off by air source heat pump purchases because of their comparatively expensive upfront costs.
Efficacy Depending on the Climate
- Extreme weather can have an impact on the effectiveness of air source heat pumps, especially in extremely cold locations where they may have trouble extracting enough heat. This restriction may make adoption more difficult in some areas.
Noise Concerns
- Some air source heat pumps can make noise while operating, which can be an issue in residential areas and have an effect on their uptake.
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Air Source Heat Pump Market Competitive Landscape
The global market for air source heat pumps is characterized by intense competition, with numerous companies vying for market dominance. Key industry players like Daikin Industries, Mitsubishi Electric, Panasonic Corporation, and LG Electronics play pivotal roles in shaping the market landscape. These established companies leverage their extensive industry experience, robust research and development capabilities, and widespread global presence to deliver innovative and energy-efficient air source heat pump solutions across various applications.
Overall, the competitive landscape of the global air source heat pump market is characterized by innovation, sustainability, and a strong focus on energy efficiency. As consumer awareness of environmental issues continues to rise, and governments enforce stricter regulations, companies offering advanced and environmentally friendly solutions are well-positioned for success in this ever-evolving market.
Air Source Heat Pump Market Top Player’s Company Profiles
- Daikin Industries (Japan)
- Mitsubishi Electric (Japan)
- Midea Group (China)
- Panasonic Corporation (Japan)
- LG Electronics (South Korea)
- Carrier Global Corporation (United States)
- Rheem Manufacturing Company (United States)
- Trane Technologies (United States)
- Vaillant Group (Germany)
- Stiebel Eltron Group (Germany)
- Viessmann Group (Germany)
- Gree Electric Appliances (China)
- Hitachi Appliances (Japan)
- Haier Group (China)
- Fujitsu General (Japan)
- NIBE Group (Sweden)
- Toshiba Corporation (Japan)
- Danfoss Group (Denmark)
- Bosch Thermotechnology (Germany)
- A. O. Smith Corporation (United States)
Air Source Heat Pump Market Recent Developments
- In June 2023, Daikin announced that it had acquired Oertli Energiesysteme, a Swiss manufacturer of air source heat pumps.
- In May 2023, Mitsubishi Electric announced that it had launched a new line of air source heat pumps for the European market.
- In April 2023, Carrier announced that it has opened a new air source heat pump manufacturing facility in China.
- In March 2023, Fujitsu General announced that it had launched a new line of air source heat pumps for the North American market.
- In February 2023, Trane announced that it had received the ENERGY STAR® Most Efficient Product Award for its XR15 heat pump.
Air Source Heat Pump Key Market Trends
- Smart and Connected Systems: Air source heat pump systems with advanced control functions are being developed as a result of the smart home and building trend. These features allow users to remotely monitor and control their HVAC systems using smartphones and other devices.
- Cold-Climate Heat Pumps: Manufacturers create heat pumps that are suitable for particularly cold conditions, improve their functionality and make them suitable for regions with severe winters.
- Integration with Renewables: To minimize the carbon footprint and improve energy efficiency, air source heat pumps are gradually being combined with renewable energy sources such as solar panels.
Air Source Heat Pump Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Product types team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global air source heat pump market analysis, the global air source heat pump market is primed for enduring expansion and evolution, supported by a multitude of pivotal factors. Leading the charge in shaping the market's competitive landscape are industry titans such as Daikin Industries, Mitsubishi Electric, Panasonic Corporation, and LG Electronics, renowned for their capacity for innovation and far-reaching global presence. These companies remain steadfast in propelling the development of air source heat pump technology, catering to an extensive spectrum of applications.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 1.49 Billion |
| Market size value in 2031 | USD 2.56 Billion |
| Growth Rate | 6.20% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Air Source Heat Pump Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Air Source Heat Pump Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Air Source Heat Pump Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Air Source Heat Pump Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Air Source Heat Pump Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Air Source Heat Pump Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Air Source Heat Pump Market Report Snapshots
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