The air source heat pump market size was valued at over USD 48 billion in 2020 and its annual installation is anticipated to exceed 17 million units by 2028. Increasing investment to develop green building infrastructure, along with improved technological upgradation, will propel market demand over the forecast years.
policies and frameworks
Developing countries have issued strict regulatory norms to limit the increasing carbon footprint and thus have introduced favorable policies and frameworks for the adoption of efficient heating units.
Moreover, the rapid urbanization and industrialization across emerging economies have stimulated growth in demand for heating requirements, which in turn will complement the statistics for the air source heat pump market trends.
commercial application
The re-surge of product demand is anticipated to grow with the opening of the economic sector
Over the last two years, the global economy had been majorly impacted by the COVID-19 pandemic. Ongoing vaccination drives and easing of lockdown protocols have provided revival of various industries and commercial sectors.
Thus, the re-surge of product demand post-COVID is anticipated to grow with the opening of the economic sector leading to an uptrend in commercial application.
Global insights
The study includes a detailed analysis and insights of industry trends across the globe segmented on a regional & country basis across products and various applications.
Moreover, the market forecasts & estimates are in conjunction with the data represented by authorities including Energy Information Administration (EIA), the International Energy Agency (IEA), government regulatory bodies, and company press releases.
Easy Installation Coupled With Flexible Integration
Air-to-air heat pumps are widely installed across small logistics and transportation establishments
The air-to-air source heat pump market is expected to register over 5.5% CAGR in the forecast timeframe. Air-to-air heat pumps are widely installed across small logistics and transportation establishments owing to their limited power requirement along with adequate and quick heating circulation.
Easy installation and simple designs are among the paramount features driving the market share of air-to-air source heat pump systems. Product vital features include low initial installation cost, low space requirement, and flexible integration across multiple applications, which in turn will provide positive momentum for increased product penetration.
Commercial Buildings With Stringent Emission Norms
Commercial air source heat pumps accounted for about 25% of the market share in 2020. The introduction of strict building energy codes along with stringent emission norms by various countries have proliferated the demand for commercial-based air source heat pump markets.
These air source heat pump systems are becoming a preferred choice among commercial offices and buildings owing to a considerable reduction in electricity bills along with cost savings in long run.
Adoption Of Air Source Heat Pump Systems
Growing space heating demand from colleges/universities will further drive the air source heat pump adoption
Ongoing investment toward the refurbishment of existing buildings in compliance with the carbon-neutral targets will further promote the growth of the air source heat pump industry.
Growing space heating demand from colleges/universities, offices and government/military services will further drive the air source heat pump adoption over the coming years.
Expanding economic structures along with government measures to raise foreign investments in various regions’ goods and service sector industries will positively influence the commercial sector growth, thereby proliferating the overall market statistics.
Technological Development And Automation Of Products
North American air source heat pump market accounted for over 33% share of the global industry in 2020 and is anticipated to grow further over the forecast timeline. The robust development across residential and commercial sectors is the prime factor for extensive demand across the North American market.
New York, New Jersey, Vancouver, and Mexico City are amongst the major commercial hubs across the region that are proliferating the demand for air source heat pump systems.
Complementing the market size
Rising automation in temperature control and flexibility in operation will drive the requirement for advanced units
Extensive building infrastructure development with increasing investment toward construction activities has provided positive drivers for product installations.
Rising automation in temperature control and flexibility in operation will drive the requirement for technologically advanced and compatible heating units, propelling the regional air source heat pump market size.
Product Innovation And Business Acquisition Strategy
Major market players are focusing on research and development of new products with advanced features to enhance their market share in the air source heat pump industry. Mergers and acquisitions are among the key strategies followed by the leading market players to gain a competitive edge in the global industry.
In addition, leading market participants are focusing on backward & forward linkages of manufacturing air-sourced heat pump components to achieve economies of scale and increase their product deployment.
The prominent players profiled in the air source heat pump market report include Daikin Industries, Bosch Thermotechnology Corp., A. O. Smith Corporation, Vaillant Group, Mitsubishi Electric Corporation, Toshiba Carrier Corporation, and Danfoss A/S amongst other players.