Accelerating climate change, rising construction and consumer awareness towards energy efficient products is driving the global Air Source Heat Pump market.
According to TechSci Research report, “Air Source Heat Pump Market – Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2018-2028F” Global Air Source Heat Pump market is driven by growing government initiatives, rising construction activities, changing climate conditions, and consumer shift towards energy efficient products.
Buildings can be heated or cooled using Air Source Heat Pumps (ASHPs), which utilize ambient air as a heat source. By mounting solar panels on rooftops rather than taking up valuable inside space, ASHPs can be utilized in homes without access to natural gas to heat thermal stores like underground tanks or boreholes. The ground temperature around the hot water storage cylinders stays at 12 degrees Celsius year-round regardless of the outside weather, therefore they don’t require any additional insulation.
Air-to-water and air-to-air ASHP are the two primary types. In order to heat a room, an air-to-air heat pump pulls heat from the outside air and transfers it inside, using a fan system. The heat from the outside air is absorbed by the air-to-water heat pumps, which then move it through the central heating system to provide hot water, underfloor heating, or radiation As a result, the type of heat distribution system required depends on the ASHP type selected.
The market for heat pumps is increasing but due to lack of awareness across the globe the growth rate is slower. Only around 10% of the world’s building heating demands are still provided by heat pumps, according to the International Energy Agency, falling short of the deployment level required to keep up with the Net Zero Emissions by 2050 Scenario. By 2030, there will be 600 million heat pumps in use worldwide, which will take ownership of at least 20% of the world’s heating needs. More policy support and technical innovation are needed to fully utilize the potential of heat pumps as a facilitator of power system integration and flexibility. This will also result in lower upfront purchase and installation costs, the removal of market barriers to complex renovations, improved energy performance and durability, and improved energy performance and durability.
Heat pumps can provide usable heat using one-third to one-fifth of the electricity required by traditional electric equipment by using electricity to capture ambient heat from the air. By adopting heat pumps instead of condensing gas boilers, more than half of the world’s demand for space and water heating could be satisfied with lower CO2 emissions in 2021, as reported by national electricity generation portfolios.
This potential coverage is a significant improvement over the 2010 level of 50%, due to ongoing advances in heat pump energy performance and decrease in the carbon intensity of power generation. In all locations, heat pumps would record fewer CO2 emissions than natural gas-fired condensing boilers before 2025, due to the Net Zero Scenario’s rapid reductions in emissions from power supply and increasing technological efficiency.
Browse over XX market data Figures spread through XX Pages and an in-depth TOC on the “Air Source Heat Pump Market“
The global air source heat pump market segmented into process, end use, sales channel, region, and company. Based on process, the market is segmented into air to air (ducts, ductless), air to water (split, integrated). On the basis of end use, the market is divided into residential, hotels & resorts, gym & spas, education, food service, and others (healthcare, offices, etc.). Based on sales channel, the market is fragmented into plumbers, dealers & contractors, retail, direct sales, online, and others (distributors, builders, etc.). The market analysis also studies the regional segmentation, divided among North America, Europe, Asia-Pacific, South America, and Middle East & Africa.
The adoption of air-to-air heat pumps has grown recently. In the United States, for instance, annual shipments climbed from 2.3 million units in 2015 to 3.4 million in 2020, with the growth rate being the same as in previous years. Global use of air-to-air heat pump technology has been promoted by policy development and improved construction regulations that make heat pumps in new buildings more competitive, relatively growing the air conditioning demand.
Key market players in the global air source heat pump market include:
- Vaillant Group,
- Swegon Group AB,
- Robert Bosch GmbH,
- Trane Technologies Company, LLC,
- NIBE Industrier AB, Corp.,
- Rheem Manufacturing Company,
- Viessmann Group,
- A.O. Smith Corporation,
- DAIKIN INDUSTRIES, Ltd.,
- Carrier Global Corporation
The market is also growing because of mergers and acquisitions done by market giants, in order to stay competitive in the market. For instance, NIBE Industrier AB has acquired 50% of the shares of the Italian company Argoclima SpA, in May 2022. Heat pump and air conditioning products are produced and distributed in Italy by Argoclima SpA. By integrating Argoclima’s present line of heat pumps marketed under the Argo brand with the full line of heat pumps offered under the NIBE brand, the acquisition would provide the company a much stronger position in the rapidly expanding Italian market for heat pumps.
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“Due to factors such as its simple design and uncomplicated installation, the market for air source heat pumps is predicted to increase significantly. Positive drivers for product deployment include increase in green building construction and the rising global temperature. Demand for space heating systems will increase in the projection timeline due to integration with solar heating sources and, therefore, low input costs for products across temperate regions.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Air Source Heat Pump Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F, Segmented By Process (Air to Air (Ducts, Ductless), Air to Water (Split, Integrated)) By End Use (Residential, Hotels & Resorts, Gym & Spas, Education, Food Service, and Others (Healthcare, Offices, etc.)), By Sales Channel (Plumbers, Dealers & Contractors, Retail, Direct Sales, Online, and Others (Distributors, Builders, etc.)), By Region, Competition”, has evaluated the future growth potential of Air Source Heat Pump and provides statistics and information on market structure, size, share, and future growth. The report is intended to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities present in Air Source Heat Pump globally.
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