What is Global Air Source Heat Pump Market?
The Global Air Source Heat Pump Market is a vast and dynamic sector that has been gaining significant traction in recent years. Essentially, an air source heat pump is a system that transfers heat from outside to inside a building, or vice versa. These systems are energy efficient and environmentally friendly, making them an attractive option for heating and cooling in various settings. The market for these systems is global, meaning it encompasses all regions of the world. The value of this market was estimated to be US$ 13090 million in 2022. It is projected to grow at a compound annual growth rate (CAGR) of 5.7%, reaching a value of US$ 19380 million by 2029. This growth is driven by various factors, including increasing awareness about energy efficiency and the need to reduce carbon emissions. However, the market also faces several challenges, such as high initial installation costs and lack of awareness in some regions. Despite these challenges, the market has a positive outlook, with numerous opportunities for growth and expansion.
Air-to-Air Heat Pump, Air-to-Water Heat Pump in the Global Air Source Heat Pump Market:
The Global Air Source Heat Pump Market is segmented based on the type of heat pump, namely Air-to-Air Heat Pump and Air-to-Water Heat Pump. An Air-to-Air Heat Pump transfers heat between the outdoor air and the indoor air. They are commonly used in homes and businesses for heating and cooling purposes. On the other hand, an Air-to-Water Heat Pump transfers heat between the outdoor air and a water-based system. This type of heat pump is often used in radiant floor heating systems, domestic hot water, and even swimming pools. The major manufacturers in this market include Daikin Industries, Mitsubishi Electric, Fujitsu General, LG Electronics, and Panasonic, which collectively account for about 26% of the market. Europe is the largest market for air source heat pumps, holding a share of over 32%. The most common product in this market is the air-to-air heat pump, which holds a share of over 55%.
Residential, Commercial, Industrial in the Global Air Source Heat Pump Market:
The Global Air Source Heat Pump Market finds its applications in various areas including Residential, Commercial, and Industrial sectors. In the residential sector, these systems are used for heating and cooling homes. They are an energy-efficient alternative to traditional HVAC systems, providing comfort to residents while reducing energy costs and carbon emissions. In the commercial sector, air source heat pumps are used in buildings such as offices, retail stores, and hotels. They provide a comfortable environment for employees and customers, while also contributing to the building's energy efficiency goals. In the industrial sector, these systems are used for processes that require heating and cooling, such as food processing and manufacturing. The residential application holds the largest share in the market, accounting for about 83% of the total.
Global Air Source Heat Pump Market Outlook:
The global Air Source Heat Pump market outlook highlights the significant growth and potential of this market. The market was valued at US$ 13090 million in 2022 and is expected to reach US$ 19380 million by 2029, growing at a CAGR of 5.7% during the forecast period of 2023-2029. This growth is driven by the increasing demand for energy-efficient and environmentally friendly heating and cooling solutions. The market is dominated by major manufacturers such as Daikin Industries, Mitsubishi Electric, Fujitsu General, LG Electronics, and Panasonic, which collectively account for about 26% of the market. Europe is the largest market for air source heat pumps, with a share of over 32%. The most common product in this market is the air-to-air heat pump, which holds a share of over 55%. The residential sector is the largest application area for these systems, accounting for about 83% of the market.
| Report Metric | Details |
| Report Name | Air Source Heat Pump Market |
| Accounted market size in 2022 | US$ 13090 in million |
| Forecasted market size in 2029 | US$ 19380 million |
| CAGR | 5.7% |
| Base Year | 2022 |
| Forecasted years | 2023 - 2029 |
| Segment by Type |
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| Segment by Application |
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| Production by Region |
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| Consumption by Region |
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| By Company | Daikin Industries, Mitsubishi Electric, Fujitsu General, LG Electronics, Panasonic, Carrier, NIBE, Bosch Thermotechnik, Glen Dimplex, Vaillant, Danfoss, A. O. Smith, Viessmann, BDR Thermea Group, Haier, Midea, Gree Electric, Stiebel Eltron GmbH & Co., Swegon Group AB, Sanden International, Aermec |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
