Selbyville, Delaware, Oct. 12, 2022 (GLOBE NEWSWIRE) --
The air source heat pump market is expected to record a valuation of USD 85 billion by 2030, according to a new research report by Global Market Insights Inc.
The report cites the fluctuating temperature ranges across various regions as a prominent factor driving the demand for air source heat pumps. Several economies of the world have witnessed extreme climatic variations caused owing to increasing levels of CO2 in covalence with several other factors, which is propelling the demand for efficient heating and cooling solutions.
For instance, in December 2021, the temperature across the northwest territories of Canada plummeted below -51°C, with the country observing its coldest day. On the other hand, the territories such as Louisburg and Nova Scotia, registered the warmest temperatures (~4.6°C) on the same day. The conscious shift from fossil fuel-powered boilers toward low carbon heat pumps due to their capability to operate over a wide range of temperatures to effectively serve heating & cooling necessities will enhance the air source heat pump market landscape.
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Broad range applications to increase the deployment of air-to-air heat pumps
The air-to-air products segment is slated to witness sizeable revenues between 2022 and 2030, on account of the increasing deployment of alternative heating solutions with low carbon footprint across major economies. These systems are easy to install, require low maintenance, and have a longer lifespan. The multi-application benefits associated with the product, along with the rising environmental concerns and stringent emission regulations will accelerate the adoption of air-to-air heat pumps.
Increasing emphasis on mitigating carbon emissions to bolster product demand
The commercial application segment in air source heat pump market is predicted to account for a significant revenue share by 2030. The growing popularity of clean technologies and the increasing construction of sustainable buildings will increase heat pump installation across commercial establishments. The International Energy Agency, in its latest report, stressed that to achieve net zero targets by 2050, the sale of new gas boilers should be stopped by 2025. The skyrocketing fuel prices and the surging demand for renewable energy sources are likely to boost the deployment of air source heat pumps in commercial spaces.
Rising technological investments to foster product demand across the Asia Pacific
Asia Pacific air source heat pump market is poised to showcase substantial gains during the forecast period. The regional expansion is credited to the massive population growth and the increasing investments in progressive energy systems backed by the improving economic outlook. The surging space heating and cooling requirements across residential and commercial establishments due to varied climatic conditions may propel the regional landscape. Furthermore, the stringent regulatory norms and the ongoing infrastructure expansion may transform the industry trends across the region.
Product innovations to support the competitive landscape
Key players operating in the air source heat pump market are Vaillant Group, Swegon Group AB, Trane, NIBE Industrier AB, Viessmann, A.O. Smith, DAIKIN INDUSTRIES, Ltd., Carrier, Bosch Thermotechnology Ltd, Rheem Manufacturing Company, Finn Geotherm UK Limited, STIEBEL ELTRON GmbH & Co. KG, GREE ELECTRIC APPLIANCES, INC., FUJITSU GENERAL, Panasonic Corporation, Toshiba Air Conditioning, LG Electronics, Lennox International Inc., Glen Dimplex Group, Mitsubishi Electric Corporation, BARD HVAC, Colmac Industries, SAMSUNG, Grant UK, and Systemair AB. These companies have been focusing on introducing new product lines by leveraging state-of-the-art technologies to make way for future growth opportunities.
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Partial Table of Contents (ToC) of the report:
Chapter 3 Air Source Heat Pump Market Insights
3.1 Industry ecosystem analysis
3.2 Innovation & sustainability landscape
3.3 Regulatory landscape
3.4 COVID- 19 impact on the industry outlook
3.5 Price trend analysis
3.6 Industry impact forces
3.6.1 Growth drivers
3.6.1.1 North America
3.6.1.1.1 Growing adoption of energy-efficient systems
3.6.1.1.2 Rising energy demand coupled with increasing measures to reduce GHG emissions
3.6.1.2 Europe
3.6.1.2.1 Increasing inclination towards clean energy technologies
3.6.1.2.2 Increasing demand for space heating and energy-efficient systems
3.6.1.2.3 Favorable regulatory framework
3.6.1.2.4 Extreme climatic conditions
3.6.2 Industry Pitfalls and challenges
3.6.2.1 Availability of other heating technologies coupled with significant upfront cost
3.7 Growth potential analysis
3.8 Porter's Analysis
3.9 Competitive landscape, 2022
3.10 PESTEL Analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
