Dublin, July 13, 2023 (GLOBE NEWSWIRE) -- The "Air Source Heat Pump Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F Segmented By Process, By End Use, By Sales Channel, By Region, Competition" report has been added to ResearchAndMarkets.com's offering.
The global air source heat pump market is experiencing significant growth due to the acceleration of climate change and the increasing demand for clean and sustainable energy solutions.
This surge in demand is a result of the rapid global population growth and the rising cost of gasoline. Major industry players are investing in research and development (R&D) initiatives to create advanced HVAC systems with lower carbon footprints and greenhouse gas (GHG) emissions.
Trane, a leading HVAC system manufacturer, recently introduced the Ascend model ACX, the first air-to-water heat pump designed to facilitate decarbonization through electric cooling and heating. This cutting-edge technology provides residential structures with efficient space heating and cooling capabilities, contributing to the transition towards a green economy.
The adoption of heat pumps and the necessary technology for heat decarbonization has been increasing in many countries, driven by policy support. According to the International Energy Agency (IEA), there were 190 million heat pump units operating in buildings globally in 2021.
The stock of heat pumps has consistently grown, especially in North America, Europe, and northern and eastern Asia. Sales of heat pumps reached record highs in 2021, particularly in Europe, China, and the United States. Despite supply chain challenges, early signs of robust growth have been observed in 2022, with a particular emphasis on energy security in the European Union. Reversible heat pumps are being used to meet the growing demand for space cooling.
Global heat pump sales increased by more than 13% in 2021, with the European Union, China, Japan, and the United States as the most active markets for air-source heat pumps. Air-source heat pumps dominated sales, accounting for over 60% of the global market share in 2021. Ground-source heat pumps, although more efficient, accounted for only around 2.5% of global sales in the European Union due to higher costs and specialized installation requirements.
Temperature variations worldwide are driving the demand for air-source heat pumps. Rising CO2 levels have caused extreme climate changes, creating a need for efficient heating and cooling systems. For instance, Canada experienced both its coldest and hottest temperatures in different regions. The ability of air-source heat pumps to operate effectively over a wide range of temperatures makes them a favorable choice for heating and cooling needs.
Government initiatives are fueling the market growth by providing a clear legal framework and financial assistance programs, including tax benefits, rebates, and subsidies. Many nations are investing in and promoting air-source heat pumps to reduce carbon footprints. Europe's market is expanding through stricter regulations, new heat pump programs, and national goals that support sector growth. Germany, for example, aims to construct over 500,000 heat pump units by 2024 and has implemented the Efficiency House 40 requirement to drive adoption. These government efforts are boosting the adoption of air-source heat pumps.
Air-source heat pumps aid in energy conservation due to their low electricity consumption. They can provide up to three times more heat than the electrical energy they consume, resulting in significant energy savings. Installing an air-source heat pump can lead to annual savings of around 3,000 kWh compared to electric resistance heaters and 6,200 kWh compared to oil systems in certain regions. These energy efficiency benefits drive future market growth.
However, poor installation, duct losses, and inadequate maintenance hinder market expansion. Many heat pumps suffer from performance issues due to these factors. Regular maintenance and servicing are essential to ensure optimal heat pump performance. Addressing these challenges is crucial for unlocking the full potential of the air-source heat pump market.
As the need for clean and sustainable energy solutions continues to grow, the global air source heat pump market is poised for further expansion. With ongoing R&D initiatives, government support, energy efficiency benefits, and improvements in installation and maintenance practices, the market is well-positioned to meet the demands of a changing world.
Companies Mentioned
- 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
Market Segmentation
by Process:
- Air-to-Air
- Air-to-Water
by End Use:
- Residential
- Hotels & Resorts
- Gym & Spas
- Education
- Food Service
- Others
by Sales Channel:
- Plumbers
- Dealers & Contractors
- Retail
- Direct Sales
- Online
- Others
For more information about this report visit https://www.researchandmarkets.com/r/3tb0ar
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
