New York, March 20, 2024 (GLOBE NEWSWIRE) -- The global air source heat pump market size is projected to grow at a CAGR of over ~7% from 2024 to 2036. The market is expected to garner a revenue of USD 21 billion by the end of 2036, up from a revenue of ~USD 11 billion in the year 2023.This growth of the market is poised to be dominated by the growing adoption of health pumps. Moreover, it is predicted that if the adoption continues the heat pumps might offer over 19% of heating needed by 20230 in the world. Therefore, the market demand for air-source heat pumps is projected to surge.
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Air source is predicted to be the most popular solution since it is installed outside the home to provide heating and hot water. Moreover, the efficiency of air source heat pumps is considered to be more which is around 199% to 400%. Hence, it indicates that the user might receive over 2 to 5Wh heat output to run the pumps for every 1kWh of power. As a result, the adoption of air-source heat pumps is set to rise to save energy.
Growing Urban Population to Boost the Growth of Global Air Source Heat Pump Market
With the expansion of cities large number of people are shifting towards urban areas the largest proportion. It is predicted that approximately 4 billion of the population in the world might be dwelling in urban areas by 2030. Hence, this has increased the demand for air-source heat pumps. This is because the urban population usually poses a limited space crisis. Furthermore, space-saving is one of the crucial benefits of air-source heat pumps. This is why with the surging urban population the need for space-saving heating and cooling solutions is also growing.
Air Source Heat Pump Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Rising Population to Influence the Market Expansion in Asia Pacific
The Asia Pacific air source heat pump market is predicted to gather the highest reveneu share of about 41% over the coming years. This growth of the market in this region is set to be dominated by a growing population. Approximately 60% of the population in the world dwell in Asia Pacific. This designated that over 4.3 billion people live in Asia Pacific which also incorporates the most populace countries including India and China.
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Growing Change in Climate to Drive the Market Growth in North America
The North American market for air source heat pump is set to have significant growth in the revenue over the forecast period. The major element to dominate the market expansion in this region is growing climate change. For instance, September 2022 was considered to be the warmest month of the year in North America with a temperature departure of +2.02°C (+3.64°F), while February was the coldest month of the year with a temperature of about 0.42°C (-0.76°F).
Air Source Heat Pump, Segmentation by Type
- Air-to-Air
- Air-to-Water
The air-to-water segment is predicted to gather the highest share of the market at about 60% over the forecast period. This growth of the segment is set to be dominated by the growing need to reduce heating costs. For instance, air-to-water air source is predicted to reduce heating costs by over 24%.
Air Source Heat Pump, Segmentation by End User
- Residential
- Commercial
- Industrial
The industrial segment is projected to generate notable growth in the market over the forecast period. The major element to dominates the segment is the growing use of air-source heat pumps in the paper industry. Hence, with the growing production of paper is segment is predicted to rise. Each year, over 399 million pieces of paper and cardboard are produced in the world.
A few of the well-known industry leaders in the air source heat pump market that are profiled by Research Nester are Daikin Industries, Ltd., Mitsubishi Electric Corporation, Carrier Global Corporation, Panasonic Corporation, LG Electronics Inc., Trane Technologies plc, NIBE Industrier AB, Fujitsu General Limited, Viessmann Werke GmbH & Co. KG, Bosch Thermotechnology Corp., and others.
Recent Development in the Market
- The acquisition of Guangdong Giwee Group, a Chinese-based HVAC manufacturer was completed by Carrier for approximately 1.4 billion.
- Carrier announced a strategy to acquire a German-based heating, ventilation, and air conditioning (HVAC) company, Viessmann Climate Solutions which is the largest segment of Viessmann Group.
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