The Air Source Heat Pumps Market was valued at US$ 38.96 Bn. in 2021. Global Air Source Heat Pumps Market size is estimated to grow at a CAGR of 6.8% over the forecast period.Air Source Heat Pumps Market Overview:
A Heat Pump that transports heat from the outside to the inside of a building envelope or vice versa is known as an air source heat pump. With a growing emphasis on using renewable energy systems for both heating and cooling, the demand for air source heat pumps is expected to rise over the forecast period. To transmit heat to and from the building envelope, these air source heat pumps use refrigerants and compressors. Air source heat pumps are currently being widely used, as they not only cut emissions but also save money for those who use them. Air source heat pumps use significantly less electricity than traditional heating and cooling systems because of the technology. With rising energy and electricity prices, homeowners are gradually looking for energy-efficient heating and cooling systems that can save money in the long run while also generating appealing revenue flows, which in turn are expected to boost the air source heat pumps market across the globe. through 2029. 2021 is a year of exception and analysis especially with the impact of lockdown by region.To know about the Research Methodology :- Request Free Sample Report
Air Source Heat Pumps Market Dynamics:
Growing Demand for Energy- Efficient System across the Globe: The growing demand for energy-efficient systems is primarily driving the air source heat pump market growth across the globe. This trend is being driven by rising electricity prices and government measures to minimize greenhouse gas emissions. In addition, technical improvements such as digitalization have resulted in faster delivery of more reliable products, which has aided the growth of the air source heat pump market. The rising environmental worries over non-renewable resource depletion, combined with growing customer awareness of renewable energy options, have boosted the adoption rate globally. To limit the growing carbon footprint, developing countries like India, China, and South Korea have issued strict regulatory criteria and have consequently developed advantageous policies and procedures for the adoption of efficient heating systems. In addition, rising urbanization and industrialization in emerging economies across the globe has sparked an increase in demand for heating, which is expected to add to the statistics for air source heat pump market trends. Even if electric heat pumps only met 7% of global building heating needs in 2021, they could easily supply more than 90% of global space and water heating at a lower CO2 emissions level than condensing gas boiler technology – even when the upstream carbon intensity of electricity is taken into account (which typically operates at 92-95% efficiency). This potential coverage is a significant gain over the 2010 level of 50%, thanks to continuous advances in heat pump energy performance and cleaner power generation. Rapid reductions in power supply emissions in the NZE indicate that by 2025, 100% of the heat pump stock will emit less than natural gas-fired condensing boilers. Greater Advantages of Air Source Heat Pumps are Driving Market Growth: Traditional household heating methods, such as LPG boilers, are being replaced with air source heat pumps. Although modern air source heat pumps have various advantages over traditional systems, caution should be exercised when choosing one for one's house. In a variety of ways, air source heat pumps outperform conventional heat pumps, such as geothermal heat pumps. When compared to ground source heat pumps, air source heat pumps take up less space. Apart from that, air source heat pumps do not necessitate any costly ground loop installations, making them one of the most cost-effective heat pump systems available. Air source heat pumps, on the other hand, must be exposed to the outside air. Installation, Maintenance, and high energy bill are restraining the market growth: Poor installation, duct losses, and insufficient maintenance are a few of the barriers to the Air Source Heat Pumps Market's growth across the globe. The majority of heat pumps have substantial installation or service issues, lowering their performance and efficiency. More than half of all heat pumps have serious problems with inadequate airflow, leaky ducts, and inaccurate refrigerant charge. If heat pumps are not maintained and serviced regularly, their performance will decline. These factors are expected to hamper the air source heat pumps market growth during the forecast period.Air Source Heat Pumps Market Segment Analysis:
Based on the Product Type, the Air Source Heat Pumps Market is segmented into Air-To-Air and Air-To-Water. The Air-To-Air segment held the largest market share, accounting for 79.3% in 2021. The segment growth is attributed to its low power requirements and ability to provide appropriate and speedy heating circulation. Air to air source heat pump systems has a high market share due to their ease of installation and simple designs. Low initial installation costs, minimal space requirements, and flexible integration across numerous applications are all important aspects of the product, that are boosting the market growth for this segment.Air-to-air heat pumps have been increasingly popular in recent years. For example, Annual shipments in the United States, increased from 2.3 million units in 2015 to 3.4 million in 2021, with the growth rate remaining consistent with previous years. Policy development enhanced construction requirements that make heat pumps in new buildings more competitive, and increased air-conditioning demand are all factors that have boosted the adoption of air-to-air heat pump technology across the globe. Based on the Application, the Air Source Heat Pumps Market is segmented into Residential, Commercial, and Industrial. The Residential segment held the largest market share, accounting for 46.8% in 2021. The segment growth is attributed to rising awareness of the importance of lowering energy bills, along with shifting trends to improve living standards, such as increased adoption of innovative technologies, increased demand for high-level comfort, and efforts to improve air quality. The Commercial segment is expected to witness significant growth at a CAGR of 6.7% during the forecast period. The demand for commercial-based air source heat pumps has grown as a result of demanding building energy standards and stringent emission norms implemented by several countries across the globe. Thanks to the significant reduction in electricity bills as well as long-term cost benefits, these air source heat pump systems are becoming a favorite choice among commercial offices and buildings. In addition, the growth of the air source heat pump sector will be aided by ongoing investment in the rehabilitation of older buildings to meet carbon-neutral standards.
Air Source Heat Pumps Market Regional Insights:
The North American region held the largest market share accounted for 37.2% in 2021. The strong growth in the residential and commercial sectors is one of the main reasons for the high demand in the North American market. The need for air source heat pump systems is growing in major commercial centers across the region particularly in US and Canada. Product installations have been aided by extensive building infrastructure expansion and increased investment in construction operations. The demand for technologically advanced and suitable heating systems will increase as temperature control and operation become more automated, driving the regional air source heat pump market growth. Europe region is expected to witness a noteworthy growth at a CAGR of 6.48% during the forecast period. Product penetration is expected to be driven by seasonal space heating demand and the booming tourism industry across Europe. Major tourism-dependent economies in Europe include the Netherlands, Italy, Spain, the United Kingdom, and others. A substantial number of energy-efficient air source heat pumps will be deployed across the European region to meet the increased heating demand in non-residential projects such as healthcare, warehouses, retail, offices, hotels, and educational facilities during the projected period. The objective of the report is to present a comprehensive analysis of the global Air Source Heat Pumps Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants. PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The reports also help in understanding the Air Source Heat Pumps Market dynamic, structure by analyzing the market segments and projecting the Air Source Heat Pumps Market size. Clear representation of competitive analysis of key players by Vehicle type, price, financial position, product portfolio, growth strategies, and regional presence in the Air Source Heat Pumps Market make the report investor’s guide.Global Air Source Heat Pumps Market Scope: Inquire Before Buying
Global Air Source Heat Pumps Market Base Year 2021 Forecast Period 2022-2029 Historical Data CAGR Market Size in 2021 Market Size in 2029 2017 to 2021 6.8% US$ 38.96 Bn US$ 65.94 Bn Segments Covered by Product •Air-To-Air • Air-To-Water by Application • Residential • Commercial • Industrial Regions Covered North America • United States • Canada • Mexico Europe • UK • France • Germany • Italy • Spain • Sweden • Austria • Rest of Europe Asia Pacific • China • S Korea • Japan • India • Australia • Indonesia • Malaysia • Vietnam • Taiwan • Bangladesh • Pakistan • Rest of APAC Middle East and Africa • South Africa • GCC • Egypt • Nigeria • Rest of ME&A South America • Brazil • Argentina • Rest of South America Air Source Heat Pumps Market Key Players are:
• BDR Thermea Group B.V. • Bosch Thermotechnik GmbH • Carrier Corporation • China Yangzi Group • Daikin Industries Ltd. • Danfoss A/S • Dimplex North America Ltd. • Emerson Climate Technologies Inc. • Fujitsu General Ltd. • Haier Group • Hitachi Appliances, Inc. • Ingersoll-Rand PLC • Johnson Controls, Inc. • LG Electronics, Inc. • Mitsubishi Electric Corporation • Panasonic Corporation • Samsung Electronics Co., Ltd. • Swegon • Thermia Heat Pumps • Toshiba Corporation • Viessmann Werke GmbH & Co. KG Frequently Asked Questions: 1] What segments are covered in the Global Air Source Heat Pumps Market report? Ans. The segments covered in the Air Source Heat Pumps Market report are based on Product Type and Application. 2] Which region is expected to hold the highest share in the Global Air Source Heat Pumps Market? Ans. The North American region is expected to hold the highest share in the Air Source Heat Pumps Market. 3] What is the market size of the Global Air Source Heat Pumps Market by 2029? Ans. The market size of the Air Source Heat Pumps Market by 2029 is expected to reach US$ 65.94 Bn. 4] What is the forecast period for the Global Air Source Heat Pumps Market? Ans. The forecast period for the Air Source Heat Pumps Market is 2021-2029. 5] What was the market size of the Global Air Source Heat Pumps Market in 2021? Ans. The market size of the Air Source Heat Pumps Market in 2021 was valued at US$ 38.96 Bn.
1. Air Source Heat Pumps Market Introduction 1.1. Study Assumption and Market Definition 1.2. Scope of the Study 1.3. Executive Summary 2. Air Source Heat Pumps Market: Dynamics 2.1. Air Source Heat Pumps Market Trends by Region 2.1.1. North America Air Source Heat Pumps Market Trends 2.1.2. Europe Air Source Heat Pumps Market Trends 2.1.3. Asia Pacific Air Source Heat Pumps Market Trends 2.1.4. Middle East and Africa Air Source Heat Pumps Market Trends 2.1.5. South America Air Source Heat Pumps Market Trends 2.2. Air Source Heat Pumps Market Dynamics by Region 2.2.1. North America 2.2.1.1. North America Air Source Heat Pumps Market Drivers 2.2.1.2. North America Air Source Heat Pumps Market Restraints 2.2.1.3. North America Air Source Heat Pumps Market Opportunities 2.2.1.4. North America Air Source Heat Pumps Market Challenges 2.2.2. Europe 2.2.2.1. Europe Air Source Heat Pumps Market Drivers 2.2.2.2. Europe Air Source Heat Pumps Market Restraints 2.2.2.3. Europe Air Source Heat Pumps Market Opportunities 2.2.2.4. Europe Air Source Heat Pumps Market Challenges 2.2.3. Asia Pacific 2.2.3.1. Asia Pacific Air Source Heat Pumps Market Drivers 2.2.3.2. Asia Pacific Air Source Heat Pumps Market Restraints 2.2.3.3. Asia Pacific Air Source Heat Pumps Market Opportunities 2.2.3.4. Asia Pacific Air Source Heat Pumps Market Challenges 2.2.4. Middle East and Africa 2.2.4.1. Middle East and Africa Air Source Heat Pumps Market Drivers 2.2.4.2. Middle East and Africa Air Source Heat Pumps Market Restraints 2.2.4.3. Middle East and Africa Air Source Heat Pumps Market Opportunities 2.2.4.4. Middle East and Africa Air Source Heat Pumps Market Challenges 2.2.5. South America 2.2.5.1. South America Air Source Heat Pumps Market Drivers 2.2.5.2. South America Air Source Heat Pumps Market Restraints 2.2.5.3. South America Air Source Heat Pumps Market Opportunities 2.2.5.4. South America Air Source Heat Pumps Market Challenges 2.3. PORTER’s Five Forces Analysis 2.4. PESTLE Analysis 2.5. Technology Roadmap 2.6. Regulatory Landscape by Region 2.6.1. North America 2.6.2. Europe 2.6.3. Asia Pacific 2.6.4. Middle East and Africa 2.6.5. South America 2.7. Key Opinion Leader Analysis For Air Source Heat Pumps Industry 2.8. Analysis of Government Schemes and Initiatives For Air Source Heat Pumps Industry 2.9. Air Source Heat Pumps Market Trade Analysis 2.10. The Global Pandemic Impact on Air Source Heat Pumps Market 3. Air Source Heat Pumps Market: Global Market Size and Forecast by Segmentation by Demand and Supply Side (by Value in USD Million) 2021-2029 3.1. Air Source Heat Pumps Market Size and Forecast, by Prodduct (2021-2029) 3.1.1. Air-To-Air 3.1.2. Air-To-Water 3.2. Air Source Heat Pumps Market Size and Forecast, by Application (2021-2029) 3.2.1. Residential 3.2.2. Commercial 3.2.3. Industrial 3.3. Air Source Heat Pumps Market Size and Forecast, by Region (2021-2029) 3.3.1. North America 3.3.2. Europe 3.3.3. Asia Pacific 3.3.4. Middle East and Africa 3.3.5. South America 4. North America Air Source Heat Pumps Market Size and Forecast by Segmentation (by Value in USD Million) 2021-2029 4.1. North America Air Source Heat Pumps Market Size and Forecast, by Prodduct (2021-2029) 4.1.1. Air-To-Air 4.1.2. Air-To-Water 4.2. North America Air Source Heat Pumps Market Size and Forecast, by Application (2021-2029) 4.2.1. Residential 4.2.2. Commercial 4.2.3. Industrial 4.3. North America Air Source Heat Pumps Market Size and Forecast, by Country (2021-2029) 4.3.1. United States 4.3.1.1. United States Air Source Heat Pumps Market Size and Forecast, by Prodduct (2021-2029) 4.3.1.1.1. Air-To-Air 4.3.1.1.2. Air-To-Water 4.3.1.2. United States Air Source Heat Pumps Market Size and Forecast, by Application (2021-2029) 4.3.1.2.1. Residential 4.3.1.2.2. Commercial 4.3.1.2.3. Industrial 4.3.2. Canada 4.3.2.1. Canada Air Source Heat Pumps Market Size and Forecast, by Prodduct (2021-2029) 4.3.2.1.1. Air-To-Air 4.3.2.1.2. Air-To-Water 4.3.2.2. Canada Air Source Heat Pumps Market Size and Forecast, by Application (2021-2029) 4.3.2.2.1. Residential 4.3.2.2.2. Commercial 4.3.2.2.3. Industrial 4.3.3. Mexico 4.3.3.1. Mexico Air Source Heat Pumps Market Size and Forecast, by Prodduct (2021-2029) 4.3.3.1.1. Air-To-Air 4.3.3.1.2. Air-To-Water 4.3.3.2. Mexico Air Source Heat Pumps Market Size and Forecast, by Application (2021-2029) 4.3.3.2.1. Residential 4.3.3.2.2. Commercial 4.3.3.2.3. Industrial 5. Europe Air Source Heat Pumps Market Size and Forecast by Segmentation (by Value in USD Million) 2021-2029 5.1. Europe Air Source Heat Pumps Market Size and Forecast, by Prodduct (2021-2029) 5.2. Europe Air Source Heat Pumps Market Size and Forecast, by Application (2021-2029) 5.3. Europe Air Source Heat Pumps Market Size and Forecast, by Country (2021-2029) 5.3.1. United Kingdom 5.3.1.1. United Kingdom Air Source Heat Pumps Market Size and Forecast, by Prodduct (2021-2029) 5.3.1.2. United Kingdom Air Source Heat Pumps Market Size and Forecast, by Application (2021-2029) 5.3.2. France 5.3.2.1. France Air Source Heat Pumps Market Size and Forecast, by Prodduct (2021-2029) 5.3.2.2. France Air Source Heat Pumps Market Size and Forecast, by Application (2021-2029) 5.3.3. Germany 5.3.3.1. Germany Air Source Heat Pumps Market Size and Forecast, by Prodduct (2021-2029) 5.3.3.2. Germany Air Source Heat Pumps Market Size and Forecast, by Application (2021-2029) 5.3.4. Italy 5.3.4.1. Italy Air Source Heat Pumps Market Size and Forecast, by Prodduct (2021-2029) 5.3.4.2. Italy Air Source Heat Pumps Market Size and Forecast, by Application (2021-2029) 5.3.5. Spain 5.3.5.1. Spain Air Source Heat Pumps Market Size and Forecast, by Prodduct (2021-2029) 5.3.5.2. Spain Air Source Heat Pumps Market Size and Forecast, by Application (2021-2029) 5.3.6. Sweden 5.3.6.1. Sweden Air Source Heat Pumps Market Size and Forecast, by Prodduct (2021-2029) 5.3.6.2. Sweden Air Source Heat Pumps Market Size and Forecast, by Application (2021-2029) 5.3.7. Austria 5.3.7.1. Austria Air Source Heat Pumps Market Size and Forecast, by Prodduct (2021-2029) 5.3.7.2. Austria Air Source Heat Pumps Market Size and Forecast, by Application (2021-2029) 5.3.8. Rest of Europe 5.3.8.1. Rest of Europe Air Source Heat Pumps Market Size and Forecast, by Prodduct (2021-2029) 5.3.8.2. Rest of Europe Air Source Heat Pumps Market Size and Forecast, by Application (2021-2029) 6. Asia Pacific Air Source Heat Pumps Market Size and Forecast by Segmentation (by Value in USD Million) 2021-2029 6.1. Asia Pacific Air Source Heat Pumps Market Size and Forecast, by Prodduct (2021-2029) 6.2. Asia Pacific Air Source Heat Pumps Market Size and Forecast, by Application (2021-2029) 6.3. Asia Pacific Air Source Heat Pumps Market Size and Forecast, by Country (2021-2029) 6.3.1. China 6.3.1.1. China Air Source Heat Pumps Market Size and Forecast, by Prodduct (2021-2029) 6.3.1.2. China Air Source Heat Pumps Market Size and Forecast, by Application (2021-2029) 6.3.2. S Korea 6.3.2.1. S Korea Air Source Heat Pumps Market Size and Forecast, by Prodduct (2021-2029) 6.3.2.2. S Korea Air Source Heat Pumps Market Size and Forecast, by Application (2021-2029) 6.3.3. Japan 6.3.3.1. Japan Air Source Heat Pumps Market Size and Forecast, by Prodduct (2021-2029) 6.3.3.2. Japan Air Source Heat Pumps Market Size and Forecast, by Application (2021-2029) 6.3.4. India 6.3.4.1. India Air Source Heat Pumps Market Size and Forecast, by Prodduct (2021-2029) 6.3.4.2. India Air Source Heat Pumps Market Size and Forecast, by Application (2021-2029) 6.3.5. Australia 6.3.5.1. Australia Air Source Heat Pumps Market Size and Forecast, by Prodduct (2021-2029) 6.3.5.2. Australia Air Source Heat Pumps Market Size and Forecast, by Application (2021-2029) 6.3.6. Indonesia 6.3.6.1. Indonesia Air Source Heat Pumps Market Size and Forecast, by Prodduct (2021-2029) 6.3.6.2. Indonesia Air Source Heat Pumps Market Size and Forecast, by Application (2021-2029) 6.3.7. Malaysia 6.3.7.1. Malaysia Air Source Heat Pumps Market Size and Forecast, by Prodduct (2021-2029) 6.3.7.2. Malaysia Air Source Heat Pumps Market Size and Forecast, by Application (2021-2029) 6.3.8. Vietnam 6.3.8.1. Vietnam Air Source Heat Pumps Market Size and Forecast, by Prodduct (2021-2029) 6.3.8.2. Vietnam Air Source Heat Pumps Market Size and Forecast, by Application (2021-2029) 6.3.9. Taiwan 6.3.9.1. Taiwan Air Source Heat Pumps Market Size and Forecast, by Prodduct (2021-2029) 6.3.9.2. Taiwan Air Source Heat Pumps Market Size and Forecast, by Application (2021-2029) 6.3.10. Rest of Asia Pacific 6.3.10.1. Rest of Asia Pacific Air Source Heat Pumps Market Size and Forecast, by Prodduct (2021-2029) 6.3.10.2. Rest of Asia Pacific Air Source Heat Pumps Market Size and Forecast, by Application (2021-2029) 7. Middle East and Africa Air Source Heat Pumps Market Size and Forecast by Segmentation (by Value in USD Million) 2021-2029 7.1. Middle East and Africa Air Source Heat Pumps Market Size and Forecast, by Prodduct (2021-2029) 7.2. Middle East and Africa Air Source Heat Pumps Market Size and Forecast, by Application (2021-2029) 7.3. Middle East and Africa Air Source Heat Pumps Market Size and Forecast, by Country (2021-2029) 7.3.1. South Africa 7.3.1.1. South Africa Air Source Heat Pumps Market Size and Forecast, by Prodduct (2021-2029) 7.3.1.2. South Africa Air Source Heat Pumps Market Size and Forecast, by Application (2021-2029) 7.3.2. GCC 7.3.2.1. GCC Air Source Heat Pumps Market Size and Forecast, by Prodduct (2021-2029) 7.3.2.2. GCC Air Source Heat Pumps Market Size and Forecast, by Application (2021-2029) 7.3.3. Nigeria 7.3.3.1. Nigeria Air Source Heat Pumps Market Size and Forecast, by Prodduct (2021-2029) 7.3.3.2. Nigeria Air Source Heat Pumps Market Size and Forecast, by Application (2021-2029) 7.3.4. Rest of ME&A 7.3.4.1. Rest of ME&A Air Source Heat Pumps Market Size and Forecast, by Prodduct (2021-2029) 7.3.4.2. Rest of ME&A Air Source Heat Pumps Market Size and Forecast, by Application (2021-2029) 8. South America Air Source Heat Pumps Market Size and Forecast by Segmentation (by Value in USD Million) 2021-2029 8.1. South America Air Source Heat Pumps Market Size and Forecast, by Prodduct (2021-2029) 8.2. South America Air Source Heat Pumps Market Size and Forecast, by Application (2021-2029) 8.3. South America Air Source Heat Pumps Market Size and Forecast, by Country (2021-2029) 8.3.1. Brazil 8.3.1.1. Brazil Air Source Heat Pumps Market Size and Forecast, by Prodduct (2021-2029) 8.3.1.2. Brazil Air Source Heat Pumps Market Size and Forecast, by Application (2021-2029) 8.3.2. Argentina 8.3.2.1. Argentina Air Source Heat Pumps Market Size and Forecast, by Prodduct (2021-2029) 8.3.2.2. Argentina Air Source Heat Pumps Market Size and Forecast, by Application (2021-2029) 8.3.3. Rest Of South America 8.3.3.1. Rest Of South America Air Source Heat Pumps Market Size and Forecast, by Prodduct (2021-2029) 8.3.3.2. Rest Of South America Air Source Heat Pumps Market Size and Forecast, by Application (2021-2029) 9. Global Air Source Heat Pumps Market: Competitive Landscape 9.1. MMR Competition Matrix 9.2. Competitive Landscape 9.3. Key Players Benchmarking 9.3.1. Company Name 9.3.2. Business Segment 9.3.3. End-user Segment 9.3.4. Revenue (2021) 9.3.5. Company Locations 9.4. Leading Air Source Heat Pumps Market Companies, by market capitalization 9.5. Market Structure 9.5.1. Market Leaders 9.5.2. Market Followers 9.5.3. Emerging Players 9.6. Mergers and Acquisitions Details 10. Company Profile: Key Players 10.1. BDR Thermea Group B.V. 10.1.1. Company Overview 10.1.2. Business Portfolio 10.1.3. Financial Overview 10.1.4. SWOT Analysis 10.1.5. Strategic Analysis 10.1.6. Scale of Operation (small, medium, and large) 10.1.7. Details on Partnership 10.1.8. Regulatory Accreditations and Certifications Received by Them 10.1.9. Awards Received by the Firm 10.1.10. Recent Developments 10.2. Bosch Thermotechnik GmbH 10.3. Carrier Corporation 10.4. China Yangzi Group 10.5. Daikin Industries Ltd. 10.6. Danfoss A/S 10.7. Dimplex North America Ltd. 10.8. Emerson Climate Technologies Inc. 10.9. Fujitsu General Ltd. 10.10. Haier Group 10.11. Hitachi Appliances, Inc. 10.12. Ingersoll-Rand PLC 10.13. Johnson Controls, Inc. 10.14. LG Electronics, Inc. 10.15. Mitsubishi Electric Corporation 10.16. Panasonic Corporation 10.17. Samsung Electronics Co., Ltd. 10.18. Swegon 10.19. Thermia Heat Pumps 10.20. Toshiba Corporation 10.21. Viessmann Werke GmbH & Co. KG 11. Key Findings 12. Industry Recommendations 13. Air Source Heat Pumps Market: Research Methodology 14. Terms and Glossary