The global air source heat pump (ASHP) market is experiencing significant growth, driven by factors such as government initiatives, increasing construction activities, evolving climate conditions, and a growing consumer preference for energy-efficient products.

According to the TechSci Research report titled, “Air Source Heat Pump Market – Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2018-2028F,” the ASHP market is set to expand rapidly in the coming years. This report provides a comprehensive analysis of market trends, drivers, challenges, and opportunities.

Overview of Air Source Heat Pumps

ASHPs are energy-efficient devices that use ambient air as a heat source to heat or cool buildings. They can be particularly advantageous for homes without access to natural gas and for properties equipped with solar panels, which enhance their energy efficiency.

These systems can heat thermal stores such as underground tanks or boreholes, maintaining a consistent ground temperature of 12°C, irrespective of external weather conditions. ASHPs require minimal additional insulation, making them cost-effective and environmentally friendly.

Types of Air Source Heat Pumps

  1. Air-to-Air Heat Pumps

    • Extract heat from the outside air and transfer it indoors.

    • Utilize a fan system for room heating.

  2. Air-to-Water Heat Pumps

    • Absorb heat from the outside air and circulate it through the central heating system.

    • Provide hot water, underfloor heating, or radiator heating.

    • Require specific heat distribution systems based on their configuration.

 

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Air source heat pump market Trends and Drivers

Growing Demand for Energy Efficiency

ASHPs offer a sustainable solution for heating and cooling by utilizing one-third to one-fifth of the electricity required by traditional systems. By switching from condensing gas boilers to heat pumps, global CO2 emissions from space and water heating can be significantly reduced.

Government Policies and Incentives

Governments worldwide are promoting the adoption of heat pumps through subsidies and incentives, aligning with global climate goals such as Net Zero Emissions by 2050. The International Energy Agency projects that 600 million heat pumps will be in use globally by 2030, meeting at least 20% of global heating needs.

Technological Advancements

Advancements in heat pump technology have improved energy performance and reduced the carbon intensity of power generation. By 2025, heat pumps are expected to outperform natural gas-fired condensing boilers in terms of CO2 emissions.

Construction Boom and Green Building Initiatives

The rise in construction activities and the growing adoption of green building practices are driving demand for ASHPs. These systems are increasingly integrated with solar heating sources, further reducing energy costs and environmental impact.

 

Air source heat pump market Segmentation

By Process

  1. Air-to-Air

    • Includes ducted and ductless systems.

  2. Air-to-Water

    • Comprises split and integrated systems.

By End Use

  1. Residential

  2. Hotels & Resorts

  3. Gyms & Spas

  4. Educational Institutions

  5. Food Service

  6. Others (Healthcare, Offices, etc.)

By Sales Channel

  1. Plumbers

  2. Dealers & Contractors

  3. Retail

  4. Direct Sales

  5. Online

  6. Others (Distributors, Builders, etc.)

By Region

  1. North America

  2. Europe

  3. Asia-Pacific

  4. South America

  5. Middle East & Africa

 

Air source heat pump market Challenges

Lack of Awareness

Despite their benefits, the adoption of ASHPs is limited due to a lack of awareness. Currently, only 10% of the world's heating needs are met by heat pumps, indicating significant room for growth.

High Initial Costs

The upfront cost of purchasing and installing ASHPs remains a barrier for many consumers. However, ongoing innovations and policy support aim to reduce these costs.

Market Barriers in Renovations

Complexities in integrating heat pumps into existing structures pose challenges. Simplifying these processes is crucial for wider adoption.

Air source heat pump market Regional Insights

North America

The adoption of air-to-air heat pumps is on the rise, with annual shipments in the United States increasing from 2.3 million units in 2015 to 3.4 million in 2020. Improved construction regulations and policies are driving this growth.

Europe

Europe is a leading market for ASHPs due to stringent climate policies and widespread adoption of green building practices. Countries like Italy are witnessing significant growth, supported by acquisitions and collaborations among key players.

Asia-Pacific

Rapid urbanization and government initiatives in countries like China and India are propelling market growth. The integration of ASHPs with renewable energy systems is gaining traction.

South America and Middle East & Africa

These regions are emerging markets with growing awareness and adoption of ASHPs. Efforts to improve energy efficiency and reduce reliance on fossil fuels are driving demand.

 

Air source heat pump market Competitive Landscape

Key players in the global ASHP market include:

  1. Vaillant Group

  2. Swegon Group AB

  3. Robert Bosch GmbH

  4. Trane Technologies Company, LLC

  5. NIBE Industrier AB, Corp.

  6. Rheem Manufacturing Company

  7. Viessmann Group

  8. A.O. Smith Corporation

  9. DAIKIN INDUSTRIES, Ltd.

  10. Carrier Global Corporation

 

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Recent Developments

  • NIBE Industrier AB’s Acquisition of Argoclima SpA

    • In May 2022, NIBE acquired 50% of Argoclima SpA, strengthening its position in the Italian market. This strategic move integrates Argoclima’s products with NIBE’s portfolio, catering to the growing demand for heat pumps.

Future Outlook of Air source heat pump market 

The global ASHP market is poised for significant growth, driven by:

  • Increased adoption of green technologies.

  • Continued government support and subsidies.

  • Technological advancements improving energy efficiency and reducing costs.

By 2030, ASHPs are expected to become a mainstream solution for heating and cooling, contributing to global sustainability goals.

Conclusion

Air source heat pumps represent a transformative technology in the global shift towards energy efficiency and carbon neutrality.

Despite challenges, the market’s growth trajectory is promising, supported by favorable policies, technological innovation, and rising consumer awareness. Stakeholders in the ASHP market must focus on reducing costs, simplifying integration, and raising awareness to fully unlock the potential of this sustainable technology.

 

 

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