Authored By: Sarah
11 Jul 2024

 Air Source Heat Pump Market Size to grow by USD 50.80 billion between 2024-2028

According to a research report “ Air Source Heat Pump Market” by Product (Air-to-water, Air-to-air) Application (Residential, Industrial, Commercial) Geography (North America, Europe, APAC, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 50.80 billion, at a CAGR of  11.41% during the forecast period. The global air source heat pumps market is experiencing significant growth due to increasing environmental concerns and the need to reduce greenhouse gas emissions. With the awareness of the severe consequences of climate change, there is a growing emphasis on energy-efficient and sustainable heating and cooling solutions. Air source heat pumps, which harness heat from ambient air to generate heat or cooling, offer a minimal carbon footprint and are gaining popularity. In the European Union (EU), stringent emission reduction targets have led to the replacement of conventional fossil fuel heating systems with air source heat pumps, contributing to substantial carbon emission reductions. The trend is not limited to the EU; North America and APAC markets are also witnessing a surge in demand for these systems as consumers and governments seek to decrease energy usage and combat climate change.

Browse market data tables, figures, and in-depth TOC on “Air Source Heat Pump Market” by Product (Air-to-water, Air-to-air) Application (Residential, Industrial, Commercial) Geography (North America, Europe, APAC, South America, Middle East and Africa) Global Forecast to 2028. Download Free Sample


By Product, the Air-to-water segment is projected to dominate the market size in 2024

The residential segment, which holds a prominent position in the global air source heat pump market, is projected to witness robust growth during the forecast period. This trend can be attributed to the rising demand for sustainable heating and cooling solutions in households, coupled with increasing energy efficiency consciousness. Government incentives and regulations encouraging the adoption of eco-friendly technologies further reinforce this trend. Air source heat pumps, which offer efficient heating and cooling, are gaining popularity due to homeowners' growing awareness of reduced energy expenses and carbon footprints. Advancements in technology have also enhanced the reliability and affordability of these systems, making them an attractive option for homeowners.

By Application, Residential  segment is expected to hold the largest market size for the year 2024

The global air source heat pump market is experiencing significant growth, with air-to-water heat pumps leading the charge in 2023. This trend is driven by the increasing prioritization of environmental sustainability and energy efficiency in business and consumer sectors. Air-to-water heat pumps offer numerous advantages, including cost-effectiveness, eco-friendliness, and adaptability to various climates. These systems effectively transfer heat from outdoor air to generate hot water and space heating. Government incentives and regulations promoting energy-efficient heating solutions further bolster the demand for air-to-water heat pumps. As more organizations and individuals seek to reduce their energy consumption and carbon footprint, the air-to-water heat pump market is poised for robust expansion, making it a dominant product segment within the air source heat pump industry.

North America is forecasted to hold the largest market size by region in 2024

The North American air source heat pump market is experiencing substantial growth due to various compelling factors. Primarily, there is an increasing demand for heat pump systems as a result of the emphasis on environmental sustainability and energy efficiency. Legislation such as the US's Clean Energy for America Act, which grants tax incentives for the installation of energy-efficient heating and cooling systems, including air source heat pumps, is driving this trend. Additionally, consumers are becoming more conscious of their energy expenses and carbon footprint, leading to a higher adoption rate of these systems. For instance, Canada's Home Efficiency Rebate program offers incentives to homeowners for installing energy-efficient appliances, including air-source heat pumps.

The Air Source Heat Pump Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • A. O. Smith India Water Products Pvt. Ltd.
  • Alibaba Group Holding Ltd.
  • Ariston Holding NV
  • BDR Thermea Group
  • Carrier Global Corp.
  • Colmac Industries Inc.
  • Daikin Industries Ltd.
  • Danfoss AS
  • Emerson Electric Co.
  • Fujitsu General Ltd.
  • Glen Dimplex Europe Holdings Ltd.
  • Grant Engineering UK Ltd.
  • Groupe Airwell
  • Haier Smart Home Co. Ltd.
  • Hitachi Ltd.
  • Ingersoll Rand Inc.
  • Jaquar Group
  • Mitsubishi Electric Corp.
  • NIBE Industrier AB
  • Robert Bosch GmbH

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Research Analysis Overview

The Air Source Heat Pump (ASHP) market is witnessing significant growth due to increasing concerns over indoor air quality and the shift towards sustainable and renewable energy sources. ASHPs, including ductless heat pumps, offer energy-efficient heating and cooling solutions with better indoor air quality compared to conventional heating technologies like oil or propane. Solar heating in combination with ASHPs is another trend gaining popularity due to its low greenhouse gas footprint. The use of sustainable refrigerants in ASHPs further reduces the environmental impact. Climate change and the need to reduce reliance on non-renewable energy sources have accelerated the adoption of ASHPs. ASHPs are also being integrated with solar thermal systems, smart home platforms, and HVAC systems to optimize energy savings and energy usage patterns. The chemical and pharmaceutical industries are exploring the use of ASHPs in laboratories, replacing dry vacuum pumps for more sustainable and cost-effective solutions. The initial savings from ASHPs and their lower operational costs make them an attractive alternative to traditional heating and cooling systems. However, the electrical infrastructure required for their operation should be considered in the overall energy consumption analysis. The transition to ASHPs will contribute to a reduction in greenhouse gas emissions and promote a more sustainable future.

Market Research Overview

The Air Source Heat Pump (ASHP) market is witnessing significant growth due to increasing indoor air quality concerns and the shift towards sustainable refrigerants and renewable energy sources. Ductless heat pumps are gaining popularity in both residential and commercial applications due to their energy efficiency and integration with solar heating and smart home platforms. However, climate change and the need to reduce greenhouse gas footprints have led to a focus on alternative heating technologies like ground-source and geothermal heat pumps. The HVAC industry is undergoing infrastructure renovation projects to reduce reliance on non-renewable energy sources and minimize greenhouse gas emissions. Conventional heating technologies like propane and oil are being replaced with ASHPs and solar thermal systems. The integration of ASHPs with renewables, such as solar panels, is a major trend in the market. Cold-climate heat pumps and noise concerns are some challenges that need to be addressed. Startup costs and urbanization and construction are other factors influencing the market. The use of cutting-edge technologies like micropumps, vacuum gauges, and vacuum pump solutions in ASHP equipment is driving innovation in the market. The market also caters to various industries like agriculture, oil and gas, chemicals, biotechnology, and pharmaceuticals, where energy usage patterns and environmental consciousness are crucial. Climate policy initiatives and the reduction of carbon dioxide emissions are key drivers for the growth of the ASHP market. The market is expected to continue its upward trajectory as consumers and businesses prioritize energy efficiency and sustainability.


Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200

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