Air Source Heat Pump Market is Fueled by Air-to-Air Heat Pumps During the Forecast Period
Accelerating climate change, rising construction and consumer
awareness towards energy efficient products is driving the global Air Source
Heat Pump market.
According to TechSci
Research report, “Air Source Heat Pump Market – Global Industry Size,
Share, Trends, Competition, Opportunity, and Forecast, 2018-2028F” Global Air Source Heat Pump market is
driven by growing government initiatives, rising construction activities,
changing climate conditions, and consumer shift towards energy efficient
products.
Buildings can be heated
or cooled using Air Source Heat Pumps (ASHPs), which utilize ambient air as a
heat source. By mounting solar panels on rooftops rather than taking up
valuable inside space, ASHPs can be utilized in homes without access to natural
gas to heat thermal stores like underground tanks or boreholes. The ground
temperature around the hot water storage cylinders stays at 12 degrees Celsius
year-round regardless of the outside weather, therefore they don't require any
additional insulation.
Air-to-water and
air-to-air ASHP are the two primary types. In order to heat a room, an
air-to-air heat pump pulls heat from the outside air and transfers it inside,
using a fan system. The heat from the outside air is absorbed by the
air-to-water heat pumps, which then move it through the central heating system
to provide hot water, underfloor heating, or radiation As a result, the type of
heat distribution system required depends on the ASHP type selected.
The market for heat
pumps is increasing but due to lack of awareness across the globe the growth
rate is slower. Only around 10% of the world's building heating demands are still
provided by heat pumps, according to the International Energy Agency, falling
short of the deployment level required to keep up with the Net Zero Emissions
by 2050 Scenario. By 2030, there will be 600 million heat pumps in use
worldwide, which will take ownership of at least 20% of the world's heating
needs. More policy support and technical innovation are needed to fully utilize
the potential of heat pumps as a facilitator of power system integration and flexibility.
This will also result in lower upfront purchase and installation costs, the
removal of market barriers to complex renovations, improved energy performance
and durability, and improved energy performance and durability.
Heat pumps can provide
usable heat using one-third to one-fifth of the electricity required by
traditional electric equipment by using electricity to capture ambient heat
from the air. By adopting heat pumps instead of condensing gas boilers, more
than half of the world's demand for space and water heating could be satisfied
with lower CO2 emissions in 2021, as reported by national electricity
generation portfolios.
This potential coverage
is a significant improvement over the 2010 level of 50%, due to ongoing
advances in heat pump energy performance and decrease in the carbon intensity
of power generation. In all locations, heat pumps would record fewer CO2
emissions than natural gas-fired condensing boilers before 2025, due to the Net
Zero Scenario's rapid reductions in emissions from power supply and increasing
technological efficiency.
Browse over XX market data Figures
spread through XX Pages and an in-depth TOC on the "Air Source Heat Pump Market."
The global air source
heat pump market segmented into
process, end use, sales channel, region, and company. Based on process, the
market is segmented into air to air (ducts, ductless), air to water (split,
integrated). On the basis of end use, the market is divided into residential,
hotels & resorts, gym & spas, education, food service, and others (healthcare,
offices, etc.). Based on sales channel, the market is fragmented into plumbers,
dealers & contractors, retail, direct sales, online, and others (distributors,
builders, etc.). The
market analysis also studies the regional segmentation, divided among North
America, Europe, Asia-Pacific, South America, and Middle East & Africa.
The adoption of
air-to-air heat pumps has grown recently. In the United States, for instance,
annual shipments climbed from 2.3 million units in 2015 to 3.4 million in 2020,
with the growth rate being the same as in previous years. Global use of
air-to-air heat pump technology has been promoted by policy development and
improved construction regulations that make heat pumps in new buildings more
competitive, relatively growing the air conditioning demand.
Key market players in the global air
source heat pump market include:
- 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
The market is also growing because of
mergers and acquisitions done by market giants, in order to stay competitive in
the market. For instance, NIBE Industrier AB has acquired 50% of the
shares of the Italian company Argoclima SpA, in May 2022. Heat pump and air
conditioning products are produced and distributed in Italy by Argoclima SpA.
By integrating Argoclima's present line of heat pumps marketed under the Argo
brand with the full line of heat pumps offered under the NIBE brand, the
acquisition would provide the company a much stronger position in the rapidly
expanding Italian market for heat pumps.
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“Due to factors such as its simple design
and uncomplicated installation, the market for air source heat pumps is
predicted to increase significantly. Positive drivers for product deployment
include increase in green building construction and the rising global
temperature. Demand for space heating systems will increase in the projection
timeline due to integration with solar heating sources and, therefore, low
input costs for products across temperate regions.” said Mr. Karan Chechi,
Research Director with TechSci Research, a research based global management
consulting firm.
“Air Source Heat Pump Market – Global Industry
Size, Share, Trends, Opportunity, and Forecast, 2018-2028F, Segmented By Process (Air to Air
(Ducts, Ductless), Air to Water (Split, Integrated)) By End Use (Residential,
Hotels & Resorts, Gym & Spas, Education, Food Service, and Others (Healthcare, Offices, etc.)), By Sales Channel
(Plumbers, Dealers & Contractors, Retail, Direct Sales, Online, and Others (Distributors, Builders, etc.)), By Region, Competition”, has
evaluated the future growth potential of Air Source Heat Pump and provides statistics and information on market structure, size, share,
and future growth. The report is intended to provide cutting-edge market
intelligence and help decision-makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges and opportunities present in Air Source Heat Pump
globally.
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