Report Description

The New Zealand air source heat pump market size is anticipated to register an impressive CAGR during the forecast period. Heat pumps have evolved into the most energy-efficient electric heating/cooling systems available in New Zealand. The air source heat pump market is anticipated to project robust growth during the forecast period on account of factors such as the country's high humidity levels, low carbon emissions, and low running cost. New product launches by various companies is a prominent trend that is expected to affect new product launches throughout the forecast period.

Heat pumps heat home by absorbing heat from the outside and transferring it inside. When it's hot outdoors, it reverses direction and functions as an air conditioner, eliminating heat from home. Heat pumps are an effective technique to heat a room in the winter. They typically take 10-20 minutes to bring a room to the ideal temperature and easily maintain it. Air source heat pumps are presently used by more than 25% of all New Zealand houses, making them the third most common heating system in the country.

Due to the high demand of air source heat pump in the country, heat pump manufacturers are prompted to offer new products. For instance, Mitsubishi Electric utilizes HyperCore Technology' in their new air source heat pumps. When the temperature drops below 7 degrees, most standard heat pumps provide less heat. HyperCore Technology assures full effectiveness down to -15 degrees, making it an excellent performer in New Zealand's colder temperatures. In contrast to other heat pumps, which are designed for functioning only in more temperate settings - and normally recommend having a backup option for when things become too rough - the HyperCore Technology is specifically engineered to deal with more extreme cold.


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Increasing Energy Efficiency of Air Source Heat Pump Will Fuel The Market Growth

Air source heat pumps are a particularly cost-effective alternative to standard electric heating alternatives since they transport heat rather than generating heat. The Energy Star rating assists in demonstrating the efficiency of the heat pump. For instance, the most energy efficient heat pumps available in New Zealand are 250% efficient (they produce USD 1.55 of heat for every dollar of electricity consumed). The most efficient models available in the market are more than 500% efficient. They utilize external heat and cold to efficiently adjust the temperature of the house. As a result, they are 50% more cost effective than gas heaters and consume 50% less energy than other electric heating and cooling systems. This is one of the major factors which is driving the market growth during the forecast period.

Increasing Humidity in New Zealand Will Boost the Market Growth

Heating, insulation, and ventilation are the three most important components which help in maintaining good indoor air quality. Unflued gas heaters emit carbon dioxide and fill the air with hazardous amounts of moisture. Without sufficient ventilation, this can be hazardous to customers’ health. Rainfall in New Zealand is rather significant, contributing to the country's high humidity, which is concentrated primarily in North Island. For instance, the average annual humidity in Auckland is 82%. Air source heat pumps can dehumidify in cooling or "dry" modes, allowing them to combat excess moisture such as condensation and humidity. Thus, this acts as a driving factor for air source heat pump market.

New Housing Projects By Government Will Fuel Market Growth

The growing preference for new homes in New Zealand, along with a growth in the number of construction projects, is boosting demand for air source heat pumps across the country. In 2022 the government-initiated Mangere, which is a major housing project for Auckland, with the goal of replacing approximately 2,700 state housing units with up to 10,000 new healthy houses. Over the next 10-15 years, approximately 3,000 new state houses, as well as 3,500 affordable and 3,500 market homes, will be developed. These new homes and building projects are regarded as key market drivers since they promote the product throughout the country. The increasing demand for air source heat pumps from builders is anticipated to further fuel the market growth during the forecast period.

Market Segmentation

New Zealand air source heat pump market is segmented based on process, end use, sales channel, region, and competitive landscape. Based on process, the market is further fragmented into air to air (ducts vs. ductless) and air to water (split vs. integrated). Based on end use the market is segmented into residential, hotels & resorts, gym & spas, education, food service, and others (healthcare, offices, etc.). Based on sales channels, the market is segmented into plumbers, dealers & contractors, retail, direct sales, online, and others (distributors, builders, etc.). The market analysis also studies the regional segmentation to devise regional market segmentation, divided among North Island and South Island.

Market Players

Rheem New Zealand Ltd., Daikin Air Conditioning New Zealand Ltd., Black Diamond Technologies Limited (Mitsubishi), Panasonic New Zealand Limited, Toshiba (Australia) Pty Limited, Hot Water Heat Pumps Ltd., Johnson Controls International Plc. (Hitachi), Stiebel Eltron NZ Limited, Energy Alternatives NZ, and The Alternative Energy Company Ltd. are the major market players in the New Zealand Air Source Heat Pump market

Attribute

Details

Base Year

2022

Historic Data

2018 – 2021

Estimated Year

2023

Forecast Period

2024 – 2028

Quantitative Units

Revenue in USD Million, Volume in Thousand Units and CAGR for 2018-2022 and 2023-2028

Report Coverage

Revenue forecast, company share, competitive landscape, growth factors, and trends

Segments Covered

Process

End Use

Sales Channel

Region

Regional scope

North Island, South Island

Key companies profiled

Rheem New Zealand Ltd., Daikin Air Conditioning New Zealand Ltd., Black Diamond Technologies Limited (Mitsubishi), Panasonic New Zealand Limited, Toshiba (Australia) Pty Limited, Hot Water Heat Pumps Ltd., Johnson Controls International Plc. (Hitachi), Stiebel Eltron NZ Limited, Energy Alternatives NZ and The Alternative Energy Company Ltd. etc.

Customization scope

10% free report customization with purchase. Addition or alteration to country, regional & segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options

Delivery Format

PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

Report Scope:

In this report, New Zealand air source heat pump market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

  • New Zealand Air Source Heat Pump Market, By Process:
    • Air to Air
    • Air to Water
  • New Zealand Air Source Heat Pump Market, By End Use:
    • Residential
    • Hotels & Resorts
    • Gym & Spas
    • Education
    • Food Service
    • Others
  • New Zealand Air Source Heat Pump Market, By Sales Channel:
    • Plumbers
    • Dealers & Contractors
    • Retail
    • Direct Sales
    • Online
    • Others
  • New Zealand Air Source Heat Pump Market, By Region:
    • North Island
    • South Island

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in New Zealand air source heat pump market.

Available Customizations:

With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).

New Zealand Air Source Heat Pump Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1.    Introduction

1.1.  Product Overview

1.2.  Key Highlights of the Report

1.3.  Market Coverage

1.4.  Market Segments Covered

1.5.  Research Tenure Considered

2.    Research Methodology

2.1.  Objective of the Study

2.2.  Baseline Methodology

2.3.  Key Industry Partners

2.4.  Major Association and Secondary Sources

2.5.  Forecasting Methodology

2.6.  Data Triangulation & Validation

2.7.  Assumptions and Limitations

3.    Executive Summary         

3.1.  Market Overview

3.2.  Market Forecast

3.3.  Key Regions

3.4.  Key Segments

4.    Voice of Customer Analysis (B2C Model Analysis)

4.1.  Sample Size Determination

4.2.  Respondent Demographics

4.2.1.     By Gender

4.2.2.     By Age

4.2.3.     By Occupation

4.3.  Preferred Way for Heating Water

4.4.  Brand Awareness

4.5.  Sources of Awareness

4.6.  Factors Influencing Purchase Decision

4.7.  Challenges Faced Post Purchase

5.    New Zealand Air Source Heat Pump Market Outlook

5.1.  Market Size & Forecast

5.1.1.     By Value

5.1.2.     By Volume       

5.2.  Market Share & Forecast

5.2.1.     By Process Market Share Analysis (Air to Air, Air to Water)

5.2.2.     By End Use Market Share Analysis (Residential, Hotels & Resorts, Gym & Spas, Education, Food Service, and Others (Healthcare, Offices, etc.)

5.2.3.     By Sales Channel Market Share Analysis (Plumbers, Dealers & Contractors, Retail, Direct Sales, Online, and Others (Distributors, Builders, etc.))

5.2.4.     By Regional Market Share Analysis

5.2.4.1.         North Island Market Share Analysis

5.2.4.2.         South Island Market Share Analysis

5.2.5.     By Company Market Share Analysis

5.3.  New Zealand Air Source Heat Pump Market Mapping & Opportunity Assessment

5.3.1.     By Process Market Mapping & Opportunity Assessment

5.3.2.     By End Use Market Mapping & Opportunity Assessment

5.3.3.     By Sales Channel Market Mapping & Opportunity Assessment

5.3.4.     By Regional Market Mapping & Opportunity Assessment

6.    New Zealand Air to Air Heat Pump Market Outlook

6.1.  Market Size & Forecast          

6.1.1.     By Value

6.1.2.     By Volume

6.2.  Market Share & Forecast

6.2.1.     By Type Market Share Analysis (Ducts, Ductless)

6.2.2.     By End Use Market Share Analysis

6.2.3.     By Sales Channel Market Share Analysis

6.3.  Product Benchmarking (Best Selling SKU’s)

7.    New Zealand Air to Water Heat Pump Outlook

7.1.  Market Size & Forecast          

7.1.1.     By Value

7.1.2.     By Volume

7.2.  Market Share & Forecast

7.2.1.     By Type Market Share Analysis (Split, Integrated)

7.2.2.     By Tank Capacity Market Share Analysis (Less than 200L, 200L to 300L, More than 300L)

7.2.3.     By End Use Market Share Analysis

7.2.4.     By Sales Channel Market Share Analysis

7.3.  Product Benchmarking (Best Selling SKU’s)

8.    Market Dynamics

8.1.  Drivers

8.1.1.     Energy Efficiency

8.1.2.     High Humidity

8.1.3.     New Housing Projects by Government

8.2.  Challenges

8.2.1.     High Up-front Cost

8.2.2.     Stiff Competition Among Market Players

9.    Impact of COVID-19 on New Zealand Air Source Heat Pump Market

9.1.  Impact Assessment Model      

9.1.1.     Key Segments Impacted

9.1.2.     Key Regions Impacted

10.  Market Trends & Developments

10.1.              Minimal amount of noise

10.2.              High Durability

10.3.              Adoption of new technologies

10.4.              Online Presence Optimization

10.5.              Increasing affordability

11.  Porter’s Five Forces Model

11.1.              Competitive Landscape

11.2.              Bargaining Power of Buyers

11.3.              Bargaining Power of Suppliers

11.4.              Threat of New Entrants

11.5.              Threat of Substitutes

12.  SWOT Analysis

12.1.              Strengths

12.2.              Weaknesses

12.3.              Opportunity

12.4.              Threat

13.  Competitive Landscape

13.1.              Company Profiles

13.1.1.  Rheem New Zealand Ltd.

13.1.1.1.      Company Details

13.1.1.2.      Products & Services

13.1.1.3.      Financials (As Reported)

13.1.1.4.      Key Market Focus & Geographical Presence

13.1.1.5.      Recent Developments

13.1.1.6.      Key Management Personnel

13.1.2.  Daikin Air Conditioning New Zealand Ltd.

13.1.2.1.      Company Details

13.1.2.2.      Products & Services

13.1.2.3.      Financials (As Reported)

13.1.2.4.      Key Market Focus & Geographical Presence

13.1.2.5.      Recent Developments

13.1.2.6.      Key Management Personnel

13.1.3.  Black Diamond Technologies Limited (Mitsubishi)

13.1.3.1.      Company Details

13.1.3.2.      Products & Services

13.1.3.3.      Financials (As Reported)

13.1.3.4.      Key Market Focus & Geographical Presence

13.1.3.5.      Recent Developments

13.1.3.6.      Key Management Personnel

13.1.4.  Panasonic New Zealand Limited

13.1.4.1.      Company Details

13.1.4.2.      Products & Services

13.1.4.3.      Financials (As Reported)

13.1.4.4.      Key Market Focus & Geographical Presence

13.1.4.5.      Recent Developments

13.1.4.6.      Key Management Personnel

13.1.5.  Toshiba (Australia) Pty Limited

13.1.5.1.      Company Details

13.1.5.2.      Products & Services

13.1.5.3.      Financials (As Reported)

13.1.5.4.      Key Market Focus & Geographical Presence

13.1.5.5.      Recent Developments

13.1.5.6.      Key Management Personnel

13.1.6.  Hot Water Heat Pumps Ltd.,

13.1.6.1.      Company Details

13.1.6.2.      Products & Services

13.1.6.3.      Financials (As Reported)

13.1.6.4.      Key Market Focus & Geographical Presence

13.1.6.5.      Recent Developments

13.1.6.6.      Key Management Personnel

13.1.7.  Johnson Controls International Plc. (Hitachi)

13.1.7.1.      Company Details

13.1.7.2.      Products & Services

13.1.7.3.      Financials (As Reported)

13.1.7.4.      Key Market Focus & Geographical Presence

13.1.7.5.      Recent Developments

13.1.7.6.      Key Management Personnel

13.1.8.  Stiebel Eltron NZ Limited

13.1.8.1.      Company Details

13.1.8.2.      Products & Services

13.1.8.3.      Financials (As Reported)

13.1.8.4.      Key Market Focus & Geographical Presence

13.1.8.5.      Recent Developments

13.1.8.6.      Key Management Personnel

13.1.9.  Energy Alternatives NZ

13.1.9.1.      Company Details

13.1.9.2.      Products & Services

13.1.9.3.      Financials (As Reported)

13.1.9.4.      Key Market Focus & Geographical Presence

13.1.9.5.      Recent Developments

13.1.9.6.      Key Management Personnel

13.1.10.   The Alternative Energy Company Ltd.

13.1.10.1.    Company Details

13.1.10.2.    Products & Services

13.1.10.3.    Financials (As Reported)

13.1.10.4.    Key Market Focus & Geographical Presence

13.1.10.5.    Recent Developments

13.1.10.6.    Key Management Personnel

14.  Strategic Recommendations/Action Plan

14.1.              Key Focus Areas

14.2.              Target Regions

14.3.              Target Sales Channel

15. About Us & Disclaimer

Figures and Tables

Frequently asked questions

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The New Zealand Air Source Heat Pump Market is currently being stimulated by low carbon emissions, low maintenance cost, improved air quality, and high energy efficiency.

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Heat pumps have a high durability. Previously, their typical life expectancy was around 15 years, but because many technological advancements, modern units now last roughly 20-25 years before they need to be replaced.

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The use of heat pumps has various advantages. When compared to a gas or electric heating system, an air source heat pump can save customers money on energy expenses and minimise carbon footprint. One of the primary benefits of air source heat pumps is their adaptability and low cost.

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Heat pumps in New Zealand can cost up to USD 3105.02, including installation

profile

Parvati Sharma

Account Manager BD
Press Release

Air to Air Segment in New Zealand Air Source Heat Pumps Market to Grow During the Forecast Period

Dec, 2022

High energy efficiency of air source heat pumps and low electricity bills are the factors driving the air source heat pump market in New Zealand.