Air Source Heat Pump Market Size By Product (Air to Air, Air to Water), By Application (Residential {[Single Family, Multi Family], Product [Domestic Hot Water Heat Pump, Room Heat Pump]}, Commercial {Education, Healthcare, Retail, Logistics & Transportat

Air Source Heat Pump Market Size By Product (Air to Air, Air to Water), By Application (Residential {[Single Family, Multi Family], Product [Domestic Hot Water Heat Pump, Room Heat Pump]}, Commercial {Education, Healthcare, Retail, Logistics & Transportation, Offices, Hospitality}), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2022 - 2030

Global Air Source Heat Pump Market is poised to witness significant growth trends and record a sizeable valuation by 2030, driven by the increasing R&D investments to develop sustainable and advanced HVAC systems with improved characteristics and lower carbon footprint. The growing emphasis on the utilization of energy-efficient technologies, coupled with the strict regulatory mandates pertaining to reducing harmful emissions have encouraged industry players to design products with low operational expenditure and improved capabilities.

For instance, in November 2021, Worcester Bosch, an operating associate firm of Bosch Thermotechnology, reported diversifying its portfolio with two new units, namely a Hybrid 7000iAW heat pump and a 7001iAW - a low-carbon air-to-water HP unit. Moreover, the ongoing reconstruction and refurbishment of commercial and residential infrastructure to comply with the strict building standards and codes will boost air source heat pump installations across these establishments.

The air source heat pump industry is classified based on product, application, and region.

With respect to the product category, the air-to-air segment is likely to expand at a decent CAGR during 2022 to 2030, owing to the increasing deployment of air-to-air heat pumps across several economies. This can be attributed to the increasing focus of respective governments on employing sustainable space heating and cooling systems and stringent mandates on regulating CO2 and GHG emission levels. These systems significantly reduce energy expenditure across residential and commercial buildings, thus offering increased savings on energy bills, which is driving their demand between 2022 and 2030.

In terms of application, the commercial segment is anticipated to generate appreciable revenues for air source heat pump industry by 2030. The increasing number of economies making use of clean energy technologies to heat or cool commercial spaces to achieve their net zero targets by 2050 may bolster the segment growth over the next 8 years. Also, the rapid industrial development and urban migration have significantly pushed the demand for new commercial buildings. Alongside this, the reconstruction of aging infrastructure across regions such as the U.S. and Europe may foster product adoption through 2030.

Regionally, the Middle East & Africa air source heat pump market is projected to register significant growth and account for a considerable valuation by 2030. This regional growth is backed by robust macroeconomic indicators and increasing foreign investments for commercialization. The flourishing economic landscape and the construction of luxury hotels and lavish facilities will encourage the owners to deploy advanced and energy-efficient heating and cooling systems. This fator, along with supportive government initiatives will transform the industy dynamics in MEA during 2022 and 2030.