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Air-to-Air Heat Pumps Market Research Report - Segmentation By Product Type (Air-to-Air, Air-to-Water and Geothermal), By Application (Residential and Commercial) and Region – Industry Forecast 2023-2028

Published: March, 2023
ID: 13047
Pages: 150
Formats: report pdf report excel report power bi report ppt

Air-to-Air Heat Pumps Market Size (2023-2028):

The Global Air-to-Air Heat Pumps Market was worth US$ 76.86 billion in 2022 and is anticipated to reach a valuation of US$ 142.16 billion by 2028 and is predicted to register a CAGR of 11.20% during 2023-2028.

Heat is transferred from the outside air to the air within the room via air-to-air heat pumps, which raise the temperature of the air in each room. Warm air is introduced using a series of fan coil units, often known as blowers. They work on the same concept as air conditioners; the only difference, and a significant one, is that the former works in the opposite direction as the latter. As a result, air source heat pumps take heat from outside air masses and transmit it to the indoor unit compressor of the pump. This procedure is fully based on the heat transfer concept, which is aided by the pump's refrigerant property, which lowers the temperature of the air passing through the device.

As a result, the entering air's thermal value is lower than the ambient temperature, resulting in the thermal isolation of the air heat. One of the key reasons why consumers fail to recognize the potential benefits of heat pumping technology is a lack of understanding of changes in the efficiency and cost of heating appliances. The heating season performance factor (HSPF) for air-source electric heat pumps is a measure of the total heat provided to the conditioned area, expressed in Btu, divided by the total electrical energy consumed, measured in watt-hours, over an average heating season. Heat pumps are also far less expensive to operate than direct electric heating systems. It is also less expensive to operate than oil boilers and may be less expensive than gas boilers. Heat pumps require far less effort than biomass boilers since they can be totally automated.

Market Growth:

The market's expanding need for environment-friendly products has a significant and cost-effective influence.

Market Drivers:

Portable air conditioners are becoming more appealing as the use of energy-efficient and environmentally friendly goods grow. Air-source heat pumps have been used in practically all sections of the United States for many years, with the exception of areas that have had extended periods of subzero temperatures. However, in a few years, air-source heat pump technology advanced to the point where it can now be considered a viable space heating facility in colder climates. Furthermore, by leaking HFC refrigerant gases, typical home and office air conditioners pose a substantial hazard to the environment. These gases have a huge potential for global warming, and they might make climate change 25% worse than current projections.

Small personal air conditioners, in contrast to wall-mounted air conditioners, can provide a sustainable, energy-efficient solution for a warming planet. Close Comfort, for example, consumes a fraction of the refrigerant used by traditional air conditioners. This non-toxic gas is contained within a permanently welded refrigeration circuit. COVID-19 has had a beneficial impact on the market because it has caused people to stay indoors across the globe, resulting in an increase in demand for the air-to-air heat pump market industry.

Market Restraints:

Air source heat pumps offer a lesser heat supply than other options, which is an essential disadvantage to be aware of. This implies that to get the most out of an ASHP, you'll need a well-insulated home with underfloor heating, if possible. Another issue with air source heat pumps is that they can be quite noisy.

Because Air-to-Air Heat Pumps provide less heat than oil and gas boilers, larger radiators may be required. The water cycled through radiators connected to boilers may be at a higher temperature than the water circulated through an ASHP system.

As a result, a bigger heat-emitting surface is required for the same quantity of space heating. If you don't already have an underfloor heating system, installation expenses may be greater. When running, air source heat pumps are similar to a standard air conditioner or light to heavy rain in terms of noise. Companies, on the other hand, are constantly making technological breakthroughs to increase this and reduce noise.

These factors are cumulatively restricting the growth of the Air-to-Air Heat Pumps Market Industry.

AIR-TO-AIR HEAT PUMPS MARKET REPORT COVERAGE:

REPORT METRIC

DETAILS

Market Size Available

2022 – 2028

Base Year

2022

Forecast Period

2023 - 2028

CAGR

11.20%

Segments Covered

By Product Type, Application, and Region.

 

Various Analyses Covered

Global, Regional and Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities

Regions Covered

North America, Europe, APAC, Latin America, Middle East & Africa

 

Market Leaders Profiled

Daikin Industries Ltd., Olimpia Splendid S.p.A, Whirlpool Corp., Lloyd Electric & Engineering Limited, LG Electronics Inc., Haier lnc., Midea Group, AB Electrolux, United Cool Air Corporation, Blue Star Limited, and Others.

Market Segmentation: 

Air-to-Air Heat Pumps Market - By Product Type:

  • Air-to-Air
  • Air-to-Water
  • Geothermal

The Air-to-Air segment dominates the market. The air-to-air heat pump requires very little maintenance and is simple to install. It is chosen over ground source heat pump systems since there are no groundwork costs and it is more cost-effective.

Air-to-Air Heat Pumps Market - By Application:

  • Residential
  • Commercial

The residential sector has been dominating the market and is likely to maintain the same during the forecast period. This is partly due to an increase in the population's disposable income, which has made the Air-to-Air Heat Pumps Market more appealing.

Market Regional Analysis: 

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

With a CAGR of 8.4 percent from 2021 to 2026, the Asia-Pacific region has the largest share. The rapidly developing emerging economies, particularly China and India in terms of both economy and infrastructure, have increased demand for air-to-air heat pumps dramatically in the previous five years. Air-to-Air Heat Pumps are largely sold in emerging countries like India, Japan, and China in the Asia-Pacific region. This is due to rising urbanization and bettering living conditions, as well as consumer disposable income.

Market Key Players:

  1. Daikin Industries Ltd.
  2. Olimpia Splendid S.p.A
  3. Whirlpool Corp.
  4. Lloyd Electric & Engineering Limited
  5. LG Electronics Inc.
  6. Haier lnc.
  7. Midea Group
  8. AB Electrolux
  9. United Cool Air Corporation
  10. Blue Star Limited

Market Recent Developments:

  • For the summer season, Blue Star, India's premier air conditioning brand, has revealed its range of 'cheap yet best-in-class distinctive' split ACs. In total, the company has released approximately 50 models throughout the inverter, fixed speed, and window AC categories.
  • Duplomatic MS S.p.A (hereafter referred to as "Duplomatic"), an Italian hydraulic equipment company, recently completed a share acquisition deal with Daikin Industries, Ltd. The purchase price is 220 million euros (27.5 billion yen at a 1 euro = 125-yen exchange rate). After completing all relevant purchase procedures, Daikin is projected to obtain all shares from Alcedo Sgr S.p.A., an Italian private equity firm, and the management of Duplomatic in June 2022.

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FAQ's

1. What is the current position of Air-to-Air Heat Pumps market?

The Global Air-to-Air Heat Pumps Market was worth US$ 76.86 billion in 2022 to reach a valuation of US$ 142.16 billion by 2028.

2. Mention the market which has the largest share in the Air-to-Air Heat Pumps market?

For the projection period, Asia-Pacific region will have the largest market share of the global Air-to-Air Heat Pumps market.

3. Name any three Air-to-Air Heat Pumps market key players?

Daikin Industries Ltd., Olimpia Splendid S.p.A and Whirlpool Corp. are the three Air-to-Air Heat Pumps key players.

What is the major effecting factor in the global Air-to-Air Heat Pumps market?

Increase in demand of small and potable air coolers are influencing elements in the worldwide Air-to-Air Heat Pumps market.

5. At what rate is the Global Air-to-Air Heat Pumps Market growing?

The global Air-to-Air Heat Pumps market is increasing with a CAGR of 11.20 percent.

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