Air Source Heat Pump Market by Manufacturers, Countries, Type and Application 2024
U.S. to witness a substantial installation of air source heat pumps in the rising time
The industry for air source heat pumps will attain remarkable momentum driven by the changing climatic conditions and the increasing consumer concerns to combat the hiking electricity bills. The Department of Energy estimated that heating and cooling account for nearly 48% of the energy consumption in an average U.S. home. These technologies also make use of fossil fuels that further give rise to greenhouse gases in the atmosphere. The escalating energy costs of these systems have pushed homeowners to consider various options to upgrade to newer, smarter, as well as more energy-efficient solutions.
Request a sample of this research report @ https://www.gminsights.com/request-sample/detail/2393
Air source heat pumps (ASHPs) are deployed to provide domestic hot water by transferring heat absorbed from external air to an indoor space, including homes and offices through wet central heating systems. They are increasingly preferred over traditional heating and cooling technologies as they possess high efficiencies and work like a refrigerator in absorbing heat and transferring it to another medium. The reduction in personal environmental impacts, contributed by the ASHPs, is also an ideal factor adding to their demand spurt.
Looking at these factors, it would be safe to declare that the global air source heat pump market size could be worth USD 50 billion in remuneration by 2027.
The increasing adoption of air to air heat pumps can be ascribed to their considerable preference in home applications for absorbing heat from external air and transferring it directly through a fan system for heating the rooms. Likewise, the air to water heat pumps will also record significant penetration on account of their widespread usage in providing hot water heating, as well as underfloor heating in indoor spaces via central heating systems.
The rising need for renewable alternatives for heating homes will potentially drive the installation of ASHPs across residential applications. The systems can be employed for heating and cooling, space heating, and domestic hot water, and are operable in lower temperatures. They are easy to install and rule out the need for fuel storage besides offering lower maintenance and a long lifespan. In addition, the cost-savings on energy bills, lower carbon footprint, and high seasonal coefficient of performance are some other factors adding to the application scope of the product.
U.S. is expected to register considerable demand for air source heat pumps on account of the rising focus of the regional citizens towards various alternatives for cooling and heating. This trend has also made way for numerous innovations while bringing a rise in the number of business participants in the country. For instance, in April 2021, a leading Watts brand, Lync, introduced its first commercial CO2 heat pump water heater, available in air and water source models in the North America market to offer high efficiency and environmentally friendly advantages for domestic hot water.
Globally leading air source heat pump manufacturers are placing consistent efforts on bringing innovations in their current offerings to gain competitive advantages. These firms are also striving on marketing strategies such as mergers, partnerships, and acquisitions to reinforce their market position, specifically in the present economic crisis caused by the COVID-19 pandemic. To state an instance, in April 2020, Mitsubishi Electric acquired all shares in AQS Produkter AB, a Swedish HVAC distributor, to expand its existing portfolio and for meeting the rising requirements for innovative and energy-saving chiller technologies.
However, the lower heat supply in comparison to boilers, noise, the incessant need for electricity, and higher costs of installing underfloor heating may hamper the demand for the pumps to a certain extent.
