The residential air-to-water heat pump market is expected to register a CAGR of 9% during the forecast period from 2022 to 2031.Favorable regulatory framework coupled with clean cooling and heating programs to facilitate the implementation of heating, ventilation and air conditioning (HVAC) units will positively impact the residential air to water heat pump market share.Continued approval and deployment of sustainable systems to reduce adverse environmental impacts will further stimulate product entry.
– Growing demand for energy efficient systems to reduce electricity bills and green building standards and codes will increase the overall residential air-to-water heat pumps market size.For example, Europe made the largest investment in energy efficiency technologies in 2018, totaling $76 billion, according to the IEA.According to the U.S. Green Building Council (USGBC), as of October 2019, the number of LEED (Leadership in Energy and Environmental Design) registrations in the United States has increased from 67,593 in 2018 to 69,066 in 2019.
– Growth in construction and housing sectors for single and multi-unit dwellings is expected to drive residential air demand for water heat pumps over the forecast period.According to Advanced Energy Economy, in 2018, the construction industry was the largest single segment of the global advanced energy market, generating $298.48 billion in revenue.
– Rising urbanization and industrialization, as well as rising disposable income in emerging economies, will further complement the industry landscape.According to a 2019 analysis by the World Bank, in 2019, 77.385 people in Germany lived in urban areas and cities.Furthermore, 76.61% of Malaysia’s total population lives in urban areas and towns.
– Furthermore, according to data from the European Heat Pump Association in May 2019, heat pumps are heating around 10% of buildings worldwide.This presents a lucrative opportunity for residential air-to-water heat pump suppliers to tap the untapped market, thereby boosting market growth over the forecast period.
– Growing adoption of innovative technologies due to rising personal disposable income will drive product penetration.According to gov.uk, real disposable income of UK households is expected to increase every year from 2017 to 2023, with a minimum growth rate of 0.4% between 2020 and 2021.
– The residential air source heat pump market is expected to grow on account of increasing awareness to reduce energy bills coupled with changing trends to improve living standards.In addition, accelerated demand for high comfort and air quality efforts will further drive business growth.
– Energy is necessary for everyday life as it fuels businesses, hospitals, power plants and schools.However, the generation of energy leads to the emission of greenhouse gases.According to the EIA, energy consumption in the United States produced approximately 5.13 billion metric tons of carbon dioxide emissions in 2019.In 2018, the world emitted about 36.6 billion tons of carbon dioxide.
– Carbon dioxide (CO2) is a greenhouse gas released in large quantities by burning fossil fuels such as coal, oil and natural gas.Due to increasing carbon dioxide emissions, many countries aim to reduce their primary energy needs and implement policies to limit greenhouse gas emissions in the environment.Residential air-to-water heat pumps offer an energy-efficient way to provide space heating, driving market growth.
– When using an air-to-water heat pump system instead of a fossil fuel method, the carbon emissions associated with energy consumption and power generation can be greatly reduced.This has driven an increase in the number of residential areas where energy efficient heat pumps are installed.
– The U.S. market is expected to witness substantial growth due to growing concerns about controlling carbon footprint coupled with government installations to support the adoption of residential air-to-water heat pump units.According to EIA estimates, by 2050, the US commercial sector will use oil to generate 62 million tons of carbon dioxide emissions.
– Growing demand for water and space heating coupled with rapid recovery in construction and repair and renovation activities in the U.S. is expected to drive demand for technologically advanced and compact heating solutions in the residential sector.For example, in 2019, the value-added construction industry accounted for 4.1% of U.S. gross domestic product, according to BEA.New construction starts are expected to total $1,449 billion by 2023.
– In the US, residential electricity users were charged 13.04 cents per kWh in 2019, up from 11.72 cents per kWh in 2011, according to the EIA.The National Renewable Energy Heating Act encourages all new residential and commercial buildings to adopt sustainable heating options.New building construction in the country on or after January 2016 has been directed to comply with the Renewable Energy Integration Reform.
The residential air to water heat pump market is moderately competitive and consists of several key players.The residential air to water heat pump market is quite competitive due to the presence of some key players such as Daikin Industries Ltd., Mitsubishi Electric Europe BV and Ariston Thermo SpA, Ferroli SpA and Baxi Heating UK Ltd.Their strength in constantly innovating their products gives them a competitive advantage over other players in the market.Through mergers and acquisitions, R&D activities, these players have been able to expand their market footprint.
– June 2020 – Daikin Industries, Ltd. and WASSHA Inc. recently formed a new company, Baridi Baridi Inc., to start a subscription air conditioner business.The two companies plan to start operations in the United Republic of Tanzania, and then expand into Africa and other immature markets around the world in the future.
– March 2019 – Wolf GmbH, a Bavarian manufacturer of heating and air handling systems, has launched its first propane (R290) heat pump.The move will allow the company to make users less reliant on HFCs.
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