Air-to-Air Heat Pumps Market

Global Air-to-Air Heat Pumps Market Size (2024-2029):

The Global Air-to-Air Heat Pumps Market was worth US$ 85.47 billion in 2023 and is anticipated to reach a valuation of US$ 161.60 billion by 2029 from US$ 95.04 billion in 2024 and is predicted to register a CAGR of 11.20% during 2024-2029.

MARKET SCENARIO

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 pump's indoor unit compressor. 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 thermal value of the entering air 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 grows.

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.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Air-to-Air Heat Pumps Market Analysis By Product Type

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 because there are no groundwork costs, and it is more cost-effective.

Global Air-to-Air Heat Pumps Market Analysis By Application

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.

REGIONAL ANALYSIS

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 dramatically increased demand for air-to-air heat pumps 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.

KEY PLAYERS IN THE GLOBAL AIR-TO-AIR HEAT PUMPS MARKET

Companies playing a prominent role in the global air-to-air heat pumps market include 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.

RECENT HAPPENINGS IN THE GLOBAL AIR-TO-AIR HEAT PUMPS MARKET

• 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. The company has released approximately 50 models in 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.

DETAILED SEGMENTATION OF THE GLOBAL AIR-TO-AIR HEAT PUMPS MARKET INCLUDED IN THIS REPORT

This research report on the global air-to-air heat pumps market has been segmented and sub-segmented based on product type, application, and region.

By Product Type

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

By Application

• Residential
• Commercial

By Region

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