$50bn opportunity by 2024 for Air Source Heat Pump Market | Analysis by Key Players Johnson Controls, Daikin, Mitsubishi Electric, Carrier Corporation, NIBE, Fujitsu General America, Inc., Bosch, BDR Thermea Group, Panasonic USA, Climaveneta, A.O. Smith,

Air Source Heat Pump Market is predicted to reach over USD 50 billion by 2024. Stringent government measures to curb the GHG emissions by encouraging the applications of wide ranging sustainable technologies will drive the air source heat pump market. Regulators across the UK introduced the Renewable Heat Incentive scheme to encourage the use of renewable technologies in home, businesses and local communities.

Minimized cost, easy installation, energy efficiency and less maintenance are the key features which will enhance the global ASHP Market. It acts as an alternate product for various space heating and cooling technologies on account of its additional features in comparison to conventional systems. An air source unit has the Coefficient of Performance value of approximately 2.8 which may result into decline in the operating cost of 3.5% in comparison to a gas boiler.

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Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:

1. Johnson Controls
2. Daikin Industries
3. Mitsubishi Electric
4. Carrier
5. NIBE
6. Fujitsu General
7. Bosch Thermotechnik
8. BDR Thermea Group
9. Dimplex
10. Colmac
11. Panasonic
12. Climaveneta
13. A.O. Smith
14. LG Electronics
15. Danfoss
16. Vaillant

China air source heat pump market is set to witness robust growth owing to various promotional schemes to stimulate the use of low-carbon energy sources. Growing real estate business have led to increase in construction activities on account of rapid urbanization will boost the product adoption. As per World Economic Forum (WEF), in China, around 2 billion square meters of buildings are built annually.

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Growing government targets toward energy consumption coupled with refurbishment of existing buildings will enhance the France ASHP market growth. The country targeted to reduce 38% of energy consumption through the buildings by 2020 & 400 thousand houses to be energy refurbished annually from 2013. Extreme climate conditions resulting into unfavorable work atmosphere across the European countries will further enhance the business growth over the forecast period.

Increasing investments toward clean air projects to reduce the dependence on conventional fuel will enhance the ASHP Market. The World bank, in 2016, approved a loan of USD 500 million for Beijing clean-air projects to enable control air pollution in China. Escalating energy bills on account of rising operational cost along with rising fuel prices will further enhance the business landscape.

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Industrial applications are projected to gain over 4% on account of significant increase in the production facilities across Latin America and Asia Pacific region. Reduced energy consumption and environmental impact are some of the key features which will further embellish the ASHP Market.

Zero expenses requirement for ground works and less operating cost coupled with its capability to be used as a separate system or an effective way to complement existing conventional cooling & heating systems will drive air to air heat pump market. Technological developments across the industry to cater the increasing product demand of consumers will further impact the business growth.

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