Market Insights
"The global air source heat pump market size was estimated at USD 52.05 billion in 2022 and is likely to grow at a CAGR of 5.71% during 2023-2028 to reach USD 73.07 billion in 2028."

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An air source heat pump is a system that helps to transfer heat from outside to inside of any building or vice versa. Air source heat pumps are of different types, such as air-to-air heat pumps and air-to-water heat pumps. They are used in various residential, commercial, and industrial applications.
Air Source Heat Pump Market Report Overview
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Market Size in 2022
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US$ 52.05 Billion
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Market Size in 2028
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US$ 73.07 Billion
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Market Growth (2023-2028)
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5.71% CAGR
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Base Year of Study
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2022
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Trend Period
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2017-2021
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Forecast Period
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2023-2028
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Market Dynamics
Market Drivers
The prime factors that are contributing to the growth of the market are-
- A beneficial regulatory framework alongside clean cooling & heating programs. The adoption of conventional Heating, Ventilation, and Air Conditioning (HVAC) units are encouraged by this factor.
- There is a growing emphasis on the usage of renewable energy systems for heating and cooling.
- The increasing prices for energy and electricity have forced homeowners to gradually look for energy-efficient heating and cooling systems for saving money in the long run as well as generating attractive revenue flows.
Segment Analysis
Segmentations
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List of Sub-Segments
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Dominant and Fastest-Growing Segments
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Product-Type Analysis
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Air-to-Air, Air-to-Water
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The Air-to-Air Segment is expected to govern the market during the forecast period.
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Application-Type Analysis
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Residential, Commercial, and Industrial
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The residential segment dominates the market during the forecast period.
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Regional Analysis
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North America, Europe, Asia-Pacific, and Rest of the World
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North America is estimated to be the dominant market during the forecast period.
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Product Trends
"The air-to-air segment accounted for the largest market share."
The market is segmented as air-to-air and air-to-water. The Air-to-Air Segment is expected to govern the market during the forecast period, as it can either be used as an effective way of complementing the existing conventional heating and cooling system or as a stand-alone system, making its adoption suitable. It is preferred over ground source heat pump units, owing to zero expenses for groundwork and cost-effectiveness.
Application Trends
"The residential segment accounted for the largest market share."
The market is segmented as residential, commercial, and industrial. The residential segment dominates the market during the forecast period. The rising awareness toward the reduction of energy bills along with the shifting trends to improve living standards, increasing adoption of innovative technologies, rising demand for high-level comfort, and efforts to improve air quality.
Regional Insights
"North America accounted for the largest market share."
North America is estimated to be the dominant market during the forecast period. North America is estimated to be the dominant market during the forecast period, owing to the growing concerns to effectively hold the reins of carbon footprint blended with the introduction of government initiatives to encourage the adoption of heat pump units.

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Critical Questions Answered in the Report
- What are the key trends in the global market?
- How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in the next five years?
- What is the impact of COVID-19 on the global market?
- What are the key strategies adopted by the major vendors to lead in the market?
- What is the market share of the top vendors?
Key Players
The following are the key players in the air source heat pump market (arranged alphabetically).
Note: The above list does not necessarily include all the top players in the market.
Are you the leading player in this market? We would love to include your name. Write to us at sales@stratviewresearch.com
Report Features
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.
What Deliverables Will You Get in this Report?
Key questions this report answers
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Relevant contents in the report
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How big is the sales opportunity?
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In-depth Analysis of the Air Source Heat Pump Market
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How lucrative is the future?
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Market forecast and trend data and emerging trends
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Which regions offer the best sales opportunities?
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Global, regional, and country-level historical data and forecasts
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Which are the most attractive market segments?
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Market Segment Analysis and Forecast
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Which are the top players and their market positioning?
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Competitive landscape analysis, Market share analysis
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How complex is the business environment?
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Porter’s five forces analysis, PEST analysis, Life cycle analysis
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What are the factors affecting the market?
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Drivers & challenges
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Will I get the information on my specific requirements?
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10% free customization
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The market is segmented into the following categories.
By Product Type
By Application Type
- Residential
- Commercial
- Industrial
By Region
- North America (Country Analysis: the USA, Canada, and Mexico)
- Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and the Rest of Europe)
- Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and the Rest of Asia-Pacific)
- Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

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Research Methodology
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s air source heat pump market realities and future market possibilities for the forecast period. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
Customization Options
Stratview Research offers one of the following free customization options to our respectable clients:
Company Profiling
- Detailed profiling of additional market players (up to 3 players)
- SWOT analysis of key players (up to 3 players)
Competitive Benchmarking
- Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.
Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.