Sellbyville, DE -- (SBWIRE) -- 05/22/2019 -- Air Source Heat Pump Market size is set to surpass USD 50 billion by 2024; as reported in the latest study by Global Market Insights, Inc.

Stringent regulatory measures toward reduction of carbon emissions by promoting the applications of various sustainable technologies will foster the air source heat pump market. The government of UK has introduced Renewable Heat Incentive (RHI) scheme with an aim to encourage utilization of renewable technologies in businesses, homes and local communities. Increasing disposable income in developing countries along with growing demand for high-level comfort will further propel the industry growth.

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Lower cost, ease of installation, less maintenance requirement and energy efficiency are some of the eminent features which will propel the global air source heat pump market size. It is a product alternative for various space cooling and heating technologies owing to its additional features when compared with conventional systems. An ASHP has the Coefficient of Performance (COP) value of around 2.8 which can result into reduction in running cost of 3.5% when compared with a gas boiler.

Air source heat pump market research report includes an in-depth coverage of the industry with estimates & forecast in terms of Units and USD from 2013 to 2024, for the following segments:

Air Source Heat Pump Market, By Product
- Air to air
- Air to water

Air Source Heat Pump Market, By Application
- Residential
- Single-family Houses
- Multi-family Apartments
- Residential, by product
- Domestic Hot Water Heat Pump
- Room Heat Pump

China air source heat pump market size will witness strong growth on account of various promotion schemes to accelerate the usage of low-carbon energy. Flourishing real estate industry have led to high construction activities owing to rapid urbanization will further encourage the product adoption. As per the World Economic Forum, in China, up to 2 billion square meters of buildings are constructed every year.

Energy consumption reduction targets along with renovation of existing buildings will embellish the France air source heat pump market growth. The country has targeted 38% reduction of energy consumption through buildings by 2020 and 400 thousand dwellings every year to be energy renovated from 2013. Extreme climatic conditions resulting into unfavorable working environment across the European countries will further expand the industry growth over the forecast period.

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Growing investments toward clean air projects to reduce its reliance on fossil fuels will positively impact the air source heat pump market size. In 2016, World bank approved USD 500 million loan for Beijing clean-air projects to help control air pollution in China. Increasing electricity bills owing to rise in operating cost along with increase in fuel prices will further complement the business outlook.

Industrial applications are anticipated to expand over 4% owing to significant rise in the manufacturing facilities across Asia Pacific and Latin America region. Reduced environmental impact and energy consumption are some of the prominent features which will further stimulate the air source heat pump market size.

Less operating cost and zero expenses requirement for ground works along with its ability to be used as a standalone system will positively influence the air to air heat pump market share. Technological advancement across the industry to meet the rising product demand of customers will further complement the business growth.

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Major participants in the air source heat pump market include Johnson Controls, Daikin Industries, Mitsubishi Electric, Carrier, NIBE, Fujitsu General, Bosch Thermotechnik, BDR Thermea Group, Dimplex, Colmac, Panasonic, Climaveneta, A.O. Smith, LG Electronics, Danfoss, and Vaillant.

All the above factors are identified and analyzed in detail, with their present and expected market impact, which is quantified and used to derive market growth expectation. Market forecast is built using statistical analysis with models built around time-variance, regression and correlation analytics.

Significant emphasis is put on primary research, which serves the dual role or not only validating our findings but also obtaining penetrating market insights, which help us gain more clarity regarding business environment and competitive leverage. Notable participants in our primary research process include:
- Leadership figures such as CEOs, CSOs, VPs etc. in key companies
- Supply-chain participants, distributors and domain experts
- Key customers and B2B clients