What is the global market size of Air Source Heat Pump Market?

Air Source Heat Pump Market size was valued at USD 1.58 Billion in 2023 and is poised to grow from USD 1.68 Billion in 2024 to USD 2.72 Billion by 2032, growing at a CAGR of 6.20% during the forecast period (2025-2032).

Who are the key vendors in the Air Source Heat Pump Market?

Key vendors in Air Source Heat Pump Market are: 'Daikin Industries (Japan)', 'Mitsubishi Electric (Japan)', 'Midea Group (China)', 'Panasonic Corporation (Japan)', 'LG Electronics (South Korea)', 'Carrier Global Corporation (United States)', 'Rheem Manufacturing Company (United States)', 'Trane Technologies (United States)', 'Vaillant Group (Germany)', 'Stiebel Eltron Group (Germany)', 'Viessmann Group (Germany)', 'Gree Electric Appliances (China)', 'Hitachi Appliances (Japan)', 'Haier Group (China)', 'Fujitsu General (Japan)', 'NIBE Group (Sweden)', 'Toshiba Corporation (Japan)', 'Danfoss Group (Denmark)', 'Bosch Thermotechnology (Germany)', 'A. O. Smith Corporation (United States)'

Air Source Heat Pump Market Companies

Air Source Heat Pump Market Competitive Landscape

Overall, the competitive landscape of the global air source heat pump market is characterized by innovation, sustainability, and a strong focus on energy efficiency. As consumer awareness of environmental issues continues to rise, and governments enforce stricter regulations, companies offering advanced and environmentally friendly solutions are well-positioned for success in this ever-evolving market.

Air Source Heat Pump Market Top Player’s Company Profiles

Daikin Industries (Japan)

Mitsubishi Electric (Japan)

Midea Group (China)

Panasonic Corporation (Japan)

LG Electronics (South Korea)

Carrier Global Corporation (United States)

Rheem Manufacturing Company (United States)

Trane Technologies (United States)

Vaillant Group (Germany)

Stiebel Eltron Group (Germany)

Viessmann Group (Germany)

Gree Electric Appliances (China)

Hitachi Appliances (Japan)

Haier Group (China)

Fujitsu General (Japan)

NIBE Group (Sweden)

Toshiba Corporation (Japan)

Danfoss Group (Denmark)

Bosch Thermotechnology (Germany)

A. O. Smith Corporation (United States)

FAQs

Air Source Heat Pump Market size was valued at USD 51.8 Billion in 2024 and is poised to grow from USD 57.34 Billion in 2025 to USD 129.31 Billion by 2033, growing at a CAGR of 10.7% during the forecast period (2026–2033).

The global market for air source heat pumps is characterized by intense competition, with numerous companies vying for market dominance. Key industry players like Daikin Industries, Mitsubishi Electric, Panasonic Corporation, and LG Electronics play pivotal roles in shaping the market landscape. These established companies leverage their extensive industry experience, robust research and development capabilities, and widespread global presence to deliver innovative and energy-efficient air source heat pump solutions across various applications. 'Daikin Industries, Ltd. (Japan) ', 'Mitsubishi Electric Corporation (Japan) ', 'Carrier Global Corporation (US) ', 'Panasonic Corporation (Japan) ', 'LG Electronics Inc. (South Korea) ', 'Trane Technologies plc (Ireland) ', 'NIBE Industrier AB (Sweden) ', 'Fujitsu General Limited (Japan) ', 'Viessmann Werke GmbH & Co. KG (Germany) ', 'Bosch Thermotechnology Corp. (Germany) ', 'Glen Dimplex Group (Ireland) ', 'Vaillant Group (Germany) ', 'A. O. Smith Corporation (US) ', 'Thermea Group (Germany) ', 'Toshiba Corporation (Japan) ', 'China Yangzi Group (China) ', 'Midea Group (China) ', 'Johnson Controls International plc (Ireland) ', 'Hitachi, Ltd. (Japan) ', 'Samsung Electronics Co., Ltd. (South Korea) '

Air source heat pumps are becoming more popular because they provide a more sustainable and environmentally friendly heating and cooling solution than conventional systems. This is due to rising environmental consciousness and stronger requirements on energy efficiency.

Smart and Connected Systems: Air source heat pump systems with advanced control functions are being developed as a result of the smart home and building trend. These features allow users to remotely monitor and control their HVAC systems using smartphones and other devices.

North America remains an important market for air source heat pumps, especially in the US and Canada. In these countries, strict energy efficiency regulations and increasing emphasis on reducing carbon dioxide emissions are leading to the adoption of air source heat pumps in both the residential and commercial sectors. A well-established HVAC infrastructure coupled with incentives and rebates for energy efficient systems is fueling market growth. The demand for smart and connected heat pumps is also growing strongly in the North American market, which corresponds to the technological development of the region.

Air Source Heat Pump Market

Report ID: SQMIG20I2144

Top Air Source Heat Pump Companies

Air Source Heat Pump Market Competitive Landscape

FAQs

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Top Air Source Heat Pump Companies

Air Source Heat Pump Market Competitive Landscape

FAQs

What is the global market size of Air Source Heat Pump Market?

Who are the key vendors in the Air Source Heat Pump Market?

What is the key driver of Air Source Heat Pump Market?

What is the key market trend for Air Source Heat Pump Market?

Which region accounted for the largest share in Air Source Heat Pump Market?

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