All updated as on -
The market for air source heat pumps for cold climates was assessed at USD 529.18 million in 2022, and from 2023 to 2030, it is anticipated to increase at a CAGR of 12.55%.
Over the course of the forecast period, the market is anticipated to benefit from favorable government policies for energy-efficient solutions and to reduce carbon footprint. Many governments are offering tax credits, rebates, and subsidies or incentives for the installation of cold climate air source heat pumps. These measures are anticipated to further drive demand for energy-efficient heat pumps, which will support the market's expansion overall.Large iron castings with aluminum tubing and stainless-steel parts are utilized as raw materials in the manufacture of cold source air source heat pumps. Fluctuations in the pricing of raw materials like steel, copper, aluminum, and nickel can hurt a company's ability to compete and drive up operating expenses, which has a negative effect on cash flow and financial health.
An incredibly efficient heating and cooling system created specifically to function well in cold weather conditions is called a cold climate air source heat pump (ASHP). A cold climate ASHP is specifically designed to extract heat from the exterior air, even when temperatures drop below freezing, in contrast to typical heat pumps that struggle in low temperatures. A refrigerant cycle is used by these systems to transport heat from the outside air into a building for space heating. The ASHP makes optimal use of cutting-edge technology including variable-speed motors and scroll compressors to maximize performance. ASHPs for cold climates provide a number of advantages, such as lower running costs, less energy use, and environmental sustainability. They can provide significant savings over traditional heating systems like electric resistance heaters or oil furnaces since they make use of renewable energy from the air. Furthermore, cold environment ASHPs can be connected to current heating systems, making them appropriate for both domestic and commercial uses. In areas with hard winters, their adaptability, high efficiency, and capacity to function well in cold temperatures make them an appealing heating and cooling alternative.
Due in part to technology developments that have made it possible for heat pumps to operate in extremely cold climes, interest in heat pumps is growing again in cold regions. The key advancement in technology is the variable speed, inverter-driven compressor, which allows for sub-freezing performance. For instance, in December 2022, Johnson Controls unveiled air source heat pumps for locations with temperatures below -29 C. The company's York HMH7 and York YZV cold climate air source heat pumps can already function at -15 °C. These characteristics are likely to fuel market expansion throughout the course of the estimated period.
There are a number of variables that support the growth and attractiveness of the cold climate air source heat pump market. The demand for cold climate ASHPs has increased as a result of rising awareness and concern about environmental sustainability and the necessity for energy-efficient solutions. By utilizing airborne renewable energy, these systems lessen their reliance on fossil fuels and greenhouse gas emissions. Consumers are looking for solutions that can reduce their heating expenditures as a result of increased energy rates. When compared to traditional heating systems, ASHPs for cold climates offer significant energy savings, which lower utility costs and lower long-term costs. In addition, ASHPs for cold climates now function better and are more efficient, increasing their dependability and effectiveness in very cold conditions. Their uses in colder areas have increased as a result of this. Market growth has also been significantly influenced by government policies that encourage the use of renewable energy sources. Consumers are encouraged to invest in cold climate ASHPs by subsidies, tax credits, and refunds, which increase their financial appeal. The market for cold climate ASHPs has expanded as a result of a variety of factors, including environmental concerns, cost reductions, technology developments, and supportive policies.
There are other challenges that the cold climate air source heat pump market must overcome that could slow its expansion. Because cold environment ASHPs can be more expensive to install initially than conventional heating systems, this may put off some potential clients. Extremely low temperatures can have an impact on these systems' performance, which limits their applicability in some areas with cold climates. Additionally, it may be difficult to find qualified specialists for installation and maintenance, which could result in delays and higher prices. In general, customers and contractors may find it difficult to embrace cold environment ASHPs since people have a tendency to cling to tried-and-true heating methods.
Report Coverage
Global Cold Climate Air Source Heat Pump research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Cold Climate Air Source Heat Pump report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Cold Climate Air Source Heat Pump competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Cold Climate Air Source Heat Pump market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Cold Climate Air Source Heat Pump market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Cold Climate Air Source Heat Pump market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Carrier, Daikin Industries, Ltd., Robert Bosch GmbH, Lennox International, Johnson Controls, Inc., Midea Group, Hitachi, Ltd., Ingersoll Rand PLC., Rheem Manufacturing Company, Panasonic Holdings Corporation, Fujitsu, LG Electronics, Inc., Mitsubishi, and Others.
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Cold Climate Air Source Heat Pump market based on the below-mentioned segments:
Global Cold Climate Air Source Heat Pump Market, By Operation Type
Electric
Hybrid
Global Cold Climate Air Source Heat Pump market, By Application
Residential
Commercial
Global Cold Climate Air Source Heat Pump Market, By Product
Split Systems
Single Package Equipment
Global Cold Climate Air Source Heat Pump market, Regional Analysis
Over the course of the forecast period, the market is anticipated to benefit from favorable government policies for energy-efficient solutions and to reduce carbon footprint. Many governments are offering tax credits, rebates, and subsidies or incentives for the installation of cold climate air source heat pumps. These measures are anticipated to further drive demand for energy-efficient heat pumps, which will support the market's expansion overall.Large iron castings with aluminum tubing and stainless-steel parts are utilized as raw materials in the manufacture of cold source air source heat pumps. Fluctuations in the pricing of raw materials like steel, copper, aluminum, and nickel can hurt a company's ability to compete and drive up operating expenses, which has a negative effect on cash flow and financial health.
An incredibly efficient heating and cooling system created specifically to function well in cold weather conditions is called a cold climate air source heat pump (ASHP). A cold climate ASHP is specifically designed to extract heat from the exterior air, even when temperatures drop below freezing, in contrast to typical heat pumps that struggle in low temperatures. A refrigerant cycle is used by these systems to transport heat from the outside air into a building for space heating. The ASHP makes optimal use of cutting-edge technology including variable-speed motors and scroll compressors to maximize performance. ASHPs for cold climates provide a number of advantages, such as lower running costs, less energy use, and environmental sustainability. They can provide significant savings over traditional heating systems like electric resistance heaters or oil furnaces since they make use of renewable energy from the air. Furthermore, cold environment ASHPs can be connected to current heating systems, making them appropriate for both domestic and commercial uses. In areas with hard winters, their adaptability, high efficiency, and capacity to function well in cold temperatures make them an appealing heating and cooling alternative.
Due in part to technology developments that have made it possible for heat pumps to operate in extremely cold climes, interest in heat pumps is growing again in cold regions. The key advancement in technology is the variable speed, inverter-driven compressor, which allows for sub-freezing performance. For instance, in December 2022, Johnson Controls unveiled air source heat pumps for locations with temperatures below -29 C. The company's York HMH7 and York YZV cold climate air source heat pumps can already function at -15 °C. These characteristics are likely to fuel market expansion throughout the course of the estimated period.
There are a number of variables that support the growth and attractiveness of the cold climate air source heat pump market. The demand for cold climate ASHPs has increased as a result of rising awareness and concern about environmental sustainability and the necessity for energy-efficient solutions. By utilizing airborne renewable energy, these systems lessen their reliance on fossil fuels and greenhouse gas emissions. Consumers are looking for solutions that can reduce their heating expenditures as a result of increased energy rates. When compared to traditional heating systems, ASHPs for cold climates offer significant energy savings, which lower utility costs and lower long-term costs. In addition, ASHPs for cold climates now function better and are more efficient, increasing their dependability and effectiveness in very cold conditions. Their uses in colder areas have increased as a result of this. Market growth has also been significantly influenced by government policies that encourage the use of renewable energy sources. Consumers are encouraged to invest in cold climate ASHPs by subsidies, tax credits, and refunds, which increase their financial appeal. The market for cold climate ASHPs has expanded as a result of a variety of factors, including environmental concerns, cost reductions, technology developments, and supportive policies.
There are other challenges that the cold climate air source heat pump market must overcome that could slow its expansion. Because cold environment ASHPs can be more expensive to install initially than conventional heating systems, this may put off some potential clients. Extremely low temperatures can have an impact on these systems' performance, which limits their applicability in some areas with cold climates. Additionally, it may be difficult to find qualified specialists for installation and maintenance, which could result in delays and higher prices. In general, customers and contractors may find it difficult to embrace cold environment ASHPs since people have a tendency to cling to tried-and-true heating methods.
Report Coverage
Global Cold Climate Air Source Heat Pump research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Cold Climate Air Source Heat Pump report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Cold Climate Air Source Heat Pump competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Cold Climate Air Source Heat Pump market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2022 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | Carrier, Daikin Industries, Ltd., Robert Bosch GmbH, Lennox International, Johnson Controls, Inc., Midea Group, Hitachi, Ltd., Ingersoll Rand PLC., Rheem Manufacturing Company, Panasonic Holdings Corporation, Fujitsu, LG Electronics, Inc., Mitsubishi, and Others. |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Cold Climate Air Source Heat Pump Market from 2021 to 2030.
- Market Forecast for Cold Climate Air Source Heat Pump Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Cold Climate Air Source Heat Pump competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Cold Climate Air Source Heat Pump
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Cold Climate Air Source Heat Pump market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Cold Climate Air Source Heat Pump market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Carrier, Daikin Industries, Ltd., Robert Bosch GmbH, Lennox International, Johnson Controls, Inc., Midea Group, Hitachi, Ltd., Ingersoll Rand PLC., Rheem Manufacturing Company, Panasonic Holdings Corporation, Fujitsu, LG Electronics, Inc., Mitsubishi, and Others.
Primary Target Market
- Market Players of Cold Climate Air Source Heat Pump
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Cold Climate Air Source Heat Pump market based on the below-mentioned segments:
Global Cold Climate Air Source Heat Pump Market, By Operation Type
Electric
Hybrid
Global Cold Climate Air Source Heat Pump market, By Application
Residential
Commercial
Global Cold Climate Air Source Heat Pump Market, By Product
Split Systems
Single Package Equipment
Global Cold Climate Air Source Heat Pump market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
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