The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including Air Source Heat Pump Market.
It was estimated prior to this unanticipated outbreak Air Source Heat Pump Market will reach CAGR of 5% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Air Source Heat Pump Market Insights
Air Source Heat Pump market is likely to witness an impressive CAGR of 5% during the forecast period. The major driving factor bolstering the demand for air source heat pump is favorable regulatory framework along with clean cooling & heating programs to encourage the adoption of conventional Heating, Ventilation, and Air Conditioning (HVAC) units.
Market Share Analysis
Air Source Heat Pump Market Share: By Product Type
Based on the product type, the market is segmented as air-to-air and air-to-water. The air-to-air segment is expected to govern the market 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 ground works and cost effectiveness.
Air Source Heat Pump Market Share: By Application Type
Based on the application type, the air source heat pump market is segmented as residential, commercial, and industrial. The residential segment dominates the market driven by the rising awareness toward 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.
Air Source Heat Pump Market Share: By Region
In terms of regions, North America is estimated to be the dominant market for air source heat pump 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.