Residential Ducted Heat Pump Market Size & Share, by Application (Single Family, Multi Family); Product Type (Air Source Heat Pump, Geothermal Heat Pump, Water Source Heat Pump) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 5962
  • Published Date: Apr 03, 2024
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024-2036

Residential Ducted Heat Pump Market size is expected to reach USD 16 billion by the end of 2036, growing at a CAGR of over 9% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of residential ducted heat pump was USD 6 billion. The major element to dominates the expansion of the market is the growing deterioration of air quality. As per the prediction of the World Health Organization, the premature death of 3.2 million people through illnesses is attributed to household air pollution led by the deficient flaming kerosene and solid fuels utilized for cooking. Furthermore, other pollutants present indoors provoke airways and lungs and decrease the oxygen-carrying capacity. Hence, the need to improve air quality is growing. As a consequence, the demand for residential ducted heat pump is also experiencing growth.

Furthermore, governments across the world are launching various policies and schemes to support the deployment of ducted heat pumps in residential facilities to encourage a clean indoor environment. Hence, this factor is also predicted to influence the residential ducted heat pump market revenue.


Residential Ducted Heat Pump Market overview
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Residential Ducted Heat Pump Market: Growth Drivers and Challenges

Growth Drivers

  • Growing Construction of Residential Buildings - The residential construction is significantly affected by the growing economy and disposable income of the people. Furthermore, governments across the world are imposing policies and initiatives to encourage affordable housing, promote homeownership, and guide in adopting sustainable construction practices. Tax benefits, subsidies, and loans at low-interest boost residential construction activities, hence further influencing the residential ducted heat pump market growth. Moreover, shifting demographics, evolving lifestyles, and developing housing preferences notably encourage the need for residential properties of various types. Elements including accessibility, convenience, customizable living spaces, and community amenities influence the demand for residential projects. Therefore, with the growing residential construction, the residential ducted heat pump market is also set to rise.
  • Rising Demand for Renewable Energy - The renewable energy adequacy across the globe added to energy systems rose by approximately 49% in 2023, totaling over 509 gigawatts (GW). This growth is set to be dominated by growing awareness among people regarding the carbon emission from energy. As a result, the consideration for residential ducted heat pump market is also growing as a renewable source of energy since they utilize solar, wind, and geothermal power to energize heat pumps. As a result, the residential ducted heat pump market is poised to be encouraged over the coming years.
  • Surging Trend of Hybrid System in Ducted Heat Pumps - A hybrid heating system offers attractive year-round comfort and, during mild heating, they provide the most energy-efficient solutions when compared to conventional heating substitutes. The main focus of a hybrid heat pump is to acknowledge the changes in outer temperatures automatically and to modify them accordingly. This system's power is in its flexibility. Further, the system senses the need for important adjustments on those exceedingly cold days and activates the gas furnace to produce extra heat. Also, it encourages the reduction of price and energy. As a result, the residential ducted heat pump market is poised to rise with a surging hybrid trend.

Challenges

  • Availability of Alternative
  • High Price of Heat Pumps
  • Ducted heat pumps are considered to have more complex components. Hence, the cost to buy and deploy ducted heat pumps is more as compared of air conditioners. Therefore, the adoption of Residential Ducted Heat Pump is set to fall over the coming years.
  • Lack of Efficiency in Cold Temperature - It becomes difficult to effectively extract thermal energy from air outdoors with the fall in temperature. In such a situation, heat pumps offer far less efficiency since it has low backup electric heating elements. It further boosts the energy bill in order to ensure comfortability at home. Consequently, the residential ducted heat pump market is predicted to be hindered in the years to come.

Residential Ducted Heat Pump Market: Key Insights

Base Year

2023

Forecast Year

2024-2036

CAGR

~9%

Base Year Market Size (2023)

~ USD 6 Billion

Forecast Year Market Size (2036)

~ USD 16 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Residential Ducted Heat Pump Segmentation

Application (Single Family, Multi Family)

The single-family segment is predicted to account for 60% share of the global residential ducted heat pump market during the forecast period. This growth of the segment is set to be dominated by growing people's preference for single-family properties since they are easy to manage and require low maintenance. Moreover, Single-family homes constitute a fundamental aspect of the housing market. The demand for single-family properties remains strong throughout economic cycles. Hence, with the growing single-family property, the adoption of Residential Ducted Heat Pump is also set to rise further dominating the market growth.

Product Type (Air Source Heat Pump, Geothermal Heat Pump, Water Source Heat Pump)

The air source heat pump segment is predicted to account for 50% share of the global residential ducted heat pump market during forecast period. An air-source heat pump is the most frequently used heat pump, which conveys heat between the house and the outside air. Current air source heat pumps may lower the need for power for heating by close to 9% to about 39% in contrast to oil boilers. Moreover, along with being more energy-efficient, air source heat pumps are additionally cost-effective as they could be used in the long run. Furthermore, they demand low maintenance and lower operating costs as compared to conventional heating systems. Additionally, these systems are generally only nominally more costly in contrast to standalone AC solutions however they offer enhanced outcomes. Further, this segment is also set to be dominated by growing investment in solar energy. This is because air-source heat pumps could be powered by solar panels.

Our in-depth analysis of the global market includes the following segments:

          Application

  • Single Family
  • Multi-Family

          Product Type

  • Air Source Heat Pump
  • Geothermal Heat Pump
  • Water Source Heat Pump

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Residential Ducted Heat Pump Industry- Regional Synopsis

North American Market Forecast

The North America market for residential ducted heat pump is projected to gather the highest revenue share of about 35% over the forecast period. The major element to boosts the growth of the market in this region is the rising population. The population of North America currently is about 381,048,004, an approximately 0.56% increase from 2023. Hence, the construction of buildings is predicted to rise which is further estimated to dominate the expansion of the residential ducted heat pump market. Moreover, nearly all residential systems in this region are air-to-air models in ducted air systems. These are bigger as compared to those usually utilized in Asia, where there is frequently one unit for each room.

European Market Analysis

The Europe market for residential ducted heat pump is also set to have notable growth of the revenue during the forecast period. Europe has appeared as a leader in the globe in the shift to energy-efficient and sustainable heating systems. This, ducted heat pumps have performed an essential place in this modification, with organizations like the International Energy Agency recognizing their importance in decreasing heating and attaining net-zero emissions. Furthermore, Norway, Finland, Sweden, Estonia, and many more of Europe's coldest winters, have one of the largest adoption rates for heat pumps. Moreover, another factor that is projected to influence the surge of the heat pump sector in the coming period is the growing need to restrain dependence on fossil fuels. This is because the Europe region is being significantly affected owing to the disruption of the supply chain because of the Russia-Ukraine dispute. Additionally, the integration of IoT for Residential Ducted Heat Pump is also growing. Also, significant investment has been made by various key players to encourage this integration. Hence, this factor is also estimated to dominate the expansion of the market in this region.

Research Nester
Residential Ducted Heat Pump Market size
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Companies Dominating the Residential Ducted Heat Pump Landscape

top-features-companies
    • Lennox International, Inc.
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • GE Appliances
    • Chigo Air Conditioning Co., Ltd.
    • AUX Group
    • Daikin Comfort Technologies
    • Amana Corporation
    • Bosch Thermotechnology GmbH
    • Skyworth Group Co., Ltd.
    • TCL
    • Haier Group

In-the-news

In The News

  • February 7, 2022: Lennox launched novel cold climate SL25XPV heat pumps at the annual International Builders’ Show (IBS) in Orlando, FL in order to focus on environmental sustainability.
  • February 6, 2023: A Haier Company, GE Appliances announced the completion of launch of the Residential Ducted HVAC product line for pros.

Author Credits:  Rushikesh, Richa Gupta


  • Report ID: 5962
  • Published Date: Apr 03, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

The major factors driving the growth of the market are the growing construction of residential buildings, rising demand for renewable energy, and the surging trend of hybrid systems in ducted heat pumps.

The market size of residential ducted heat pump is anticipated to attain a CAGR of 9% over the forecast period, i.e., 2024-2036.

The major players in the market are Lennox International, Inc., GE Appliances, Chigo Air Conditioning Co., Ltd., AUX Group and others.

The single-family segment is anticipated to garner the largest market size by the end of 2036 and display significant growth opportunities.

The market in the North America region is projected to hold the largest market share by the end of 2036 and provide more business opportunities in the future.
Residential Ducted Heat Pump Market Report Scope
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