Increasing government initiatives and reducing greenhouse gas emissions are the leading factors expected to drive the Canada air source heat pump market during the forecast period.
According to TechSci Research report, “Air Source Heat Pump – Canada Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2018-2028F” The Canada air-source heat pump market is expected to grow during the forecast period as increased environmental awareness and cost-efficient heating and cooling applications are driving the increased spending on air-source heat pumps.
A device that transfers heat from one place to another using electricity is called an air source heat pump. Heat is not produced by heat pumps. Instead, they transfer and distribute heat to a particular area in order to heat or cool it.
Air source heat pump is segmented into different processes. Air-to-air heat pumps raise the air temperature in each room by transferring heat from the outside air to the air inside the house. Most air-source heat pump installations in Canada are made up of units that heat or cool the air within homes. Air to air heat pump has two categories ducted and ductless.
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Now ducted air-to-air heat pump refers to the heat pump's indoor coil placed in a duct. Air is heated or cooled as it passes over the coil before being distributed throughout the home via ductwork.
Ductless refers to the heat pump's indoor coil being placed in an indoor unit. These indoor units are typically installed on the wall or floor of an occupied space and directly heat or cool the air within that space.
In heating a home, air-to-water heat pumps capture energy from the air and transfer it to water inside a closed system. This kind of hydronic system can distribute heat using radiant flooring or radiators. Similarly, the water will take heat from the air within the home and release it outside to cool it off throughout the summer. However, these methods are less common in Canada.
Advanced heat pumps are expected to become more popular as there is a growing need for energy-efficient heating systems and rapidly increasing population. To lower their energy costs, these products have become increasingly popular among residential and commercial consumers. In addition to safety, low operating costs, and a longer lifespan, heat pumps have several benefits.
However, growing public awareness regarding environmental advantages of implementing sustainable heating solutions will favorably affect both the market forces for these devices. For instance, the processes involved in upstream oil and gas extraction in Canada are the primary sources of methane emissions. Nearly 44% of the methane emissions and 26% of the country's overall GHG emissions come from oil and gas plants.
The availability of alternatives to current heat pump technologies is expected to significantly constrain the expansion of the market. The numerous options for these items include district heating and cooling systems and gas boilers. However, most of these devices rely heavily on non-renewable energy sources because fossil fuels are their primary energy source. With advancements in heat pump technology and innovative programs promoting renewable energy, the sector is set to experience sustainable growth.
Furthermore, new product innovation and technology advances to satisfy consumer demand are driving the market. As a result, manufacturers and distributors have options to create ever-more inventive items. For instance, in 2021, Mitsubishi Electric Sales Canada introduced the FS wall-mounted mini-split system, which uses the Hyper-Heat Plus technology to deliver 100% heating performance at -20 degrees Celsius and maintain high efficiency at temperatures as low as -25 degrees Celsius. Furthermore, the FS model's 3D i-see sensor scans the entire room, ensuring an even temperature is delivered. The i-see sensor can detect whether or not people are in the room and will turn on/off accordingly.
The air source heat pump market is segmented based on process, end-use, and sales channel. Based on the process, the market is further divided into air-to-air (ducts, ductless) and air-to-water (split, integrated). Based on end use, the market is segmented into residential, hotels & resorts, gyms & spas, education, food service, and others (healthcare, offices, etc.). Based on sales channels, the market is fragmented into plumbers, dealers & contractors, retail, direct sales, online, and others (distributors, builders, etc.).
Key market players in the Canada air source heat pump market include:
- Gree Canada
- Mitsubishi Electric Sales Canada Inc.
- Canada HVAC (Goodman)
- Wolf Steel Ltd
- Carrier Corporation
- Johnson Controls
- Panasonic Canada Inc
- Rheem Manufacturing Company
- Mr. Cool Canada
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“New feature product development is a prominent trend that is expected to impact the growth of air source heat pumps over the forecast period, including increasing knowledge of the harmful impact of greenhouse gas emissions. Additionally, government initiatives and some financing initiatives aid in converting current heating oil to heat pumps, thus satisfying consumer demand for energy-efficient appliances, which is expected to boost the industry growth during the forecast period.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
Canada Air Source Heat Pump Market, By Process (Air to Air (Ducts, Ductless), Air to Water (Split, Integrated)), By End Use (Residential, Hotels & Resorts, Gym & Spas, Education, Food Service, and Others (Healthcare, Offices, etc.), By Sales Channel (Plumbers, Dealers & Contractors, Retail, Direct Sales, Online, and Others (Distributors, Builders, etc.), By Region, By Company, Forecast & Opportunities, 2018-2028F”, has evaluated the future growth potential of air source heat pump and provides statistics and information on market structure, size, share, and future growth. The report is intended to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities present in air source heat pump market in Canada.
Mr. Ken Mathews
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