The factors driving Australia's air source heat pump market are incorporating green technology at home, high energy efficiency and budget-friendly operations, and longer lifespan.
According to the TechSci Research report, “Australia Air Source Heat Pump Market–By Region, Competition Forecast & Opportunities, 2018-2028F,”,” the Australia air source heat pump market is expected to grow at a higher pace during the forecast period due to the low maintenance cost, increased energy efficiency, and safer combustion-based heating systems that are safe to operate.
By using a compressor and a circulation system of liquid or gas refrigerant, heat pumps can move heat from one place to another while removing heat from outdoor sources and pumping it into a home. For residential use, heat pumps offer several benefits. Electricity is used less when the heat is pumped than when it is only transformed using electricity. In the summer, the cycle can be switched so that the device can operate as an air conditioner. The government has recently started implementing various new programs to encourage the transition to green living and alternative energy usage, promoting the rise in popularity of air source heat pumps in Australia.
In 2022, due to an increase in demand, Stiebel Eltron announced an investment of USD 600 million in heat pumps: Electricity-based heating, considered suitable for the environment, is in high order. Around 80,000 heat pumps are anticipated to be produced by the end of the year, up 60% from the previous year. The corporation has more than 600 million euros worth of additional investments planned for the near future. There will be increased production capacity and funding for research and development. These investments will drive the growth of heat pumps in Australia during the forecasted period.
In 2022, With over 100 units from the Japanese manufacturer ITOMIC already installed in a variety of commercial and residential (apartment building) projects in Australia with COPs of up to 4, Automatic Heating, an Australian provider of heating and cooling systems to the commercial HVAC market, anticipates continued adoption of CO2 (R744) heat pumps in the local market. Government incentives also contribute to the rising popularity of effective CO2 units that have gained Australian standards certification. For instance, the state of Victoria is concentrating on reducing the demand for natural gas. It is particularly interested in continuing the electrification process by encouraging heat pumps in office buildings, council buildings, and aquatic centers to achieve net zero goals by 2030/2035, which will anticipate surging the demand for air-source heat pumps in Australia.
In 2022, the Australian Renewable Energy Agency (ARENA) announced USD 838,000 in funding for Hardwick Processors to install a 1 MW (thermal) demonstration-scale heat pump and upgrade the electrical supply system at its meat processing plant in Kyneton, Victoria. The funding was made accessible on behalf of the Australian government. Therefore, in the forecast period, along with the growth in residential sectors, air source heat pumps in commercial sectors are also gaining growth in Australia's industrial segment.
Browse over XX market data Figures spread through XX pages and an in-depth TOC on "Australia Air Source Heat Pump Market"
The Australia air source heat pump market is segmented into process, end use, and sales channel. Based on process, the market is segmented into Air to Air (Ducts, Ductless), Air to Water (Split, Integrated). Based on end use, the market is segmented into Residential, Hotels & Resorts, Gym & Spas, Education, Food Service, and Others (Healthcare, Offices, etc.). Based on sales channel, the market is segmented into Plumbers, Dealers & Contractors, Retail, Direct Sales, Online, and Others (Distributors, Builders, etc.).
Key market players in the Australia Air Source Heat Pump market include:
- Stiebel Eltron (Aust) Pty Ltd
- Daikin Australia Pty Ltd
- Rheem Australia Pty Ltd
- Aquamax Australia Pty. Limited
- Robert Bosch (Australia) Pty Ltd
- Evo Industries Australia Pty Ltd
- Smart Lifestyle Australia Pty Ltd
- Rinnai Australia Pty Ltd
- Solargain Pty Ltd (iStore)
- Mitsubishi Electric Australia Pty Ltd.
Various International and domestic companies are trying to enhance their market reach by increasing their research and development investment. For instance, in 2021, Rheem Australia introduced the latest Ambiheat heat pump water heater to provide households with a dependable, adaptable, and renewable solution. According to Rheem, with a COP (Coefficient of Performance) of 4.5, households with an ambiheat installed could save up to 64-71 percent of their usual water heating energy bill.
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“There are numerous benefits of using heat pumps. An air source heat pump can assist consumers in reducing their carbon footprint and lower their energy bills compared to other water heaters. There are various other advantages of using heat pumps, such as high energy efficiency, affordability, ease of operation, etc., and heat pumps are cheaper to run, driving the growth of the air source heat pump market in Australia.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Australia 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, Competition Forecast & Opportunities, 2018-2028F,” has evaluated the future growth potential of air source heat pump market in Australia market 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 the Australia air source heat pump market.
Mr. Ken Mathews
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