Australia Air Source Heat Pump Market

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

The Australia air source heat pump market is anticipated to register an impressive CAGR during the forecast period. In Australia, heat pumps are commonly used in applications for space heating/cooling and hot water systems because Australia's climate varies significantly throughout the country. They can be utilized in residential and commercial sectors for space heating. Heat pump hot water systems are used for bathing and sanitation, thus driving the market's growth.

Air Source Heat pumps work by taking air from their surroundings and using that to heat water. They operate on electricity and are supported by a specialized working mechanism that circulates the air through a refrigerant gas to heat the water, reducing the amount of electricity required. The warm water for subsequent use gets stored in the tank. Air Source Heat pumps (ASPH) can be classified into two major types based on their process air to water and air-to-air heat pumps. In air-to-water heat pumps, heat is transferred from the outside air to water, which then warms rooms with radiators or underfloor heating and provides hot water. Air-to-air heat pumps circulate warm air throughout the home to heat and cool it using energy collected from the perspective.

In 2022, according to the Clean Energy Regulator, a government body of Australia, around 423,075 air source heat pumps will be installed in Australia. Additionally, Australian State and Federal energy conservation programs govern the financial incentives and rebates available for renovations. Such as, under the VEU (Victorian Energies Upgrade), the heat pump can be installed in place of an electric hot water system at zero cost, and one can get a new heat pump through the REPS (Retailer Energy Productivity Scheme) for AUD 39. Also, holders of concession cards and other qualified applicants can upgrade for no cost. From various federal programs, one can get supply and installation of the new heat pump at a low price, saving up to 70% less energy. Therefore, these various government rebates are making consumers aware of air-source heat pumps, which will drive market growth.

Preference for Energy-Efficient Technologies Fuels the Market Growth

Heat pumps operate entirely on electricity and are more efficient than fossil fuel-based heating and cooling systems. Heat pumps are essential for homes because they don't require fossil fuels. Gas, oil, coal, propane, etc., are not used in heat pumps. High-efficient heat pumps require minimal electricity to transfer heat, and CO2 is released when the electricity is produced. To produce heat, combustion-based equipment requires burning fossil fuels directly, emitting substantially more CO2 than the heat pump. It instantly takes heat from the air and transfers it to heat water in a way that conserves energy, saves money, and lowers greenhouse gas emissions. Heat pump water heaters are more efficient and utilize 30% of the energy compared to conventional electric hot water systems. Therefore, due to the energy efficiency of heat pumps over conventional water heaters, the demand for air-source heat pumps is rising in Australia.

Consistent Heating Feature Drives the Market Growth

Traditional water heaters frequently need to give the user a consistent heating experience. The heat decreases after a few gallons of use, irrespective of the size of the water tank. This might lead the consumer to run out of hot water when in need. The heat pump water heater supplies a continuous heating experience so that customers never run out of hot water when needed. With advanced heat pump installation, consumers can experience warm water for as long as they need it for all activities. For instance, Racold's domestic heat pump assures a constant hot water supply. It has a high-efficiency compressor to accelerate the rate of heat exchange and, as a result, supply more hot water. Therefore, due to the feature of a continuous supply of hot water compared to conventional water heaters, consumers prefer heat pumps which are anticipated to drive the air source heat pump in the Australia market.

Low Maintenance Cost and High Durability Drives the Market Growth

The lifespan of an air source heat pump is often longer. They are designed for durability and equipped with advanced technology, which keeps them functional for an extended period. Even though air source heat pump water heaters are more expensive than other types of conventional water heaters, they turn out to be economical over time. This is because they are more durable than conventional water heaters, which have shorter lifespans and frequently need to be replaced. The low maintenance requirements of air source heat pumps are another beneficial aspect. Maintenance problems can hassle the user and add unnecessary costs for any item. Due to their straightforward operations, heat pump water heaters require less maintenance than other water heating systems. For instance, as per reports of Ecovantage, an environmental consultant in Australia, air source heat pumps have a remarkable lifespan that enables an individual to save more money over their 15-year lifetime. Additionally, after upgrading the air source heat pump, consumers can save up to 70% on water heating costs and hundreds of dollars annually on energy bills. The above-mentioned features are driving the growth in the air source heat pump market in Australia in the forecast years.

Market Segmentation

The Australia air source heat pump market is segmented into the process, end-use, and sales channel, regional distribution, and competitive landscape. 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, Gyms & 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.).

Market Players

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. are the major market players in Australia air source heat pump market.

Report Scope:

In this report, Australia air source heat pump market has been segmented into the following categories, in addition to the industry trends, which have also been detailed below:

• Australia Air Source Heat Pump Market, By Process:
• Air to Air
• Air to Water
• Australia Air Source Heat Pump Market, By End Use:
• Residential
• Hotels & Resorts
• Gym & Spas
• Education
• Food Service
• Others
• Australia Air Source Heat Pump Market, By Sales Channel:
• Plumbers
• Dealers & Contractors
• Retail
• Direct Sales
• Online
• Others
• Australia Air Source Heat Pump Market, By Region:
• Australia Capital Territory & New South Wales
• Victoria & Tasmania
• Northern Territory & Southern Australia
• Queensland
• Western Australia

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in Australia air source heat pump market.

With the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

• Detailed analysis and profiling of additional market players (up to five).

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