Australia Air Source Heat Pump Market Growth, Share, Size & Forecast 2028

Summary

Report Description

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 pump 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 Clean Energy Regulator, a government body of Australia, around 423,075 air source heat pumps have been 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.

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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 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 pump 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.

Attribute	Details
Base Year	2022
Historic Data	2018 – 2021
Estimated Year	2023
Forecast Period	2024 – 2028
Quantitative Units	Revenue in USD Million, Volume in Thousand Units and CAGR for 2018-2022 and 2023-2028
Report Coverage	Revenue forecast, company share, competitive landscape, growth factors, and trends
Segments Covered	Process End Use Sales Channel Region
Regional scope	Australia Capital Territory & New South Wales, Victoria & Tasmania, Northern Territory & Southern Australia, , Queensland, Western Australia
Key companies profiled	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.etc.
Customization scope	10% free report customization with purchase. Addition or alteration to regional & segment scope.
Pricing and purchase options	Avail customized purchase options to meet your exact research needs. Explore purchase options
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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.

Available Customizations:

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).

Australia Air Source Heat Pump Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1. Introduction

1.1. Product Overview

1.2. Key Highlights of the Report

1.3. Market Coverage

1.4. Market Segments Covered

1.5. Research Tenure Considered

2. Research Methodology

2.1. Objective of the Study

2.2. Baseline Methodology

2.3. Key Industry Partners

2.4. Major Association and Secondary Sources

2.5. Forecasting Methodology

2.6. Data Triangulation & Validation

2.7. Assumptions and Limitations

3. Executive Summary

3.1. Market Overview

3.2. Market Forecast

3.3. Key Regions

3.4. Key Segments

4. Voice of Customer Analysis (B2C Model Analysis)

4.1. Sample Size Determination

4.2. Respondent Demographics

4.2.1. By Gender

4.2.2. By Age

4.2.3. By Occupation

4.3. Preferred Way for Heating Water

4.4. Brand Awareness

4.5. Sources of Awareness

4.6. Factors Influencing Purchase Decision

4.7. Challenges Faced Post Purchase

5. Australia Air Source Heat Pump Market Outlook

5.1. Market Size & Forecast

5.1.1. By Value

5.1.2. By Volume

5.2. Market Share & Forecast

5.2.1. By Process Market Share Analysis (Air to Air, Air to Water)

5.2.2. By End Use Market Share Analysis (Residential, Hotels & Resorts, Gym & Spas, Education, Food Service, and Others (Healthcare, Offices, etc.))

5.2.3. By Sales Channel (Plumbers, Dealers & Contractors, Retail, Direct Sales, Online, and Others (Distributors, Builders, etc.))

5.2.4. By Regional Market Share Analysis

5.2.4.1. Australia Capital Territory & New South Wales

5.2.4.2. Victoria & Tasmania

5.2.4.3. Northern Territory & Southern Australia

5.2.4.4. Queensland

5.2.4.5. Western Australia

5.2.5. By Company Market Share Analysis

5.3. Australia Market Mapping & Opportunity Assessment

5.3.1. By Process Market Mapping & Opportunity Assessment

5.3.2. By End Use Market Mapping & Opportunity Assessment

5.3.3. By Sales Channel Market Mapping & Opportunity Assessment

5.3.4. By Regional Market Mapping & Opportunity Assessment

6. Australia Air to Air Heat Pump Market Outlook

6.1. Market Size & Forecast

6.1.1. By Value

6.1.2. By Volume

6.2. Market Share & Forecast

6.2.1. By Type Market Share Analysis (Ducts, Ductless)

6.2.2. By End Use Market Share Analysis

6.2.3. By Sales Channel Market Share Analysis

6.3. Product Benchmarking (Best Selling SKU’s)

7. Australia Air to Water Heat Pump Outlook

7.1. Market Size & Forecast

7.1.1. By Value

7.1.2. By Volume

7.2. Market Share & Forecast

7.2.1. By Type Market Share Analysis (Split, Integrated)

7.2.2. By Tank Capacity Market Share Analysis (Less than 200L, 200L to 300L, More than 300L)

7.2.3. By End Use Market Share Analysis

7.2.4. By Sales Channel Market Share Analysis

7.3. Product Benchmarking (Best Selling SKU’s)

8. Market Dynamics

8.1. Drivers

8.1.1. High Energy Efficient

8.1.2. Requires Low Maintenance Cost

8.1.3. Advantage Over Conventional Water Heating Systems

8.2. Challenges

8.2.1. High upfront cost

8.2.2. Issues in Extreme Cold Weather

9. Impact of COVID-19 on Australia Air Source Heat Pump Market

9.1. Impact Assessment Model

9.1.1. Key Segments Impacted

9.1.2. Key Regions Impacted

10. Market Trends & Developments

10.1. Reduced Impact on the Environment

10.2. Increasing Usage of Renewable Sources in Cooling and Heating Systems

10.3. Availability of Effective and Affordable Products

10.4. Rebates from Government

10.5. Reduction of Carbon Emissions

11. Import/ Export Analysis

11.1. Top 5 Exporting Countries

11.1.1. By Value

11.2. Top 5 importing Countries.

11.2.1. By Value

12. Porter’s Five Forces Model

12.1. Competitive Rivalry

12.2. Bargaining Power of Buyers

12.3. Bargaining Power of Suppliers

12.4. Threat of New Entrants

12.5. Threat of Substitutes

13. SWOT Analysis

13.1. Strengths

13.2. Weaknesses

13.3. Opportunities

13.4. Threats

14. Competitive Landscape

14.1. Company Profiles

14.1.1. Stiebel Eltron (Aust) Pty Ltd

14.1.1.1. Company Details

14.1.1.2. Products & Services

14.1.1.3. Financials (As Reported)

14.1.1.4. Key Market Focus & Geographical Presence

14.1.1.5. Recent Developments

14.1.1.6. Key Management Personnel

14.1.2. Daikin Australia Pty Ltd

14.1.2.1. Company Details

14.1.2.2. Products & Services

14.1.2.3. Financials (As Reported)

14.1.2.4. Key Market Focus & Geographical Presence

14.1.2.5. Recent Developments

14.1.2.6. Key Management Personnel

14.1.3. Rheem Australia Pty Ltd

14.1.3.1. Company Details

14.1.3.2. Products & Services

14.1.3.3. Financials (As Reported)

14.1.3.4. Key Market Focus & Geographical Presence

14.1.3.5. Recent Developments

14.1.3.6. Key Management Personnel

14.1.4. Aquamax Australia Pty. Limited

14.1.4.1. Company Details

14.1.4.2. Products & Services

14.1.4.3. Financials (As Reported)

14.1.4.4. Key Market Focus & Geographical Presence

14.1.4.5. Recent Developments

14.1.4.6. Key Management Personnel

14.1.5. Robert Bosch (Australia) Pty Ltd

14.1.5.1. Company Details

14.1.5.2. Products & Services

14.1.5.3. Financials (As Reported)

14.1.5.4. Key Market Focus & Geographical Presence

14.1.5.5. Recent Developments

14.1.5.6. Key Management Personnel

14.1.6. Evo Industries Australia Pty Ltd.

14.1.6.1. Company Details

14.1.6.2. Products & Services

14.1.6.3. Financials (As Reported)

14.1.6.4. Key Market Focus & Geographical Presence

14.1.6.5. Recent Developments

14.1.6.6. Key Management Personnel

14.1.7. Smart Lifestyle Australia Pty Ltd

14.1.7.1. Company Details

14.1.7.2. Products & Services

14.1.7.3. Financials (As Reported)

14.1.7.4. Key Market Focus & Geographical Presence

14.1.7.5. Recent Developments

14.1.7.6. Key Management Personnel

14.1.8. Rinnai Australia Pty Ltd

14.1.8.1. Company Details

14.1.8.2. Products & Services

14.1.8.3. Financials (As Reported)

14.1.8.4. Key Market Focus & Geographical Presence

14.1.8.5. Recent Developments

14.1.8.6. Key Management Personnel

14.1.9. Solargain Pty Ltd (iStore)

14.1.9.1. Company Details

14.1.9.2. Products & Services

14.1.9.3. Financials (As Reported)

14.1.9.4. Key Market Focus & Geographical Presence

14.1.9.5. Recent Developments

14.1.9.6. Key Management Personnel

14.1.10. Mitsubishi Electric Australia Pty Ltd.

14.1.10.1. Business Overview

14.1.10.2. Company Details

14.1.10.3. Products & Services

14.1.10.4. Financials (As Reported)

14.1.10.5. Key Market Focus & Geographical Presence

14.1.10.6. Recent Developments

14.1.10.7. Key Management Personnel

15. Strategic Recommendations/Action Plan

15.1. Key Focus Areas

15.2. Target Regions

15.3. Target Process

15.4. Target End User

16. About Us & Disclaimer

Figures and Tables

Frequently asked questions

What are the key factors driving the Air Source Heat Pump market in Australia?

The Australia air source heat pump market is being stimulated due to high efficiency, high durability, and low maintenance requirement for these pumps.

Do heat pumps work in cold climates Australia?

It is not advisable to install heat pump hot water systems in areas with low average temperatures. Although the units will operate in cold weather, installation in such locations will result in longer compressor runtimes, which will shorten unit life and increase energy usage.

Which type of heat pumps are used in Australia?

Various varieties of heat pumps are available in the market. Still, in Australia, the two types that are primarily utilized for heating interiors of buildings and residential hot water are air-source heat pumps (ASHP) and water-source heat pumps (WSHP).

Who are the key players in the air source heat pump market in Australia?

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. etc.are the key players in the Australia air source heat pump market.

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Press Release

Air to Water Heat Pumps to Dominate the Australia Air Source Heat Pump Market During the Forecast Period

Dec, 2022

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.

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