Report Description

The Canada air source heat pump market is expected to be driven by increased demand for energy-efficient and cost-effective space heating and cooling applications in residential and commercial sectors. This scenario has increased heat pump sales, which is expected to lead to an increase in market demand during the forecast period.

Heat pumps are a high-efficiency technology that extracts heat from a low-temperature place and transports it to a higher-temperature location. In Canada, more than 700,000 heat pumps are installed nationwide. Furthermore, air-source heat pumps are the most common type in the Canadian market.

Heat pumps use less energy than natural gas furnaces or electric heating. Heat pumps are generally more expensive than electric or gas heating systems but have lower energy costs. Heat pump systems can cost between USD3746.37 and USD11988.40. While using a heat pump, energy costs can be reduced by up to 60% compared to electric baseboard heating, and total energy consumption can be reduced by 50% compared to a natural gas furnace.

However, the Canadian government is continuing to invest in making life more affordable for Canadian families by assisting homeowners in switching from expensive home heating oil to energy-efficient cold-climate heat pumps. Additionally, the average annual savings on home electricity bills for homeowners who move oil to cold-climate heat pumps to heat their house is between USD1123.91 and USD3521.59.

The Minister of Natural Resources announced a USD187.32 million investment for the Oil to Heat Pump Affordability (OHPA) Grant, a new stream to the Canada Greener Homes Initiative. This program will assist thousands of households in switching from expensive home heating oil to more affordable, dependable electric heat pumps. The OHPA Grant builds on the $250 million announced by Minister Guilbeault in September 2022 to make home heating more affordable and reduce pollution by assisting households in switching to electric heat pumps.

Companies are offering new innovative products to attract customers and increase their market presence. Manufacturers are focusing on developing new products to fulfill the customers' demands. For example, in 2021, PHNIX launched a new inverter all-in-one air source heat pump water heater using propane (R290) refrigerant, which reduces the carbon footprint in homes and accounts for a significant portion of greenhouse gas emissions. As a result, it will increase the market demand during the forecast period.


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Increasing Demand for Energy Efficient Products Fuels the Market Growth

The main benefit of using an air-source heat pump is its high efficiency in heating, which includes reducing greenhouse gas emissions and lowering costs for a household. For instance, Canadians spend 80% of their energy sources on heating and cooling. Heat pumps can provide annual savings of 50% to 70%. Similarly, gas furnaces that are the most advanced are 98% efficient. This indicates that for every USD 0.75 of natural gas fuel used, it produces USD.73 worth of heat and heat pumps boast an efficiency of up to 400%. The heat pump can generate USD 3.0 worth of heat for USD 0.75 cost of electricity, indicating an increase in market demand during the forecast period.

Low Gas Emission to Boost the Market Demand

The economy is aiming to reduce its dependency on non-renewable energy sources and is gradually inclining toward renewable energy sources to restrict the emission of greenhouse gases. Hence, heat pump technology is a promising solution for lowering greenhouse heat emissions. For instance, in 2022, Saanich initiated a heating oil to heat pump financing program. The District of Saanich is offering up to USD 8991.30 in interest-free financing to help to upgrade the existing oil furnace or boiler to an efficient electric heat pump through this innovative program. Hence, this program is part of our community's climate commitment to reduce greenhouse gas (GHG) emissions and eliminate carbon-intensive oil heating. As a result, it will increase the market demand for air-source heat pumps.

Market Segmentation

The air source heat pump market is segmented on the basis of 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 split into plumbers, dealers & contractors, retail, direct sales, online, and others (distributors, builders, etc.).

Company Profiles

GREE Electric Appliances Inc., Senvilla.Ca, Mitsubishi Electric Sales Canada Inc, Trane Technologies Company, LLC, Wolf Steel Ltd., Hometown Heating Inc., Johnson Controls, Panasonic Canada Inc, Rheem Manufacturing Company, Mr Cool Canada, are among the major market players in the Canada platform that lead the market growth of the Canada air source heat pump market.

Attribute

Details

Base Year

2022

Historical Years

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

Alberta, Quebec, Ontario, British Columbia, Saskatchewan and Manitoba, Rest of Canada

Key Companies Profiled

GREE Electric Appliances Inc., Senvilla.Ca, Mitsubishi Electric Sales Canada Inc, Trane Technologies Company, LLC, Wolf Steel Ltd., Hometown Heating Inc., Johnson Controls, Panasonic Canada Inc, Rheem Manufacturing Company, Mr. Cool Canada, etc.

Customization Scope

10% free report customization with purchase. Addition or alteration to country, regional & segment scope.

Pricing and Purchase Options

Avail of 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/pdf format on special request)

Report Scope:

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

Canada Air Source Heat Pump Market, By Process:

o Air to Air

o Air to Water

Canada Air Source Heat Pump Market, By End Use:

o Residential

o Hotels & Resorts

o Gym & Spas

o Education

o Food Service

o Others

Canada Air Source Heat Pump Market, By Sales Channel:

o Plumbers

o Dealers & Contractors

o Retail

o Direct Sales

o Online

o Others

Canada Air Source Heat Pump Market, By Region:

o Alberta

o Quebec

o Ontario

o British Columbia

o Saskatchewan and Manitoba

o Rest of Canada

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Canada 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).

Canada 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.    Canada 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 Market Share Analysis (Plumbers, Dealers & Contractors, Retail, Direct Sales, Online, and Others (Distributors, Builders, etc.)).

5.2.4.     By Regional Market Share Analysis

5.2.4.1.         Alberta Market Share Analysis

5.2.4.2.         Quebec Market Share Analysis

5.2.4.3.         Ontario Market Share Analysis

5.2.4.4.         British Columbia Market Share Analysis

5.2.4.5.         Saskatchewan and Manitoba Market Share Analysis

5.2.4.6.         Rest of Canada Market Analysis

5.2.5.     By Company Market Share Analysis

5.3.  Canada Air Source Heat Pump 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 Region Market Mapping & Opportunity Assessment

6.    Canada 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 SKUs)

7.    Canada 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 SKUs)

8.    Market Dynamics

8.1.  Drivers

8.1.1.     Increasing government initiatives

8.1.2.     Increasing demand for energy efficient products

8.2.  Challenge

8.2.1.     Availability of substitute products

8.2.2.     High Installation Cost

9.    Impact of COVID-19 on Canada 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.              Maintain the room temperate

10.2.              Rising environmental awareness

10.3.              Increasing e-commerce sector

10.4.              Increasing demand for advance space heating technologies

10.5.              Growing demand for cost effective products.

11.  Porter’s Five Forces Model

11.1.              Competitive Rivalry

11.2.              Bargaining Power of Buyers

11.3.              Bargaining Power of Suppliers

11.4.              Threat of New Entrants

11.5.              Threat of Substitutes

12.  SWOT Analysis

12.1.              Strengths

12.2.              Weaknesses

12.3.              Opportunities

12.4.              Threats

13.  Competitive Landscape

13.1.              Company Profiles

13.1.1.  GREE Electric Appliances Inc.

13.1.1.1.      Company Details

13.1.1.2.      Product & Services

13.1.1.3.      Financials (As Reported)

13.1.1.4.      Key Market Focus & Geographical Presence

13.1.1.5.      Recent Developments

13.1.1.6.      Key Management Personnel

13.1.2.  Senvilla.Ca

13.1.2.1.      Company Details

13.1.2.2.      Product & Services

13.1.2.3.      Financials (As Reported)

13.1.2.4.      Key Market Focus & Geographical Presence

13.1.2.5.      Recent Developments

13.1.2.6.      Key Management Personnel

13.1.3.  Mitsubishi Electric Sales Canada Inc

13.1.3.1.      Company Details

13.1.3.2.      Product & Services

13.1.3.3.      Financials (As Reported)

13.1.3.4.      Key Market Focus & Geographical Presence

13.1.3.5.      Recent Developments

13.1.3.6.      Key Management Personnel

13.1.4.  Trane Technologies Company, LLC

13.1.4.1.      Company Details

13.1.4.2.      Product & Services

13.1.4.3.      Financials (As Reported)

13.1.4.4.      Key Market Focus & Geographical Presence

13.1.4.5.      Recent Developments

13.1.4.6.      Key Management Personnel

13.1.5.  Wolf Steel Ltd

13.1.5.1.      Company Details

13.1.5.2.      Product & Services

13.1.5.3.      Financials (As Reported)

13.1.5.4.      Key Market Focus & Geographical Presence

13.1.5.5.      Recent Developments

13.1.5.6.      Key Management Personnel

13.1.6.  Hometown Heating Inc.

13.1.6.1.      Company Details

13.1.6.2.      Product & Services

13.1.6.3.      Financials (As Reported)

13.1.6.4.      Key Market Focus & Geographical Presence

13.1.6.5.      Recent Developments

13.1.6.6.      Key Management Personnel

13.1.7.  Johnson Controls

13.1.7.1.      Company Details

13.1.7.2.      Product & Services

13.1.7.3.      Financials (As Reported)

13.1.7.4.      Key Market Focus & Geographical Presence

13.1.7.5.      Recent Developments

13.1.7.6.      Key Management Personnel

13.1.8.  Panasonic Canada Inc

13.1.8.1.      Company Details

13.1.8.2.      Product & Services

13.1.8.3.      Financials (As Reported)

13.1.8.4.      Key Market Focus & Geographical Presence

13.1.8.5.      Recent Developments

13.1.8.6.      Key Management Personnel

13.1.9.  Rheem Manufacturing Company

13.1.9.1.      Company Details

13.1.9.2.      Product & Services

13.1.9.3.      Financials (As Reported)

13.1.9.4.      Key Market Focus & Geographical Presence

13.1.9.5.      Recent Developments

13.1.9.6.      Key Management Personnel

13.1.10.   Mr Cool Canada

13.1.10.1.    Company Details

13.1.10.2.    Product & Services

13.1.10.3.    Financials (As Reported)

13.1.10.4.    Key Market Focus & Geographical Presence

13.1.10.5.    Recent Developments

13.1.10.6.    Key Management Personnel

14.  Strategic Recommendations/Action Plan

14.1.              Key Focus Areas

14.2.              Target Regions

14.3.              Target Process

14.4.              Target End Use

15.   About Us & Disclaimer

Figures and Tables

Frequently asked questions

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The market is being driven due to reduced carbon emissions, rising investment in the construction sector, and increased urbanization, which has increased demand for air source heat pump.

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In Canada, heat pumps are a reliable technology that can control indoor comfort by supplying heat in the winter and cooling in the summer. According to Natural Resources Canada, approximately 700,000 air-source heat pumps are installed in Canada.

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Gree Canada, Senvilla.Ca, Mitsubishi Electric Sales Canada Inc, Canada HVAC (Goodman), Wolf Steel Ltd, Carrier Corporation, Johnson Controls, Panasonic Canada Inc, Rheem Manufacturing Company, Mr Cool Canada are the major players in Canada air source heat pump market.

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Most systems require temperatures between 25- and 40 degrees Fahrenheit for heat pumps to function effectively. When the temperature is above 40, a heat pump performs well.

profile

Parvati Sharma

Account Manager BD
Press Release

Air to Air Heat Pump to Boost the Canada Air Source Heat Pump Market Growth

Dec, 2022

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.