Cold Climate Air Source Heat Pump Market Size, Share & Forecast 2023-2030
The global cold climate air source heat pump market size is expected to reach USD 1,264.3 million by 2030, expanding at 11.55% CAGR from 2023 to 2030, according to a new report by Grand View Research, Inc. The market is anticipated to witness a surge in demand owing to the increasing awareness of the advantages such as energy-efficient cooling & advanced heating solutions. In addition, secondary factors which are expected to fuel the market demand include government regulations, rising energy costs, and favorable incentives for energy-efficient appliances. Cold climate air source heat pumps are more efficient and can function in colder temperatures. At lower temperatures, conventional heat pumps often lose a significant amount of their heating capacity. While cold climate air source heat pumps can still produce heat up to 25°C or 30°C. Owing to this advantage of cold climate air source heat pump, the adoption of ccASHP is expected to boost the market d...