Residential Ducted Heat Pump Market Trends

Growth Drivers

• Growing Construction of Residential Buildings - The residential construction is significantly affected by the growing economy and disposable income of the people. Furthermore, governments across the world are imposing policies and initiatives to encourage affordable housing, promote homeownership, and guide in adopting sustainable construction practices. Tax benefits, subsidies, and loans at low-interest boost residential construction activities, hence further influencing the residential ducted heat pump market growth. Moreover, shifting demographics, evolving lifestyles, and developing housing preferences notably encourage the need for residential properties of various types. Elements including accessibility, convenience, customizable living spaces, and community amenities influence the demand for residential projects. Therefore, with the growing residential construction, the residential ducted heat pump market is also set to rise.
• Rising Demand for Renewable Energy - The renewable energy adequacy across the globe added to energy systems rose by approximately 49% in 2023, totaling over 509 gigawatts (GW). This growth is set to be dominated by growing awareness among people regarding the carbon emission from energy. As a result, the consideration for residential ducted heat pump market is also growing as a renewable source of energy since they utilize solar, wind, and geothermal power to energize heat pumps. As a result, the residential ducted heat pump market is poised to be encouraged over the coming years.
• Surging Trend of Hybrid System in Ducted Heat Pumps - A hybrid heating system offers attractive year-round comfort and, during mild heating, they provide the most energy-efficient solutions when compared to conventional heating substitutes. The main focus of a hybrid heat pump is to acknowledge the changes in outer temperatures automatically and to modify them accordingly. This system's power is in its flexibility. Further, the system senses the need for important adjustments on those exceedingly cold days and activates the gas furnace to produce extra heat. Also, it encourages the reduction of price and energy. As a result, the residential ducted heat pump market is poised to rise with a surging hybrid trend.

Challenges

• Availability of Alternative
• High Price of Heat Pumps
• Ducted heat pumps are considered to have more complex components. Hence, the cost to buy and deploy ducted heat pumps is more as compared of air conditioners. Therefore, the adoption of Residential Ducted Heat Pump is set to fall over the coming years.
• Lack of Efficiency in Cold Temperature - It becomes difficult to effectively extract thermal energy from air outdoors with the fall in temperature. In such a situation, heat pumps offer far less efficiency since it has low backup electric heating elements. It further boosts the energy bill in order to ensure comfortability at home. Consequently, the residential ducted heat pump market is predicted to be hindered in the years to come.