Air Source Heat Pumps Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 20 – An air source heat pump is a system which transfers heat from outside to within a building envelope or vice versa. With an increasing focus on utilizing renewable energy systems for both heating and cooling ones home, the demand for air source heat pumps is likely to increase significantly within the forecast period. These air source heat pumps utilize refrigerants and compressors to transfer heat both to and from the building envelope. Currently air source heat pumps are being aggressively utilized as they not only reduce emissions but also result in significant savings for adopters. Owing to the technology, air source heat pumps consume far lesser electricity than conventional heating and cooling systems. Both space heating and cooling comprise a significant portion of the overall energy consumption for any household.