North America Air Source Heat Pump Compressors Market Size & Share 2024 - 2032
Market Size by Type (Reciprocating, Scroll, Rotary, Screw, Centrifugal) & Forecast.
Report ID: GMI9964
|
Published Date: June 2024
|
Report Format: PDF
Download Free PDF
Authors:
Ankit Gupta, Manish Dhiman
North America Air Source Heat Pump Compressors Market Size
North America Air Source Heat Pump Compressors Market size was evaluated at USD 2.8 billion in 2023 and is set to observe a CAGR of 10% between 2024 and 2032. The paradigm shifts toward consumer preferences toward adoption of energy efficient heat pump systems along with rising demand for reliable and low emission solutions is set to complement the business landscape.
North America Air Source Heat Pump Compressors Market Key Takeaways
Market Size & Growth
Key Market Drivers
Challenges
Widespread deployment of beneficial heat pump rebates and incentive programs by respective authorities has accelerated the integration of heat pump units, further shaping the business dynamics. For instance, in February 2024, nine states of U.S. have signed a memorandum of understanding to boost heat pump sales and set target to represent 65% of residential heat pump sales by 2030.
North America Air Source Heat Pump Compressors Market Trends
The North America air source heat pump compressor industry is set to grow owing to rising focus toward limiting emissions and significant focus towards improving energy efficiency. Increasing emphasis toward electrification and decarbonization, and accelerated investments by manufacturers to introduce enhanced heat pump compressors units will augment the business landscape.
For instance, in March 2024, LG Electronics Canada unveiled the R32 monobloc air-to-water heat pump unit. The system features noise reduction technology with an encapsulated compressor and vibration decoupling, operating as quietly as 49dB at 1 meter. Designed for year-round comfort, it supports cooling at 5-27°C and heating at 15-65°C. Additionally, extreme climatic conditions and shifting inclination to meet energy efficiency regulation will influence the business dynamics.
North America Air Source Heat Pump Compressors Market Analysis
Scroll segment is anticipated to surpass USD 3.5 billion by 2032. Increasing emphasis on energy efficiency which has led consumers and businesses to adopt HVAC systems reducing energy consumption and lower utility costs has augmented the product demand. Continuous technological advancements including the development of variable speed compressor units, which enhance the performance and efficiency of these systems, positively influencing the scroll air source heat pump compressors industry outlook.
Reciprocating heat pump compressors for air source heat pump is set to grow owing to rising demand for efficient and reliable heating & cooling solutions coupled with the accelerating deployment of advance technological heat pump units. The ability of the product to offer heating & cooling from a single system, simple installation, versatile operations and cost-effectiveness and across heat pump applications is set to propel the product demand. Shifting inclination toward replacement of traditional heating systems to curb carbon emissions and continuous technological advancements by the key manufacturers to introduce efficient heating and cooling systems will complement the business landscape.
U.S. air source heat pump compressors market is expected to cross USD 6.3 billion by 2032. Rising urbanization rates, and increased need for efficient space heating and cooling solutions have influenced the business outlook. Favorable government measures to encourage the adoption of energy-efficient technologies, and rising disposable incomes of consumers positively impacted the industry dynamics.
For instance, in January 2023, the federal government has introduced ASHP tax credit scheme effective for units purchased & installed from January 1, 2023, to December 2032. Homeowners can claim up to USD 2,000 of tax credit for installing a heat pump. Furthermore, increasing penetration of commercial and residential infrastructure has led to large scale deployment of heat pumps, augmenting the industry outlook.
North America Air Source Heat Pump Compressors Market Share
Key players in the North America air source heat pump compressors industry are focusing on introducing new product launches, forming strategic partnerships, agreements, alliances, pursuing mergers & acquisitions, to gain their market competitiveness. Major companies including Daikin, Danfoss, Emerson Electric Co., LG Electronics, Carrier, and Panasonic Corporation, among others holds majority of the market share.
North America Air Source Heat Pump Compressors Market Companies
Major manufacturers operating across the industry consists of:
North America Air Source Heat Pump Compressors Industry News
The North America air source heat pump compressors market research report includes in-depth coverage of the industry with estimates & forecast in terms of “’000 Units” and “USD Million” from 2021 to 2032, for the following segments:
Click here to Buy Section of this Report
Market, By Type
The above information has been provided for the following countries:
Research methodology, data sources & validation process
This report draws on a structured research process built around direct industry conversations, proprietary modelling, and rigorous cross-validation and not just desk research.
Our 6-step research process
1. Research design & analyst oversight
At GMI, our research methodology is built on a foundation of human expertise, rigorous validation, and complete transparency. Every insight, trend analysis, and forecast in our reports is developed by experienced analysts who understand the nuances of your market.
Our approach integrates extensive primary research through direct engagement with industry participants and experts, complemented by comprehensive secondary research from verified global sources. We apply quantified impact analysis to deliver dependable forecasts, while maintaining complete traceability from original data sources to final insights.
2. Primary research
Primary research forms the backbone of our methodology, contributing nearly 80% to overall insights. It involves direct engagement with industry participants to ensure accuracy and depth in analysis. Our structured interview program covers regional and global markets, with inputs from C-suite executives, directors, and subject matter experts. These interactions provide strategic, operational, and technical perspectives, enabling well-rounded insights and reliable market forecasts.
3. Data mining & market analysis
Data mining is a key part of our research process, contributing nearly 20% to the overall methodology. It involves analysing market structure, identifying industry trends, and assessing macroeconomic factors through revenue share analysis of major players. Relevant data is collected from both paid and unpaid sources to build a reliable database. This information is then integrated to support primary research and market sizing, with validation from key stakeholders such as distributors, manufacturers, and associations.
4. Market sizing
Our market sizing is built on a bottom-up approach, starting with company revenue data gathered directly through primary interviews, alongside production volume figures from manufacturers and installation or deployment statistics. These inputs are then pieced together across regional markets to arrive at a global estimate that stays grounded in actual industry activity.
5. Forecast model & key assumptions
Every forecast includes explicit documentation of:
✓ Key growth drivers and their assumed impact
✓ Restraining factors and mitigation scenarios
✓ Regulatory assumptions and policy change risk
✓ Technology adoption curve parameter
✓ Macroeconomic assumptions (GDP growth, inflation, currency)
✓ Competitive dynamics and market entry/exit expectations
6. Validation & quality assurance
The final stages involve human validation, where domain experts manually review filtered data to identify nuances and contextual errors that automated systems might miss. This expert review adds a critical layer of quality assurance, ensuring data aligns with research objectives and domain-specific standards.
Our triple-layer validation process ensures maximum data reliability:
✓ Statistical Validation
✓ Expert Validation
✓ Market Reality Check
Trust & credibility
Verified data sources
Trade publications
Security & defense sector journals and trade press
Industry databases
Proprietary and third-party market databases
Regulatory filings
Government procurement records and policy documents
Academic research
University studies and specialist institution reports
Company reports
Annual reports, investor presentations, and filings
Expert interviews
C-suite, procurement leads, and technical specialists
GMI archive
13,000+ published studies across 30+ industry verticals
Trade data
Import/export volumes, HS codes, and customs records
Parameters studied & evaluated
Every data point in this report is validated through primary interviews, true bottom-up modelling, and rigorous cross-checks. Read about our research process →