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North America Air to Water Heat Pump Market Trends

  • Report ID: GMI5126
  • Published Date: Aug 2023
  • Report Format: PDF

North America Air to Water Heat Pump Market Trends

The industry is expected to experience significant progress due to favorable regulatory support in response to the ongoing energy crisis and increasing demand for energy-efficient systems. Governments in the region are actively investing in non-fossil fuel-based heating and cooling systems to reduce reliance on traditional energy sources. For instance, in February 2022, the U.S. EPA launched the ENERGY STAR Home Upgrade Initiative, focused at increasing the adoption of clean energy solutions in the American households. This initiative aims to incentivize the adoption of energy-efficient solutions and promote the use of air-source heat pumps to reduce the overall energy consumption.

 

The deployment of renewable heating and cooling infrastructure can come with higher operational costs, which may influence consumers to consider more affordable conventional fossil fuel-based heating systems. Despite this, governments and authorities are offering financial incentives such as subsidies and tax rebates to encourage the adoption of energy-efficient systems in residential establishments. For instance, from January 2023, the U.S. government has introduced a new federal tax credit scheme for individuals who install a new air-source heat pump in their residential properties, subject to meeting certain efficiency requirements. Under this scheme, qualifying individuals can receive a tax credit of up to a maximum of USD 2,000 or 30% of the installation cost, whichever is lower.

Authors: Ankit Gupta, Divyendu Sharma

Frequently Asked Questions (FAQ) :

North America Air to Water Heat Pump Industry Size was over USD 1.5 billion in 2022 and will record more than 18% CAGR from 2023 to 2032.

The residential air to water heat pump industry in North America accounted for the leading share in 2022 and will continue to grow owing to the increasing demand for hot water and reliable heating & cooling technologies across domestic establishments, households, and multi-story structures.

The U.S. air to water heat pump market size is set to observe a significant expansion through 2032 attributed to favorable regulatory frameworks and an increasing demand for clean energy technologies.

Trane, Carrier, Daikin, Bosch Thermotechnology Ltd., Rheem Manufacturing Company, Lochinvar, FUJITSU GENERAL, GREE ELECTRIC APPLIANCES, INC., Nordic Heat Pumps, Aermec, Arctic Heat Pumps, Chiltrix Inc., ClimateMaster, Inc., NIBE Industrier AB, and Glen Dimplex Group.

North America Air to Water Heat Pump Market Scope

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  • Base Year: 2022
  • Companies covered: 15
  • Tables & Figures: 157
  • Countries covered: 2
  • Pages: 140
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