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North America Residential Cold Climate Heat Pump Market Trends

Report ID: GMI6190
Published Date: Jul 2023
Report Format: PDF

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North America Residential Cold Climate Heat Pump Market Trends

Growing energy consumption across the residential & commercial building structures coupled with increasing inclination towards energy efficient alternatives is set to positively cater to the North America residential cold climate heat pump industry dynamics. For instance, as per the data updated by the U.S. Energy Information Administration in March 2023, the total energy intake from residential sector totaled over 21.8 quadrillion Btu accounting for above 21.7% of the total consumption in 2022. In addition, several states & territories have observed substantial integration of advanced space & water heating technologies in cold temperature areas which will further boost the product demand.

Authors: Ankit Gupta, Divyendu Sharma

Frequently Asked Questions (FAQ) :

North America residential cold climate heat pump market share was over USD 2.7 billion in 2023 and will witness over 10.1% CAGR from 2024-2032, due to the higher demand for energy efficient heating technologies primarily across the colder climates.

North America market for residential cold climate heat pump from the single-family application segment will witness over 10% CAGR from 2023-2032 due to the rising demand for reliable heating and cooling across residential establishments.

Demand for residential cold climate heat pumps in the U.S. reached over USD 2.3 billion in 2022 and is set to witness significant growth through 2032 owing to the rapidly increasing population along with rising penetration of residential building structures.

Some of the leading residential cold climate heat pump providers in North America include Daikin SAMSUNG HVAC, LG Electronics U.S.A., Inc., Panasonic Corporation of North America, Bosch Thermotechnology Corp., Fujitsu General, Blue Star Limited, and Nordic Heat Pumps.