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North America Residential Ducted Heat Pump Market
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North America Residential Ducted Heat Pump Market Size
North America Residential Ducted Heat Pump Market was valued at USD 2.7 billion in 2023 and is projected to observe about 7.3% CAGR from 2024 to 2032. Growing adoption of energy-efficient heating & cooling systems, coupled with favorable incentive schemes and policies for heat pump adoption will boost the industry landscape.
To get key market trends
For instance, in February 2024, the U.S. Department of Energy allocated USD 10 million to Maine to install heat pump systems with high-efficiency in 675 rural mobile homes, which aims to reduce energy costs by approximately 40% for eligible residents. Moreover, shifting inclination toward ambient indoor comfort and rising purchasing power of consumers to adopt efficient HVAC systems will complement the heat pump industry growth.
North America Residential Ducted Heat Pump Market Report Attributes
| Key Takeaway | Details |
|---|---|
| Market Size & Growth | |
| Base Year | 2023 |
| Market Size in 2023 | USD 2.7 Billion |
| Forecast Period 2024 - 2032 CAGR | 7.3% |
| Market Size in 2032 | USD 5.3 Billion |
| Key Market Trends | |
| Growth Drivers |
|
| Pitfalls & Challenges |
|
What are the growth opportunities in this market?
North America Residential Ducted Heat Pump Market Trends
North America residential ducted heat pump industry is set to grow owing to increasing demand for energy-efficient systems, rapid urbanization and construction of residential establishments. Policymakers are prioritizing energy efficiency, efforts to achieve fossil fuel independence are prompting regulators to implement strategic reforms and introduction of favorable incentive schemes will further influence the industry landscape. For instance, in January 2023, the U.S. Federal government enacted the High-Efficiency Electric Homes and Rebates Act, earmarking USD 4.5 billion for state-level point-of-sale rebates. The initiative targets aiding low and moderate-income households with home electrification projects. Qualified households stand to receive rebates of up to USD 8,000 for energy-efficient upgrades in heat pump space heating and cooling.
North America Residential Ducted Heat Pump Market Analysis
Learn more about the key segments shaping this market
Single family application is projected to surpass over USD 2.5 billion by 2032. Growing construction of residential establishments coupled with introduction of stringent building emission standards will favor the product adoption. Features such as zoning and temperature control, along with improved product aesthetics, are driving the acceptance of ducted heat pumps in single-family houses. Increasing demand for compact and efficient heating technologies and shifting focus toward minimizing emissions is set to boost the product deployment.
Learn more about the key segments shaping this market
The U.S. residential ducted heat pump market is set to reach more than USD 5 billion by 2032. Growing construction of residential properties owing to surge in urban population, increasing investments across real estate and rising demand for effective heating & cooling solutions will influence the business outlook. Favorable initiatives, tax incentives, subsidy programs aimed at promoting heat pump adoption are expected to boost product deployment.
North America Residential Ducted Heat Pump Market Share
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Key players in the North America residential ducted heat pump industry are prioritizing on forming strategic alliances, agreements, pursuing acquisitions, and introducing innovative products to enhance their market competitiveness. Key players including Carrier, Daikin Comfort Technologies North America, Inc., LG Electronics U.S.A., Inc., Panasonic Corporation of North America, Bosch Thermotechnology Corp. and SAMSUNG., among other, holds majority of the market share across the industry.
North America Residential Ducted Heat Pump Market Companies
Major key players operating in the North America residential ducted heat pump industry are -
- American Standard Heating and Air Conditioning
- Bosch Thermotechnology Corp.
- Carrier
- Daikin Comfort Technologies North America, Inc.
- FUJITSU GENERAL
- Johnson Controls
- LG Electronics U.S.A., Inc.
- Lennox International Inc.
- Mitsubishi Electric Sales Canada Inc.
- MRCOOL
- NAPOLEON
- Panasonic Corporation of North America
- Pioneer
- Rheem Manufacturing Company
- SAMSUNG
- Trane
North America Residential Ducted Heat Pump Industry News
- In January 2024, Bosch Home Comfort Group introduced new residential air-to-air heat pump designed for cold climates. The Inverter Ducted Split (IDS) Ultra heat pump, an innovative system offers 100% heating capacity even at frigid outdoor temperatures of -15°C and remains operational down to an impressive -25°C. Utilizing advanced inverter technology, the system dynamically regulates the compressor speed, ensuring optimal comfort while minimizing noise levels.
- In October 2023, Panasonic unveiled the Interios 1.5 Ton Central Heat Pump, crafted to cater to residential heating and cooling requirements. This product comes in two options: the Interios hybrid heating system, which includes an outdoor heat pump unit, and the Interios electric central heat pump unit, an entirely electric system combining an outdoor heat pump unit with an all-electric air handler.
This North America residential ducted heat pump 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:
Market, By Application
- Single family
- Multi family
The above information has been provided for the following countries:
- U.S.
- Canada
Frequently Asked Question(FAQ) :
How big is the North America residential ducted heat pump market?
The market size of North America residential ducted heat pump was reached USD 2.7 billion in 2023 and is projected to expand at 7.3% CAGR from 2024 to 2032, led by the growing adoption of energy-efficient heating & cooling systems in the region.
Why is the demand for residential ducted heat pump rising in single families in North America?
The single-family application segment in the North America residential ducted heat pump industry will reach more than USD 2.5 billion by 2032, owing to their zoning and temperature control and improved product aesthetics.
What factors are driving residential ducted heat pump market growth in the U.S.?
U.S. residential ducted heat pump industry is estimated to be worth more than USD 5 billion by 2032, due to the surge in urban population, increasing investments across real estate and the rising demand for effective heating & cooling solutions in the region.
Which are the leading firms operating in the North America residential ducted heat pump market?
American Standard Heating and Air Conditioning, Bosch Thermotechnology Corp., Carrier, Daikin Comfort Technologies North America, Inc., FUJITSU GENERAL, Johnson Controls, LG Electronics U.S.A., Inc., Lennox International Inc., Mitsubishi Electric Sales Canada Inc., and MRCOOL, among others
