North America Residential Heat Pump Market Size By Product (Air Source {Air to Air, Air to Water}, Geothermal {By Technology [Open Loop, Closed Loop, Hybrid]}, Water Source {Water to Air, Water to Water}, {By Technology [Open Loop, Closed Loop, Hybrid]}), By Application (Single Family, Multi-Family), Industry Analysis Report, Country Outlook, Competitive Market Share & Forecast, 2021 – 2027

Industry Trends

North America residential heat pump market size was valued at over USD 12 billion in 2020 and is expected to register over 8.1% CAGR between 2021 and 2027. Rising governmental efforts to deploy energy efficient heating systems including heat pump technologies across residential buildings will augment the North American market demand for residential heat pumps in the coming years. Moreover, the market statistics for these units will proliferate further owing to the tax incentives offered by the regulators which in turn will propel the product deployment.
 

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The North America residential heat pump industry has witnessed a significant turnaround in the recent years subject to the increasing focus toward incorporation of sustainable technologies in the residential buildings. Adoption of stringent energy conservation measures coupled with efforts to curb the carbon footprint growth are few of the vital factors driving the industry growth. In addition, growing investment toward residential infrastructure development will give rise to a need for efficient heating and cooling technology, thus boosting the North America residential heat pump market outlook.
 

However, outbreak of COVID-19 pandemic has severely hit the North America economy including other regions across the globe. Since then, the North American countries have imposed strict lockdown leading to shutdown of various commercial activities and infrastructure projects, which has directly and indirectly affected the growth of residential heat pump market across North America. However, various pharmaceutical companies have introduced vaccine for the COVID-19 and it is anticipated that the market share of residential heat pump industry will revive by first half of FY 2021.
 

The study illustrates a detailed analysis of industry trends across North America segmented on a country basis across product and application. Furthermore, the market forecasts & estimates are appropriately aligned with the data indicated by authorities including the Department of Energy (DOE), International District Energy Association (IDEA), International Energy Agency (IEA), Geothermal Resource Council, NC Sustainable Energy Association (NCSEA), government regulatory bodies, and company reports.
 

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High efficiency and clean operations are key factors augmenting market demand for water source heat pump.

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Water source heat pumps segment is expected to register a growth of over 5% through 2027. The North America residential heat pump market has witnessed a significant rise in demand from water source heat pumps over the last few years on account of the growing governmental efforts to curb the growth of carbon emission. High efficiency, clean operations, and lower maintenance are a few of the prominent features augmenting industry demand of residential heat pump. Technological advancements in product design along with the development of specially designed water source heat pump technology for cold climatic conditions will propel the industry landscape and further complement the North American market trends. Furthermore, High sustainability & efficiency, low maintenance, and space requirements are some of the prominent features enhancing the product adoption and market outlook across the residential sector in North America.
 

Growing disposable income and high living standards will enhance the market outlook for single family houses

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Single family segment in 2020, accounted for over 65% of the market share across the North America residential heat pump industry. Over the last decade, there has been a significant rise in the construction of single family houses across U.S. and Canada on account of growing dispensable income coupled with changing living standards. This in turn has significant impact on enhancing the market trends across the region. For instance, According to Census Bureau for U.S., in 2020 an average of 1,200 privately owned households have been completed monthly, which has expanded the demand for these units across single family houses. Heat pumps provide economic aid to the homeowners as they help in reducing their electricity bills, which in turn will complement the market demand. Moreover, the governments across respective countries have launched several schemes and tax incentives measures for homeowners to promote the use of sustainable technology including residential heat pumps. Installation of these units reduce the carbon emissions from each house which collectively complements the governmental efforts to curb the carbon footprint, therefore proliferating the market statistics for these units in the forecast period.
 

Governmental efforts to introduce sustainable heating technologies will enhance the market demand for residential heat pumps from U.S.

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The U.S. residential heat pump market is expected to register a substantial growth of over 8% through 2027. The growing focus on reducing harmful GHG emissions along with energy conservation will influence residential heat pump installations across the nation. The increasing residential infrastructure across urban areas is enhancing the building emission index. As a result, policymakers & regulators are working aggressively toward the formulation of numerous strategic reforms on energy management. The government has introduced rebates, corporate tax credits,  and personal tax credits to promote the adoption of sustainable energy technologies including water source residential heat pumps. Furthermore, supportive regulatory frameworks for energy-efficient systems along with the growing demand for efficient heating & cooling systems will stimulate the business outlook for residential heat pumps across the nation.
 

Development of innovative technological systems acting as the pivotal point for prominent market players

The prominent market players are focusing on innovative improvements in their systems to create more monetary value for the communities and expand their market share. In addition, more research & development activities coupled with strategic mergers are few of the key strategies opted by the market giants to achieve an edge in the North America residential heat pump industry. Moreover, deployment of these units are gaining prominence as the major manufacturers across the residential sector are hiring or acquiring component manufacturers to reduce the impact of raw material cost over their ongoing production.
 

The important players profiled in the North America residential heat pump market report include Johnson Controls, Trane, Bosch Thermotechnology, Carrier Corporation, and Daikin amongst others.
 

North America residential heat pump market research report includes in-depth coverage of the industry with estimates & forecast in terms of ‘Units’ & ‘USD” from 2016 to 2027, for the following segments:
 

By Product

• Air Source
  • Air to Air
  • Air to Water
• Geothermal source
  • By Technology
    • Open loop
    • Closed loop
    • Hybrid
• Water source
  • Water to air
  • Water to water
  • By Technology
    • Open loop
    • Closed loop
    • Hybrid

By Application

• Single family
• Multi-family

The above information has been provided for the following countries:

• U.S.
• Canada