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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, Covid-19 Impact Analysis, Competitive Market Share & Forecast, 2022 – 2028

  • Report ID: GMI4896
  • Published Date: Jan 2022
  • Report Format: PDF

Industry Overview

North America Residential Heat Pump Market Size surpassed USD 14 billion in 2021 and is set to grow at a CAGR of over 8% between 2022 and 2028. A heat pump is an electrical equipment that transfers heat from one place to another by circulating refrigerants through evaporation as well as condensation processes. Rising concerns to minimize the GHG emissions in line with shifting inclination toward incorporation of sustainable technologies will boost the business trends.
 

North America Residential Heat Pump Market

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Introduction of various government scheme including rebates, corporate and personal tax credits, incentive plans and clean heating and cooling programs will complement the industry outlook. For instance, the U.S. federal government has continued to introduce the renewable energy rebate programs across the country since 1998 to offer discounts or rebates on the installation of new renewable energy system including the geothermal heat pump system in the buildings. Moreover, robust technological advancements in heat pump technologies combined with dynamic consumer requirements will stimulate the business landscape.
 

Rapid urbanization in line with declining component costs will propel the product installation

North America Residential Heat Pump Market Size By Product

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Air Source Heat Pumps (ASHP) is expected to surpass USD 23 billion by 2028. Low carbon footprint, low maintenance requirement, economical operations, and longer lifespan will positively sway the product adoption. Ability to offer water heating solutions along with space heating and cooling services will propel the ASHP demand. Growing concerns toward energy conservation coupled with the rising adoption of renewable energy sources as well as sustainable technologies to attain a cleaner environment will further stimulate the industry outlook.
 

High efficiency, clean operations, and minimal maintenance will fuel the demand for water source heat pumps across North America. In addition, technological enhancements to improve efficiency and operational performance will foster business outlook. For instance, in June 2021, Trane launched its new series of water source heat pumps, Axiom Vertical, available in a range of 0.5 to 6 tons & offers improved acoustic performance and energy efficiency.
 

Moreover, the new technology combines integrated controls, sound attenuation, ultra-high energy efficiency and superior maintenance to offer efficient heat to small commercial and residential establishments.
 

Increasing investments toward residential infrastructure development will accelerate the product demand

North America residential heat pump market from single family is projected grow on account of increasing construction activities across residential establishments in U.S. and Canada. High living standards along with growing disposable income will further enhance the industry trends during the forecast timeline. For instance, in 2020, according to Census Bureau of U.S. an average of 1,200 privately owned houses have been built on a monthly basis, has instituted a favorable business scenario for single family heat pumps.
 

Surging infrastructural investments coupled with rising necessity for efficient space & water heating solutions will augment the multi-family residential building industry growth. High sustainability index combined with reliability and flexibility of these units will positively influence the industry scenario. Furthermore, rapid climatic changes owing to global warming followed by government targets to minimize carbon emissions will significantly foster the demand of effective and sustainable heating & cooling solutions across the region.
 

The U.S. residential heat pump industry is anticipated to grow on account of the upsurge in energy efficient system deployment

U.S. Residential Heat Pump Market Size By Application

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The U.S. residential heat pump market share is poised to exceed USD 23 billion by 2028. Promising regulatory frameworks along with the growing demand for renewable energy technologies will foster the industry spectrum. Moreover, supportive regulatory frameworks for energy-efficient systems along with the introduction of norms, incentives and schemes will augment the business outlook. For instance, the International Ground Source Heat Pump Association framework consists of the standards & guidelines for the design and installation of closed-loop geothermal heat pump systems. The standards cover processes, materials, and procedures for the benefit of all manufacturers and the entire industry.
 

Collaborative initiatives by government & manufacturers to compensate the pandemic impact will stimulate the business outlook

During pandemic outbreak, several industries faced decline in product demand across the globe on account of imposed lockdowns by the government. In addition, the companies were undergoing limited operations, owing to shortage of raw materials from lower-tier suppliers, less availability of manpower, and slow recovery of the logistics network. However, the demand for heat pumps is anticipated to grow gradually across the residential sector due to growing demand for highly durable and efficient heating solutions. Moreover, steadily lifting of lockdown to boost the economy, which will fuel the North America residential heat pump market statistics during the forecast period.
 

Ongoing strategic implications including mergers, partnerships and acquisition will enhance the market presence of various players

Strategic partnerships, agreements, contracts, acquisition, and new product innovations among various players will boost the industry outlook. For instance, in November 2021, Daikin introduced an updated version of its wall mounted indoor unit FAA-B, which can be utilized with company’s Sky Air A-series R-32 heat pumps. These units are compact and are compatible with easy installation across new and refurbished buildings. The new technology combines the R-32 Bluevolution technology, which aids in reducing the environmental impact by over 65% in comparison with its predecessor R-410A and further offers low energy consumption, which will be beneficial for the homeowners.
 

Eminent players operating across the North America residential heat pump market include Danfoss, Trane, Glen Dimplex Group, Bosch Thermotechnology GmbH, Daikin, Carrier Corporation, Johnson Controls, Stiebel Eltron GmbH & Co., NIBE Industrier AB., MODINE Manufacturing Company, Bryant Heating & Cooling Systems, Bard HVAC, WaterFurnace International, Inc., ClimateMaster, Inc., Earthlinked Technologies, Spectrum Manufacturing, OCHSNER Warmepumpen, Mitsubishi Electric Corporation, Nortek Global HVAC, Aermec S.p.A., Swegon Group AB, Green Planet Supply Technologies, Maritime Geothermal, Dandelion, GeoSmart Energy, Goodman Manufacturing Company, Lennox International and Rheem Manufacturing Company.
 

North America residential heat pump market research report includes in-depth coverage of the industry with estimates & forecast in terms of ‘Units’ & ‘USD” from 2018 to 2028, 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

 

Authors: Ankit Gupta, Abhishek Chopra

Frequently Asked Questions (FAQ) :

The residential heat pump industry share in North America had reached more than USD 14 billion in 2021 and will record a CAGR of nearly 8% up to 2028 due to escalating concerns for minimizing GHG emissions and the growing adoption of sustainable technologies.

A residential heat pump is a part of a heating and cooling system installed outside the home for cooling while also being capable of providing heat.

The regional demand for Air Source Heat Pumps (ASHP) is poised to exceed USD 23 billion through 2028 owing to the growing need for low carbon footprint & maintenance requirements, longer lifespan, and economical operations.

The residential heat pump industry size in the U.S. is anticipated to surpass USD 23 billion by 2028 driven by the increasing demand for renewable energy technologies and the presence of favorable regulatory frameworks in the country.

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Premium Report Details

  • Base Year: 2021
  • Companies covered: 28
  • Tables & Figures: 197
  • Countries covered: 2
  • Pages: 236

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