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North America Residential Heat Pump Market Trends

Report ID: GMI4896
Published Date: Jul 2023
Report Format: PDF

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North America Residential Heat Pump Market Trends

Favorable regulatory support in response to the ongoing energy crisis along with rising demand for energy efficient systems will boost the regional industry demand. Respective governments are making significant investments to support the adoption of non-fossil fuel-based heating and cooling systems unveiling new potential for product deployment across different verticals.

For instance, in February 2022, the U.S. EPA introduced the ENERGY STAR Home Upgrade Initiative, aimed at accelerating the transition to clean energy in American households. Moreover, state and federal authorities are also offering a wide range of financial incentives including subsidies, tax rebates, and low interest loans to promote the adoption of energy-efficient systems in residential establishments which will further proliferate the industry outlook.

Authors: Ankit Gupta, Manish Dhiman

Frequently Asked Questions (FAQ) :

The market size for residential heat pump in the North America was reached USD 8.1 billion in 2023 and will witness over 9.7% CAGR from 2024 to 2032, due to the rising initiatives to reduce carbon emissions and the growing demand for energy-efficient space heating and cooling solutions.

North America air source residential heat pump industry size is estimated to record over 10% CAGR during 2023 to 2032, driven by their minimal maintenance requirements and longer lifespan.

U.S. market size was valued at USD 7 billion in 2022 and is set to observe significant expansion through 2032, ascribing to the promising regulatory frameworks and the growing demand for renewable energy technologies.

Some of the leading residential heat pump providers in North America include Daikin, SAMSUNG HVAC, LG Electronics U.S.A., Inc., Panasonic Corporation of North America, Bosch Thermotechnology Corp., WaterFurnace, ClimateMaster, Inc., Nordic Heat Pumps, and Lennox International Inc.