Residential Air to Air Heat Pump Market Analysis

Residential Air to Air Heat Pump Market Analysis

To get key market trends

  Download Free Sample

The multi family application is anticipated to witness 9% growth rate from 2023 to 2032, due to the increasing demand for energy-efficient and environmentally friendly solutions, along with the expansion of the real estate sector. The growing recognition of the advantages offered by these systems, particularly in meeting the heating & cooling needs of individual units within multi-family houses and apartments, is set to complement the business landscape. Rising need for zonal heating & cooling control along with increased awareness and availability of these units further encourages the installation of heat pumps in these establishments.
 

The ducted heat pump segment is set to observe a substantial expansion on account of a wide integration across residential establishments for heating & cooling purposes. These systems are known for their efficiency, particularly in mild to moderate climates and offers the dual advantage of providing both heating and cooling from a single unit, making them versatile and cost-effective. These units are typically installed in a central location, such as the basement or the attic, efficiently utilize space within a building and contributing to a clean and aesthetically pleasing living environment, that has led to the widespread adoption of these units across residential establishments.
 

With proper maintenance and professional servicing, these systems can operate for longer time, ensuring reliable and consistent comfort over an extended period. The adoption of cleaner space heating & cooling alternatives in retrofitting projects can lead to substantial reductions in energy consumption and environmental impact further augmenting the product deployment. The introduction of beneficial schemes by the respective authorities include incentive programs, rebates and tax credit will further accelerate the product deployment.
 

• The North America residential air to air heat pump market was worth USD 5.4 billion in 2022. The robust expansion of residential structures across the region, and the increasing demand for reliable and efficient space heating & cooling, has positively influenced the industry dynamics. The elevated frequency of extreme climatic conditions has driven the demand for efficient and reliable space heating solutions which further boosted the product demand.
   
• The availability of various incentives schemes by the respective governments including low-interest loans, investment grants, and tax benefits will redirect consumer shift from conventional to sustainable sources, thereby positively influencing the demand for air-to-air heat pump units. For instance, in January 2023, the Federal government introduced High-Efficiency Electric Homes and Rebates Act and allocated USD 4.5 billion to states for point-of-sale rebates, focusing on home electrification projects for low- and moderate-income households. Program details are still being determined and will vary by state. The rebate is applied directly to the customer's purchase, providing an immediate discount for eligible households, who can receive up to USD 8,000 for heat pump space heating and cooling through HEEHRA rebates for energy efficiency improvements.
   
• Manufacturers are integrating advanced controls and monitoring features into their air-to-air heat pump offerings including increased automation, remote management, and improved energy optimization that may elevate the product installation. Governments have introduced stringent energy efficiency norms and regulations to limit energy consumption and GHG emissions from residential establishments which further propelled the adoption of these units to achieve energy savings.