Residential Heat Pump Market Analysis

Residential Heat Pump Market Analysis

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The air source segment held more than 94% of the residential heat pump industry share in 2022. Low maintenance, ease of installation, and low operational costs of these heat pumps support their adoption. Moreover, growing regulatory policies for accelerating the transition towards clean heat pump technologies will further contribute to industry expansion. In April 2023, the U.S. government announced an investment of over USD 250 million to support electric heat pump manufacturing across America. This initiative was geared towards increasing the use of electric heat pumps in the nation, in order to enable households to reduce energy costs. The water source heat pump segment is set to witness 5% growth rate in the coming seven years.
 

Single family residential heat pump market accounted for 64% of the global share in 2022. Consistent retrofitting operations across single family residential spaces for the integration of energy-efficient solutions will increase product uptake. Moreover, financial benefits offered by government bodies for the installation of renewable systems have increased the demand for heat pumps in single-family housing units. Additionally, these pumps incur low upfront costs and entail a short installation duration which favors their adoption.
 

Asia Pacific residential heat pump market is estimated to amass USD 48 billion by 2032. Growing disposable incomes coupled with increasing investments across real estate sector has increased the product demand. As per the IBEF, the real estate sector in India will be worth USD 1 trillion by 2030. Moreover, the rising demand for efficient space heating and cooling systems will support the industry development in the region. The market for North America residential heat pump is likely to witness 8% CAGR during the forecast period.