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Residential Heat Pump Market Size
Residential Heat Pump Market size surpassed USD 41.3 billion in 2023 and is anticipated to expand at 13.3% CAGR from 2024 to 2032 credited to rapid developments in renewable heating & cooling systems.
Many governments in developing and developed countries are investing heavily to support the deployment of non-fossil-based heating and cooling systems. In February 2022, the U.S. EPA launched ENERGY STAR Home Upgrade Initiative for accelerating the clean energy transition across U.S. households. Such developments will boost the demand for residential heat pumps and other heating technologies.
Residential Heat Pump Market Report Attributes
| Report Attribute |
Details |
| Base Year: | 2023 |
|---|
| Residential Heat Pump Market Size in 2023: | USD 41.3 Billion |
|---|
| Forecast Period: | 2024 to 2032 |
|---|
| Forecast Period 2024 to 2032 CAGR: | 13.3% |
|---|
| 2032 Value Projection: | USD 127.4 Billion |
|---|
| Historical Data for: | 2019 to 2023 |
|---|
| No. of Pages: | 385 |
|---|
| Tables, Charts & Figures: | 527 |
| Segments covered: | Product, Application |
|---|
| Growth Drivers: | - Growing inclination towards low carbon heating & cooling alternatives
- Positive regulatory framework to support heat pump deployment
- Significant fluctuations in climatic conditions
- Rapid technological advancements with new research & development initiatives
|
|---|
| Pitfalls & Challenges: | - Prevalence of conventional heating & cooling systems
|
|---|
The implementation of renewable heating and cooling infrastructure incurs a high operational expenditure, which may shift consumer interest towards more easily available low-cost conventional fossil-based heating systems. However, regulatory support for the deployment of energy-efficient residential heat pumps in the wake of the ongoing energy crisis will favor residential heat pump market growth. Many governments in developed countries are also providing financial benefits in the form of subsidies for deploying energy-efficient systems in homes.
