U.S. Heat Pump Market Size

U.S. Heat Pump Market Size

U.S. Heat Pump Market size was valued at USD 13.6 Billion in 2023 and is set to grow at over 8.9% CAGR from 2024 to 2032. Rising greenhouse gases emissions along with increasing customer inclination toward adoption of technologically advanced alternatives with low carbon footprint will positively propel the industry landscape. Moreover, the introduction of energy efficient systems to cater to the rising heating and cooling demand along with favorable regulatory framework will complement the industry outlook.

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The global market size of heat pump is projected to reach USD 165 bn by 2032. A heat pump is a device that transfers heat from a particular source to an end-user application point by utilizing a circulating refrigerant structure in the liquid or gaseous state, as well as a compressor that absorbs heat from the outside and pumps it inside. The system is intended to provide effective cooling and heating across residential, commercial, and industrial applications while maintaining low carbon emission levels. In addition, continuous research & development initiatives by the government and industry participants to limit carbon emissions will continue to augment the U.S. heat pump market revenue.

Regulators are actively working on many strategic changes to safeguard fossil fuel independence. Various initiatives and measures have been implemented to encourage the use of energy-efficient systems. For instance, In November 2022, in November 2022, the U.S. Department of Energy (DoE) announced funding of around USD 9 billion to support the households in lowering their energy bills with the deployment of energy efficient heat pump systems across the nation. Similar reforms and measures are set to encourage the deployment of heat pump market.