U.S. Heat Pump Market Trends

U.S. Heat Pump Market Trends

Over the last decade, rapid urbanization along with the surge in population levels has driven the energy consumption figures of the U.S. exponentially. Energy consumption rises as societies become more developed and the standard of living increases. According to the data published by the U.S. Energy Information Administration (EIA), in July 2022, the commercial and residential sectors accounted for 7.5% and 10.8% of the total national primary energy consumption, respectively, in 2021. As a result, managing the energy-efficiency has become the prime objective for policymakers at the federal and state levels. The consumption across the building sector can be reduced by incorporating numerous energy-efficient systems, including heat pumps, into newly constructed buildings and undertaking retrofits. Global commercial heat pump industry is likely to cross USD 43.3 billion by 2032.