U.S. Residential Heat Pump Market Size By Product (Air Source, Ground Source, Water Source), By Compressor (Variable speed, Two-stage, Single stage), By Application (Single Family, Multi Family}, Industry Analysis Report, Application Potential, Competitive Market Share & Forecast, 2020 – 2026

Published Date: May 2020  |  Report ID: GMI4653  |  Authors: Ankit Gupta, Abhishek Chopra

Report Format: PDF   |   Pages: 85   |   Base Year: 2019




Summary Table of Contents Industry Coverage Methodology

Industry Trends

U.S. Residential Heat Pump Market size exceeded USD 10.5 billion in 2019 and is anticipated to exceed an annual installation of 2.8 million units by 2026. Growing demand for sustainable heating & cooling technologies along with upsurge in standard of living of people will boost the business growth. In addition, ongoing demand for energy efficient, sturdy and reliable systems to reduce electricity bills across various establishments will boost the industry potential.
 

U.S. Residential Heat Pump Market

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The heat pump supports operation & reverse functionality to cool or heat living space with a mechanical compression cycle refrigeration system. It consists of two main components including an outdoor unit & an indoor air handler. The outdoor unit consists of a compressor which distributes the refrigerant involved in heat absorption & release while it travels between the two units.
 

Increasing concerns pertaining to import dependency along with fluctuating fossil fuel prices are key factors which will propel the industry growth. Furthermore, significant reductions in the electricity bills along with stringent norms toward adoption of energy efficient appliances will fuel the product penetration.
 

However, the recent pandemic of Covid-19 has significantly impacted the overall industry growth. As per 5th May 2020, the country had over 1.2 million confirmed corona virus cases and around 69,000 deaths owing to which the industry players may witnessing a decline in overall demand of product.
 

U.S. Residential Heat Pump Market Report Coverage
Report Coverage Details
Base Year: 2019 Market Size in 2019: 10.5 Billion (USD)
Historical Data for: 2015 - 2019 Forecast Period: 2020 - 2026
Forecast Period 2020 - 2026 CAGR: 3.2% 2026 Value Projection: 2.8 Million Units
Pages: 85 Tables, Charts & Figures: 26
Geographies covered (1): U.S
Segments covered: Product, Compressor, Application
Companies covered (15): York, Lennox, Daikin, Trane, Rheem, Goodman, Bosch, Mitsubishi, Jhonson Controls, Nyle, Emersion, Bryant, Nordyne, American Standard, Eagle Mountain
Growth Drivers:
  • Increasing demand for energy efficient systems
  • Favorable measures to reduce carbon footprints
Pitfalls & Challenges:
  • High upfront cost
  • Low co-efficient of performance (COP) levels

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Growing installation of ground source systems to provide impetus to heat pumps demand

U.S. Residential Heat Pump Market

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Ground source heat pumps are gaining wide acceptance in the recent years as they are environment-friendly, reliable, have lesser heat losses, and possess humidity control features. The installation of GSHP involves a wide range of equipment including a directional drill, trencher, backhoe or compact excavator. Increasing investment toward single and multi-housing building infrastructure coupled with rise in the dispensable incomes will stimulate the U.S. residential heat pump market growth.
 

In addition, rising demand for the replacement and revamping of conventional HVAC equipment owing to stringent energy efficiency norms will further enhance the deployment of these systems.
 

Water source heat pumps require a water source including rivers and lakes which are naturally heated by sun coupled with a small amount of electricity to produce heat.  These systems have an efficiency and CoP of around five, that means every unit of power delivers five units of heat. These units do not require any deep excavations, are quieter and have a longer life when compared to other available counterparts.
 

Technological advancements will continue to drive the industry trends

Ongoing product advancement to enhance adoption across the residential establishments coupled with growing investment toward research and development activities will fuel the U.S. residential heat pump market outlook. Shifting focus toward sustainable and advanced technologies along with increasing investments by the leading industry players toward energy efficient equipment will enhance the business outlook.
 

Additionally, introduction of mini split or ductless heat pumps specifically across single family houses and apartments is anticipated to drive the deployment of heat pumps.
 

Ongoing adoption of heating units on account of their ability to provide heat at low temperatures and minimal installation time will drive the U.S. residential heat pump industry demand. Integration of technologically advanced models with various communication options including Wi-Fi connectivity and remote sensing will augment the business landscape. For instance, Mitsubishi Electric Trane, in 2019, launched the SLZ-KF, a ceiling cassette heat pump that offers flexible airflow for individualized comfort control.
 

Rising demand for low emissions system along with growing adoption of variable speed compressors will stimulate the industry statistics

U.S. Residential Heat Pump Market

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Minimal wear & tear, longer lifespan, and ability to adjust according to temperature and humidity are the major factors propelling the demand for two stage compressor heating units. Advancements in the form of spiral shaped coils used in these compressors compared to piston compressors will further stimulate the product demand. In addition, noisy operation along with limited efficiency when compared with the available counterparts may restrain the product adoption.
 

Shifting trends toward cleaner & efficient technologies, wide compressor capacity from 40% to 100% and auto adjustment features are the key parameters which will boost the deployment of variable speed units. In addition, introduction of green building codes & standards to enhance the deployment of sustainable technologies across the residential establishments will positively influence the business outlook.
 

Growing awareness toward efficient heating systems will boost the industry outlook

Large coefficient of performance, high level comfort, low running costs and increased efficiency are the key factors augmenting the demand for heat pumps. Growing adoption across extreme cold climate areas and regions will accelerate the product penetration. Furthermore, rising installation across single & multifamily housing facilities owing to increasing demand for space heating & cooling will enhance the industry landscape.
 

Less maintenance, high safety, and low operational costs are key features contributing to the market demand of heat pumps in comparison to the conventional heating systems. Growing environmental awareness among homeowners combined with product development largely in single- family houses will boost the U.S. residential heat pump market trends.
 

Joint ventures and inorganic growth alliances are key strategies adopted by industry players to expand their business presence

Increasing investments toward product innovation & diversity are the key strategies followed by the companies. The leading players are extensively undertaking mergers & acquisitions to bring forth new growth prospects in the industry. The key manufacturers are focused on financing the R&D activities to upgrade & enhance the heat pump mechanism and improve their performance and efficiency. Eminent players participating in the U.S. residential heat pump market include Bosch Thermotechnology, Johnson Controls, American Standard, Emerson, Daikin Corporation, Rheem Manufacturing, Nordyne, Eagle Mountain, Trane, York and Carrier Corporation.
 

The U.S. residential heat pump market research report includes in-depth coverage of the industry with estimates & forecast in terms of “USD” and “Units” from 2015 to 2026, for the following segments:

By Product

  • Air source
  • Ground source
  • Water source

By Compressor

  • Variable speed
  • Two-stage
  • Single stage

By Application

  • Single family
  • Multi family

 

Frequently Asked Questions (FAQ) :

Increasing deployment of energy efficient heating & cooling systems in line with stringent regulatory norms are the major factors expected to drive the growth of U.S. market.
U.S. market for residential heat pump will register over 3% CAGR between 2020 and 2026, as estimated by GMI.
Bosch Thermotechnology, Johnson Controls, American Standard, Emerson, Daikin Corporation, Rheem Manufacturing, Nordyne, Eagle Mountain, Trane, York and Carrier Corporation are currently profiled in the U.S. market.

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