Home > Industrial Machinery > HVAC > Heat Pumps > U.S. Residential Heat Pump Market

U.S. Residential Heat Pump Market Size - By Technology (Air Source {Air to Air, Air to Water}, Ground Source, Water Source, Hybrid & Others), By Installation (Retrofit, New Build) & Forecast, 2021 - 2030

  • Report ID: GMI4653
  • Published Date: Sep 2021
  • Report Format: PDF

U.S. Residential Heat Pump Market Size

U.S. Residential Heat Pump Market Size was valued at over USD 13 billion in 2020 and is set to grow at a CAGR of 5% between 2021 and 2030. A heat pump is a system that transfers heat from the source to the point of application by using a circulating structure of a refrigerant in a liquid or gaseous state and a compressor through which heat is extracted from outside and pumped inside. The system can provide efficient cooling & heating for residential, commercial, and industrial buildings. The global market for residential heat pumps is expected to achieve 13% growth during the forecast timeframe.
 

U.S. Residential Heat Pump Market

The U.S. residential heat pump industry will witness steady growth on account of a paradigm shift toward the adoption of energy-efficient products and rising levels of consumer spending. The continued advancements toward a decarbonized economy reinforced by legislative energy policies and incentives will energize the business scenario. An upsurge in the demand for flexibility and high-level comfort in line with the rising refurbishment of existing buildings will boost the industry dynamics.
 

U.S. Residential Heat Pump Market Analysis

U.S. Residential Heat Pump Market Size By Technology

The air source segment in the U.S. residential heat pump market is estimated to reach over USD 19 billion by 2030. Increasing consumer inclination toward the adoption of sustainable technologies along with the rising population index will significantly augment the business landscape. The product offers key advantages including low running cost, low maintenance, fewer emissions, and longer lifespan, stimulating the industry potential.
 

Water source heat pumps segment will gain an appreciable momentum owing to the introduction of green bonds by multilateral development banks and declining component prices. These units offer high efficiency, CoP of around five, and quieter operations, which will make these units a favorable option when compared to their available counterparts. This technology extracts energy from various water sources including ponds, rivers, or small streams and utilizes it for several heating & cooling applications.
 

The new build segment in the U.S. residential heat pump market is set to grow at a CAGR of over 5% through 2030. These units are utilized in place of conventional heaters & boilers on account of high energy efficiency and low emissions. The refurbishment of existing buildings will positively impact the business landscape. Moreover, policymakers across the country are introducing favorable policies and rebates for homeowners to integrate such systems in their new houses, which in turn, will augment the business landscape.
 

The ongoing COVID- 19 pandemic has adversely impacted the U.S. economy. Large-scale lockdowns across various states have resulted in the closure of various business activities and infrastructure development projects across the country. Furthermore, social distancing measures and reduced business activities have imposed financial constraints on construction projects and initiated a trend toward limited utilization of office spaces. The U.S. residential heat pump market is set to grow owing to the increasing work from home concept.
 

Increasing government focus to reduce GHG emissions and favorable policies for energy conservation will augment the business outlook. For instance, in 2019, the green bond market across the nation was valued at over USD 265 billion, under which energy efficiency accounted for a considerable share. Favorable regulatory incentives including tax credit, subsidies, and financial assistance will accelerate the industry potential.
 

South Atlantic Residential Heat Pump Market Size By State

South Atlantic and Pacific States together held a share of over 55% in 2020. Ongoing economic developments along with low-temperature conditions will energize product penetration. For instance, Alaska is considered the coldest state in the U.S. with its average temperature at -3oC and can go down to -34.4oC. The increasing demand for space heating villas and apartments will positively sway the regional industry landscape. The market for residential heat pump in North America is likely to see 8% CAGR in the coming years.
 

East South Central states is anticipated owing to the extreme cold season and increasing disposable incomes of households. The low winter temperatures and upgrading of the existing residential establishments will amplify the industry landscape. Increasing infrastructural investments along with ongoing developments in bungalows, apartments, farmhouses, and villas will favor the business scenario.
 

U.S. Residential Heat Pump Market Share

Eminent players are focusing on the advancements in technologies coupled with mergers & acquisitions to meet the competition prevailing in the industry. Manufacturers in the industry are placing importance on economies of scale and backward & forward integrations to sustain the quality standards. Major participants include:

  • Trane
  • Glen Dimplex Group
  • Daikin
  • Carrier Corporation,
  • Mitsubishi Electric Corporation
  • Nortek HVAC
  • Johnson Controls
  • Lennox International
  • Rheem Manufacturing Company
  • Emerson Electric
  • NIBE Industrier AB
  • MODINE Manufacturing Company
  • Bryant Heating & Cooling Systems
  • Bard HVAC
  • EarthLinked Technologies.
     

The U.S. residential heat pump market research report includes in-depth coverage of the industry with estimates & forecast in terms of Units and USD from 2017 to 2030 for the following segments:

Click here to Buy Section of this Report


By Technology

  • Air Source
  • Air to Air
  • Air to Water
  • Ground Source
  • Water Source
  • Hybrid & Others

By Installation

  • Retrofit
  • New Build

The above information has been provided for the following states:

  • East North Central
    • Illinois
    • Indiana
    • Michigan
    • Ohio
    • Wisconsin
  • West South Central
    • Louisiana
    • Arkansas
    • Oklahoma
    • Texas
  • South Atlantic
    • Florida
    • Delaware
    • Maryland
    • Georgia
    • North Carolina
    • South Carolina
    • Virginia
    • West Virginia
    • Washington D.C.
  • North East
    • Maine
    • Connecticut
    • Massachusetts
    • New Hampshire
    • Rhode Island
    • Vermont
    • New Jersey
    • New York
    • Pennsylvania
  • East South Central
    • Kentucky
    • Alabama
    • Mississippi
    • Tennessee
  • West North Central
    • Kansas
    • Iowa
    • Missouri
    • Minnesota
    • North Dakota
    • Nebraska
    • South Dakota
  • Pacific States
    • California
    • Alaska
    • Oregon
    • Hawaii
    • Washington
  • Mountain States
    • Colorado
    • Arizona
    • Nevada
    • Utah
    • Idaho
    • New Mexico
    • Montana
    • Wyoming

 

Authors: Ankit Gupta, Abhishek Chopra

Frequently Asked Questions (FAQ) :

The U.S. residential heat pump industry share surpassed USD 13 billion in 2020 and will expand at a CAGR of 5% from 2021 to 2030.

The market share from air source products will exceed USD 19 billion through 2030 due to surging consumer inclination towards the adoption of sustainable technologies.

The South Atlantic and Pacific States together accounted for more than 55% of the market revenue in 2020 and will escalate driven by the low temperature conditions and ongoing economic developments in these states.

Major participants in the U.S. residential heat pump market comprise Johnson Controls, Trane, Carrier Corporation, Daikin, Lennox International, Nortek NVAC, Rheem Manufacturing Company, Mitsubishi Electric Corporation, and others.

U.S. Residential Heat Pump Market Scope

Buy Now

Immediate Delivery Available

Premium Report Details

  • Base Year: 2020
  • Companies covered: 15
  • Tables & Figures: 1342
  • Countries covered: 51
  • Pages: 590
 Download PDF