U.S. Residential Heat Pump Market Size

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.

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.