North America Air to Water Heat Pump Market size to exceed $1.2bn by 2027
Published Date: October 1, 2021 Authors: Ankit Gupta, Nikhil Paranjape
North America air to water heat pump market size is expected to surpass USD 1.2 Billion by 2027, as reported in the latest study by Global Market Insights Inc.
North America air to water heat pump industry has witnessed a significant turnaround in the past decade primarily due to rising heating requirement from residential sector coupled with the thermal cycle efficiency leading to better Coefficient of Performance (CoP) of heat pump systems. Many regions across U.S, Canada have been subject to frequent freezing temperatures, catering to strong market demand for a reliable and stable source of heating, thus boosting the requirement of air to water heat pump systems.
Global warming and subsequent climate change is bound to make cold waves a common phenomenon in North America region. Further government measures for reducing carbon footprint and growing consumer awareness toward the same will further provide positive drivers for the market share.
However, the global economy has witnessed a major setback due to the ongoing COVID-19 pandemic. Governments across the region have increased investment across sectors and discontinuation of lockdown protocols is leading to opening of economy. This has positively impacted the industries and commercial companies leading to revival of economy and hence providing growth drivers for product placement. Furthermore, mass vaccination drive will augment the free movement of tourists, service professional, leading to growth in consumer purchase parity. As a result, the market growth in 2021 is anticipated to remain uptrend and positive.
<h2> Higher product durability associated with residential based air to water pump system application will proliferate the North America air to water heat pump market statistics.
Increasing population and rising urbanization across North America region, will lead to a greater number of houses and hence, more product installation is anticipated over the forecast period. In 2020, approximately 120 thousand units of air to water heat pumps were deployed across North America residential sector. Furthermore, consumer awareness towards global warming and rising electricity bills will strengthen the demand for sustainable technologies including air to water heat pump systems across the region. Government grants for energy efficient systems and equipment will further catalyst the product adoption.
Heavy reliance on conventional fuel-based heating products and equipment have significantly increased the carbon footprint of nations all across the globe. Governmental regulations pertaining to the growing carbon pollution levels will stimulate a requirement for efficient energy equipment including heat pumps across all sectors. Growing focus on deploying renewable energy sources such as air to water heat pump to achieve a carbon neutral development will positively impact the market outlook in the forecast timeline.
Browse key industry insights spread across 120 pages with 27 market data tables & 31 figures & charts from the report, “North America Air to Water Heat Pump Market Statistics By Application (Residential, Commercial), Industry Analysis Report, Country Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027”in detail along with the table of contents:
Rising demand for reliable heating sources and favorable incentives and tax rebates for sustainable technology across Canada will boost the market statistics for air to water pump systems.
Ongoing reforms pertaining to energy efficiency coupled with growing concern toward energy security will appreciably drive the air to water heat pump market share across Canada. Government policies and grants for same will fuel the product demand. For instance, under Canadian government Canada Greener Home Grants Initiative, residential owners are eligible for up to USD 600 for a home evaluation and expert advice for planning of retrofits and up to USD 5,000 total for product installation and retrofitting. Furthermore, a coupon free loan program will provide residential consumers up to USD 40,000 per annum to help complete the required home retrofits. Such measures will provide positive drivers for product deployment across residential consumers.
Manufactures are investing in technical upgradation and automation in products leading to a bigger market share in air to water heat pump industry. Key players operational in the North America air to water heat pump market include Trane, Viessmann, Danfoss, Daikin, Carrier Corporation, NIBE Industrier AB, A. O. Smith Corporation and Johnson Controls, Inc amongst others.