North America Residential Heat Pump Market size to exceed $20bn by 2027

North America Residential Heat Pump Market size is expected to surpass USD 20 Billion by 2027, as reported in the latest study by Global Market Insights, Inc.
 

North America residential heat pump industry has observed a significant improvement in the last few years on account of its economical nature and ecofriendly operations. The growing concerns toward the carbon emission across the region has fueled a requirement of efficient and clean heating systems which in turn will propel the market share for residential heat pumps over the forecast period.

 

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However, outbreak of recent COVID-19 pandemic has restricted the growth of the heat pump industry for a short duration. The policy makers have imposed strict lockdown regulations and guidelines on account of which many businesses have observed financial loss in the fiscal year. However, with the launch of viable vaccine for the virus, the North America residential heat pump market will bounce back to normalcy by the first half of FY 2021 as the country begin the commercial distribution of the vaccines.
 

Longer lifespan coupled with low requirement of maintenance to proliferate market outlook for air source heat pumps.

An air source heat pump utilizes the surrounding air and supplies the outside air to the indoor section of the residential area and vice versa. It is preferred across the residential establishments owing to its key features including long life, low operational cost and low requirement of maintenance services over the period of its operations. Moreover, ability of these units to provide constant water heating solutions along with efficient space heating will proliferate the market outlook for these products in the forecast period.
 

Increasing investment toward residential building infrastructure development will stimulate the industry demand for residential heat pump from multi-family application.

Over the last few years, the North American region has witnessed a gradual growth in development of new multi-family residential buildings. These establishments offer affordable living and several other advantages over single-family houses. Growing demand for efficient space and water heating across these premises will propel the market demand for residential heat pumps. Moreover, growing concerns toward carbon emission from conventional heating technologies will fuel a gradual shift toward sustainable technologies, thus stimulating a growth in market demand for these units across the North America region.
 

Browse key industry insights spread across 215 pages with 157 market data tables & 42 figures & charts from the report, “North America Residential Heat Pump Market Statistics By Product (Air Source {Air to Air, Air to Water}, Geothermal {By Technology [Open Loop, Closed Loop, Hybrid]}, Water Source {Water to Air, Water to Water}, {By Technology [Open Loop, Closed Loop, Hybrid]), By Application (Single-Family, Multi-Family), Industry Analysis Report, Country Outlook (U.S., Canada), Competitive Market Share & Forecast, 2021 – 2027in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/north-america-residential-heat-pump-market
 

Positive outlook towards adopting sustainable technologies will propel the U.S market.

Growing GHG emissions across the country has raised a concern for the policy makers to replace the traditional heating technology with more efficient and sustainable systems which in turn is propelling the market demand for heat pumps. Increasing penetration of residential buildings and houses across the country will further boost the market statistics over the forecast period. In addition, the government has introduced corporate tax credits, rebates, and personal tax credit to promote the adoption of various alternative energy technologies including air source and geothermal systems, thereby enhancing the North America residential heat pump market outlook.
 

Key players operational in the North America residential heat pump market include Mitsubishi Electric Corporation, Aermec S.p.A., WaterFurnace International, Inc., Stiebel Eltron GmbH & Co., Daikin, Carrier Corporation, and Trane amongst others. These players are funding the R&D activities to develop new technologies along with mergers and acquisition of other manufacturers or component supplies to proliferate their market share and provide sustainable and efficient solutions and services to the end users.
 

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