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North America Residential Heat Pump Market size to exceed $24bn by 2028

  • Published Date: January 18, 2022

North America Residential Heat Pump Market size is anticipated to surpass USD 24 billion by 2028, as reported in the latest study by Global Market Insights Inc.

North America residential heat pump industry will witness significant growth owing to positive outlook toward integration of sustainable technologies along with adoption of strict government energy conservation measures. In addition, the high coefficient of Performance (COP) with efficient reliability index will positively influence the installation of modern heat pump solutions across various residential establishments.


Increasing technological advancements to improve reliability and efficiency will sway product adoption

Water-to-Air heat pump (W-to-A) is anticipated to grow on account of its ability to be replaced with existing HVAC units by using ducts for heating and cooling coupled with several regulations to curb GHG as well as carbon emissions will surge the demand for W-to-A heat pump systems. Additionally, robust technological enhancement related to product design in line with the development of specially designed W-to-A technology for cold climatic conditions will foster the North America residential heat pump market statistics. Ability for high sustainability, low maintenance, and less space requirements will foster the product adoption across the residential sector in North America.

Browse key industry insights spread across 236 pages with 157 market data tables & 40 figures & charts from the report, North America Residential Heat Pump Market Forecasts 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]}), Application (Single Family, Multi-Family), Industry Analysis Report, Country Outlook, Competitive Market Share & Forecast, 2022 – 2028in detail along with the table of contents:


Surging demand for clean energy will stimulate the product deployment

Growing investments across research & development activities to develop sustainable technologies will encourage the adoption of geothermal source heat pumps across homes and building in North America. Rising focus toward integration of renewable energy sources combined with introduction of new regulations and standards to reduce carbon emission levels will fuel the business trends.

Introduction of various incentives, schemes, and rebates by the government to adopt energy efficient solutions will accelerate the business demand in Canada

Canada residential heat pump market will experience growth on account of extreme weather conditions along with harsh climatic conditions across the winters and a cool summer with long days, propelling the demand for space heating or water heating technologies. Increasing emphasis on the minimization of carbon footprint in line with introduction of various schemes & rebates to adopt cleaner technology will propel product penetration.

Ongoing advancements in various heat pump technologies followed by dynamic consumer requirements will provide a positive outlook for North America residential heat pump market expansion

Pandemic outbreak resulted in the supply chain disruptions, shortage of labor and raw materials owing to lockdown impositions & the shutting down of several manufacturing and industrial units. However, growing demand for sustainable and efficient heating solutions along with governments measures to resume operations will complement the industry demand. Moreover, ongoing vaccination drives, and robust infrastructural development activities will sway the business outlook.

Strategic collaborations and innovations in-line with ongoing mergers by eminent players will boost the industry landscape

Strategic implications including mergers, agreements, joint ventures, and partnerships amongst the leading companies will augment the business outlook. For instance, in April 2021, American Standard Heating & Air Conditioning and Trane, an indoor comfort services & solutions provider, partnered with various Field Service Management (FSM) partners, to provide operational efficiency to their product dealers. This partnership will closely link & integrate manufacturers and dealers to drive the efficiency of overall operations, gaining a bigger customer base for both the companies, across the globe.

The prominent players functioning across North America residential heat pump market include Trane, Danfoss, Bosch Thermotechnology GmbH, Glen Dimplex Group, Carrier Corporation, Daikin, Stiebel Eltron GmbH, Johnson Controls, MODINE Manufacturing Company, NIBE Industrier AB., Bard HVAC, Bryant Heating & Cooling Systems, ClimateMaster, Earthlinked Technologies, Spectrum Manufacturing, WaterFurnace International, Mitsubishi Electric Corporation, OCHSNER Warmepumpen, Nortek Global HVAC, Aermec S.p.A., Swegon Group AB, Maritime Geothermal, Green Planet Supply Technologies, Dandelion, Goodman Manufacturing Company, GeoSmart Energy, Rheem Manufacturing Company and Lennox International.

Authors: Ankit Gupta, Abhishek Chopra