U.S. Residential Heat Pump Markets annual installation to exceed 2.8mn units by 2026
Published Date: May 8, 2020 Authors: Ankit Gupta, Abhishek Chopra
U.S. Residential Heat Pump Market size is expected to surpass annual installation of 2.8 Million Units by 2026, as reported in the latest study by Global Market Insights, Inc.
Stringent building efficiency codes & standards coupled with large scale adoption of energy efficient HVAC equipment will drive the U.S. residential heat pump industry. Ongoing government programs to install advanced heating & cooling appliances to minimize power consumption and reduce CO? emissions will positively augment the business landscape. The U.S. DOE directed manufacturers & engineers to adopt advanced technologies for improving on coefficient of performance and standby loss, thereby enhancing the product diversity.
Stringent industry standards & shifting focus toward sustainability driving the heat pump demand
Rising mandates toward the development of renewable technologies to reduce GHG emissions and maintain clean energy supply will complement the industry landscape. In 2017, the NYSERDA introduced the Air Source Heat Pump Program to support the New York state to reduce reliance on fossil fuels, deploy renewable energy, integrate energy efficiency and save money. Furthermore, strong economic growth along with increasing focus to maintain energy security and reduce carbon footprints will stimulate the product penetration.
Shifting focus toward sustainable heating technologies propelling the air source segment of U.S. residential heat pump market
Air source based residential heat pump market exceeded an annual deployment of 2 million units in 2019. Lower running cost, lesser maintenance requirement, fewer emissions, and a longer lifespan are some of the prominent features augmenting the demand for ASHP. In addition, technological expansion leading to the development of specially-designed pumps for cold climatic conditions is likely to provide a promising result, which will raise the industry demand. These systems are suitable for providing heating & cooling solutions across single family and multifamily buildings.
Burgeoning demand on account of significant support & investments from local government & authorities
Accelerating demand for space heating & cooling along with ongoing support from municipal utilities, small cooperatives & the government will drive the industry outlook. Increasing investment toward single and multi-housing building infrastructure coupled with introduction of rebates & tax incentives for the residential sector is set to drive the market growth. For instance, under the Bipartisan Budget Act, in 2018, tax credits for residential renewable energy system were renewed and extended through December 2021.
Browse key industry insights spread across 85 pages with 16 market data tables & 10 figures & charts from the report, “U.S. Residential Heat Pump Market Size By Product (Air Source, Ground Source, Water Source), By Compressor (Variable speed, Two-stage, Single stage), By Application (Single Family, Multi Family), Industry Analysis Report, Application Potential, Competitive Market Share & Forecast, 2020 – 2026”in detail along with the table of contents:
Technological advancements and innovations will stimulate the heat pump adoption across single family houses
Integration of advance interactive features with the existing HVAC equipment including Wi-Fi integration and remote control & management will augment adoption across single family applications. In addition, increasing research & development activities by leading industry players will fuel the business growth. Ongoing innovations & advancements comprising the introduction of alternative refrigerants in the compressors will further encourage the production penetration.
Increasing demand for customized HVAC systems along with ongoing development of sustainable technologies will boost product adoption
Positive outlook toward the adoption of sustainable technologies along with increasing focus to reduce GHG emission will stimulate the U.S. residential heat pump market outlook. Longer lifespan, low carbon footprint along with minimal installation time are some of the key features favoring the product demand. Significant investments to manufacture custom-designed systems for stable & reliable operation across areas with extreme climatic conditions will positively influence the industry growth.
Key players operating across the U.S. residential heat pump market includes Bosch Thermotechnology, York, Daikin Corporation, Trane, Goodman, Johnsons Control, Rheem Manufacturing, Lennox, Bryant Heating & Cooling and Mitsubishi Electric Corporation. Growing competition with new product development and introduction of advanced technologies will drive the industry growth. Moreover, the leading industry participants have extensively adhered toward joint ventures to gain a competitive edge across the industry.