North America Residential Heat Pump Market - By Product (Air Source, Ground Source, Water Source), By Application (Single Family, Multi Family), & Forecast, 2024 - 2032
Published Date: July - 2024 | Publisher: MIR | No of Pages: 240 | Industry: Industrial-Machinery | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationNorth America Residential Heat Pump Market - By Product (Air Source, Ground Source, Water Source), By Application (Single Family, Multi Family), & Forecast, 2024 - 2032
North America Residential Heat Pump Market Size
North America Residential Heat Pump Market size in 2023 was valued at USD 6 billion and is anticipated to grow at a CAGR of 9.6% up to 2032. Rising demand for reliable and energy-efficient heating & cooling solutions along with favorable government incentive schemes aimed at reducing carbon footprint.
For instance, in January 2024, The U.S. Department of Energy announced a significant increase in funding for the development of advanced heat pump technologies which aligns with the broader goal of achieving net-zero emissions. This funding aims to increase the deployment of heat pumps and support companies in manufacturing more efficient models. Moreover, increasing awareness regarding environment, government initiatives and cost-saving benefits of heat pump systems will augment the industry growth.
| Report Attribute | Details |
|---|---|
| Base Year | 2023 |
| North America Residential Heat Pump Market Size in 2023 | USD 6 Billion |
| Forecast Period | 2024 to 2032 |
| Forecast Period 2024 to 2032 CAGR | 9.6% |
| 2032 Value Projection | USD 13.8 Billion |
| Historical Data for | 2021 - 2023 |
| No. of Pages | 95 |
| Tables, Charts & Figures | 85 |
| Segments covered | Product, Application, & Country |
| Growth Drivers |
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| Pitfalls & Challenges |
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North America Residential Heat Pump Market Trends
Homeowners in North America are increasingly turning to heat pumps to warm their homes thanks to new green building rules and incentives. These new regulations aim to cut down on energy use and greenhouse gas emissions. Recent events like the new Clean Energy for Federal Buildings rule (April 2024), which aims to cut back on fossil fuel use, have also given the heat pump industry a boost. On top of that, our changing climate and the rising need for efficient heating systems are making heat pumps even more appealing to homeowners.
North America Residential Heat Pump Market Analysis
The market for heat pumps can be divided into three main types based on their source of energyair source, ground source, and water source. Of these, air source heat pumps are projected to become the most dominant segment, with a predicted value of over $12.5 billion by 2032. This growth is being driven by a growing demand for energy-efficient heating, cooling, and hot water systems in homes. People are also becoming more interested in creating comfortable and healthy indoor environments. Government regulations and incentives that promote the use of energy-efficient heat pumps have also helped boost their popularity in North America, especially in the residential sector. These measures encourage the replacement of traditional heating systems with more environmentally friendly options.
Based on application, the North America residential heat pump market is divided into single family and multi-family, where the single-family segment is anticipated to observe a CAGR of 9.5% by 2032. Ongoing retrofitting across residential establishments to deploy energy efficient systems along with rising consumer disposable incomes and shifting focus toward round the year comfort have positively influenced the product deployment. Financial incentive grants, tax credit schemes supporting the installation of renewable energy systems across single family households will foster the business landscape.
Get ready for a home heating and cooling revolution! The U.S. residential heat pump market is set to explode over the next decade, reaching a whopping $13 billion by 2032. Why the sudden surge? People are starting to realize how amazing heat pumps are at saving energy and keeping their homes comfortable. They're also a great way to reduce your carbon footprint and help the environment. So, with heat pumps becoming more and more popular, builders are rushing to build new homes that can handle them. But hold on, it gets even better! The government is also jumping on the heat pump bandwagon. They're offering grants and incentives to encourage people to switch to these energy-efficient systems. In 2024 alone, the U.S. Department of Energy handed out $63 million to companies making heat pumps. And let's not forget the latest and greatest heat pump technology. variable-speed heat pumps and cold climate systems are making it possible to enjoy the comfort of a heat pump even in the coldest parts of the country. Plus, people are becoming more aware of how much energy they can save with heat pumps, which is pushing the market even higher.
North America Residential Heat Pump Market Share
Key manufacturers operating across the North America residential heat pump industry are focusing on introduction new technologies, forming partnerships, mergers and acquisitions and strategic agreements to gain their market presence over the others. Daikin, Bosch, Thermotechnology Corporation, LG Electronics USA, Inc., Carrier, Rheem Manufacturing Company, and Panasonic Corporation, among others, hold the majority of market share.
North America Residential Heat Pump Market Companies
The key industry players that are actively operating across the industry are as follows
- Aermec
- American Standard Heating
- Bard HVAC
- Bosch Thermotechnology Corporation
- Carrier
- Climate Master Incorporation
- Daikin
- Lennox International Inc.
- LG Electronics USA Inc.
- Nordic Heat Pumps
- Panasonic Corporation of North America
- Rheem Manufacturing Company
- Samsung HVAC
- Trane
- WaterFurnace
North America Residential Heat Pump Industry News
- In January 2024, LG showcased its advanced heat-pump units for residential and light commercial applications at the AHR Expo 2024. The company’s R32 monobloc air-to-water heat pump system, integrates indoor and hydronic components, produces hot water for various applications including radiant floor heating, baseboard heating and radiator, featuring noise reduction technology.
- In April 2023, Rheem Manufacturing Company was awarded for its excellent performance in the residential cold climate heat pump technology challenge by the U.S. Department of Energy (DOE). This challenge evaluates the performance of residential, centrally ducted electric heat pumps in the extreme cold climates of the northern U.S. and Canada.
North America residential heat pump market research report includes in-depth coverage of the industry with estimates & forecast in terms of “‘000 Units” and “USD Million” from 2021 to 2032, for the following segments
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Market, By Product, 2021 – 2032 (‘000 Units, USD Million)
- Air source
- Ground source
- Water source
Market, By Application, 2021 – 2032 (‘000 Units, USD Million)
- Single family
- Multi family
The above information has been provided for the following countries
- U.S.
- Canada
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