North 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 - 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.
 

North America Residential Heat Pump Market Trends

The North America residential heat pump industry is anticipated to observe significant momentum on account of favorable regulations promoting energy-efficient technologies along with accelerating investments for the development of residential establishments. Gowing inclination toward limiting emissions along with initiatives by respective authorities toward development of green energy building infrastructure positively influenced the business dynamics.

For instance, in April 2024, the Department of Energy has finalized the Clean Energy for Federal Buildings rule to reduce 90% direct fossil fuel consumption in next five years, with the elimination of on-site fossil fuel combustion by 2030. Moreover, extreme climatic conditions across various regions and rising demand for efficient space heating have increased the adoption of energy efficient heat pump systems.
 

North America Residential Heat Pump Market Analysis

Based on product, the market is categorised into air source, ground source and water source, where air source segment is expected to surpass USD 12.5 billion by 2032. Rising demand for efficient space heating, cooling & hot water solutions across residential establishments along with shifting consumer inclination toward ambient indoor climate and comfort has augmented the product deployment. Favorable regulatory landscape and beneficial schemes by the respective authorities toward the adoption of energy efficient heat pump units along with credit schemes for the replacement of traditional heating systems has driven the adoption of air source heat pumps in North America residential heat pump industry.
 

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.
 

U.S. residential heat pump market is anticipated to surpass USD 13 billion by 2032. Rising demand for energy-efficient heating and cooling solutions along with accelerating development of residential infrastructure. Favorable schemes and grants by authorities to adopt energy low emission systems and shifting focus to curb emissions from buildings will positively influence the business dynamics. For instance, in February 2024, The U.S. Department of Energy announced grant availability of USD 63 million to increase the manufacturing of residential heat pump systems, heat pump water heaters, and other heat pump systems. Furthermore, introduction of advance heat pump technologies, including variable-speed heat pumps and cold climatic systems coupled with growing inclination toward reduction in energy consumption will complement the industry landscape.
 

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