North America Air Source Heat Pump Compressors Market Size - By Type (Reciprocating, Scroll, Rotary, Screw, Centrifugal) & Forecast, 2024 - 2032

North America Air Source Heat Pump Compressors Market Size - By Type (Reciprocating, Scroll, Rotary, Screw, Centrifugal) & Forecast, 2024 - 2032

North America Air Source Heat Pump Compressors Market Size

North America Air Source Heat Pump Compressors Market size was evaluated at USD 2.8 billion in 2023 and is set to observe a CAGR of 10% between 2024 and 2032. The paradigm shifts toward consumer preferences toward adoption of energy efficient heat pump systems along with rising demand for reliable and low emission solutions is set to complement the business landscape.

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Widespread deployment of beneficial heat pump rebates and incentive programs by respective authorities has accelerated the integration of heat pump units, further shaping the business dynamics. For instance, in February 2024, nine states of U.S. have signed a memorandum of understanding to boost heat pump sales and set target to represent 65% of residential heat pump sales by 2030.
 

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North America Air Source Heat Pump Compressors Market Trends

The North America air source heat pump compressor industry is set to grow owing to rising focus toward limiting emissions and significant focus towards improving energy efficiency. Increasing emphasis toward electrification and decarbonization, and accelerated investments by manufacturers to introduce enhanced heat pump compressors units will augment the business landscape.

For instance, in March 2024, LG Electronics Canada unveiled the R32 monobloc air-to-water heat pump unit. The system features noise reduction technology with an encapsulated compressor and vibration decoupling, operating as quietly as 49dB at 1 meter. Designed for year-round comfort, it supports cooling at 5-27°C and heating at 15-65°C. Additionally, extreme climatic conditions and shifting inclination to meet energy efficiency regulation will influence the business dynamics.

North America Air Source Heat Pump Compressors Market Analysis

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Scroll segment is anticipated to surpass USD 3.5 billion by 2032. Increasing emphasis on energy efficiency which has led consumers and businesses to adopt HVAC systems reducing energy consumption and lower utility costs has augmented the product demand. Continuous technological advancements including the development of variable speed compressor units, which enhance the performance and efficiency of these systems, positively influencing the scroll air source heat pump compressors industry outlook.

Reciprocating heat pump compressors for air source heat pump is set to grow owing to rising demand for efficient and reliable heating & cooling solutions coupled with the accelerating deployment of advance technological heat pump units. The ability of the product to offer heating & cooling from a single system, simple installation, versatile operations and cost-effectiveness and across heat pump applications is set to propel the product demand. Shifting inclination toward replacement of traditional heating systems to curb carbon emissions and continuous technological advancements by the key manufacturers to introduce efficient heating and cooling systems will complement the business landscape.

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U.S. air source heat pump compressors market is expected to cross USD 6.3 billion by 2032. Rising urbanization rates, and increased need for efficient space heating and cooling solutions have influenced the business outlook. Favorable government measures to encourage the adoption of energy-efficient technologies, and rising disposable incomes of consumers positively impacted the industry dynamics.

For instance, in January 2023, the federal government has introduced ASHP tax credit scheme effective for units purchased & installed from January 1, 2023, to December 2032. Homeowners can claim up to USD 2,000 of tax credit for installing a heat pump. Furthermore, increasing penetration of commercial and residential infrastructure has led to large scale deployment of heat pumps, augmenting the industry outlook.

North America Air Source Heat Pump Compressors Market Share

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Key players in the North America air source heat pump compressors industry are focusing on introducing new product launches, forming strategic partnerships, agreements, alliances, pursuing mergers & acquisitions, to gain their market competitiveness. Major companies including Daikin, Danfoss, Emerson Electric Co., LG Electronics, Carrier, and Panasonic Corporation, among others holds majority of the market share.

North America Air Source Heat Pump Compressors Market Companies

Major manufacturers operating across the industry consists of

• BITZER Group
• CAREL INDUSTRIES S.p.A.
• Carrier
• Daikin
• Danfoss
• Emerson Electric Co
• FRASCOLD SPA
• GREE ELECTRIC APPLIANCES, INC
• JOHNSON CONTROLS - HITACHI AIR CONDITIONING COMPANY
• LG Electronics
• Midea Group
• Mitsubishi Electric Corporation
• Panasonic
• Tecumseh Products Company LLC
• Trane

North America Air Source Heat Pump Compressors Industry News

• In November 2023, Mitsubishi Electric US announced to receive a USD 50 million in funding from the US Department of Energy to develop a heat pump compressor manufacturing in Kentucky. This funding is part of a USD 169 million package which was declared by the U.S. Department of Energy for heat pump manufacturing initiatives at nine companies at 15 sites across the country.
• In September 2023, Johnson Controls unveiled its new-generation YORK YMAE inverter scroll modular air-to-water heat pump, for North American market. The unit employs R-454B, a refrigerant that reduces climate effect by roughly 80% compared to R-410A. This product is built on the YORK AmichiTM platform, features new hardware, including updated heat exchangers, advanced EVI scroll compressors, and an optimized frame. The YORK YMAE is a sustainable, future-ready solution for companies and schools looking to reduce their environmental footprint along with electrify their heating & cooling.

The North America air source heat pump compressors 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 Type

• Reciprocating
• Scroll
• Rotary
• Screw
• Centrifugal

The above information has been provided for the following countries

• U.S.
• Canada