North America Residential Cold Climate Heat Pump Market - By Type (Ducted, Ductless), 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 Cold Climate Heat Pump Market Size
North America Residential Cold Climate Heat Pump Market size was valued at over USD 2.7 billion in 2023 and is set to grow at a rate of over 10.1% between 2024 and 2032. Increasing demand for energy efficient heating technologies primarily across the colder climates coupled with growing emphasis on reducing greenhouse gas (GHG) emissions will propel the industry outlook. Moreover, introduction of favorable regulatory framework by respective regional authorities along with the introduction of new research & development initiatives by the key market players will unveil new opportunities for industry expansion.
To get key market trends
Imagine a heating and cooling system that can work its magic even when it's freezing outside. That's what a cold climate heat pump is! It uses special parts and a clever refrigerant to suck heat from the freezing air, even when it's below zero. It's like a magnet for warmth, pulling it in when it's scarce. When it's time to cool down, it does the opposite—it sends heat out into the cold air, like a tiny air-conditioned oasis in the frosty wilderness. As we all get more serious about finding ways to heat our homes that don't pollute the planet or suck up too much energy, these cold climate heat pumps are becoming more and more popular, especially in places where winters are long and icy. They're a smart choice for people who want to stay cozy without hurting the environment or breaking the bank.
| Report Attribute | Details |
|---|---|
| Base Year | 2023 |
| North America Residential Cold Climate Heat Pump Market Size in 2023 | USD 2.7 Billion |
| Forecast Period | 2024 to 2032 |
| Forecast Period 2024 to 2032 CAGR | 10.1% |
| 2032 Value Projection | USD 6.6 Billion |
| Historical Data for | 2019 to 2023 |
| No. of Pages | 100 |
| Tables, Charts & Figures | 78 |
| Segments covered | Type, Application, and Country |
| Growth Drivers |
|
| Pitfalls & Challenges |
|
What are the growth opportunities in this market?
COVID-19 Impact
The COVID-19 pandemic has thrown a wrench in the works for companies that make and ship heating and cooling systems. This has put a damper on the growth of the market for heat pumps in cold climates. Lockdowns and travel restrictions have made it harder for these companies to get things done. And because there are fewer flights and trucks on the road, it's taking longer to get parts and finished products to where they need to go. All of this has made it tougher for companies to make as many heat pumps as they used to. But here's the thingpeople still need to keep their homes warm and the air clean. And heat pumps can do both of those things very well. So, even though there are some challenges right now, the demand for cold climate heat pumps is still expected to grow in the coming years.
North America Residential Cold Climate Heat Pump Market Trends
The growing demand for energy in homes and businesses, combined with the increasing popularity of energy-saving solutions, is expected to boost the cold climate heat pump industry in North America. In the United States, for example, homes used over 21.8 quadrillion British thermal units (Btu) of energy in 2022, which is more than 21% of the country's total energy consumption. Additionally, many states and territories have been actively adopting advanced heating technologies in cold regions, which will further drive up the demand for heat pumps.
North America Residential Cold Climate Heat Pump Market Analysis
Learn more about the key segments shaping this market
North America ducted heat pump for cold climatic conditions is set to observe a significant expansion on account of lower operating costs, reduced maintenance needs, decreased emissions, and extended lifespan, among other features. In addition, the rapid growth of residential construction coupled with the ongoing trend of urbanization, residential establishments and beneficial regulatory programs have observed significant transformation over the years.
For instance, the U.S. government introduced Energy Efficient Home Improvement Tax Credit scheme applicable from January 1, 2023, which provide tax credit and rebates for households. Under the scheme, households can claim credit in 2024 on 2023 taxes including a 10-year expansion and extension of existing 10% tax credit to 30%. However, tax credit may increase up to maximum of USD 2,000 when adding a qualified heat pump installation. Moreover, favorable government regulations and introduction of beneficial schemes for the installation of energy efficient heat pump units across domestic establishments will accelerate the product deployment across the region.
Learn more about the key segments shaping this market
In North America, homes in cold climates are increasingly switching to heat pumps. These devices are used for both heating and cooling, and offer several advantagesEasy installation Energy efficiency Space heating in even the coldest conditions Single-family homes are driving the demand for these heat pumps, which is expected to grow over 10% by 2032. This growth is fueled by the need for reliable heating and cooling systems, as well as the desire to use energy-efficient appliances. Governments are also encouraging the adoption of heat pumps by offering incentives such as subsidies, tax credits, and other financial support. These incentives are helping to make heat pumps more affordable and accessible, which is further driving market growth.
The growing expenditure and investments on new and renovation infrastructure projects across residential establishments along with beneficial financial support from the administrative authorities will further propel the multi-family residential cold climate heat pump market growth. Moreover, ongoing adoption of sustainable energy systems to limit the energy consumption across residential applications will further boost the product deployment. Positive outlook by the manufacturers to support clean energy transition with eco-friendly HVAC systems transition will unveil lucrative growth opportunities across multi family establishments.
Looking for region specific data?
U.S. cold climate residential heat pump market was estimated at over USD 2.3 billion in 2022 and is set to witness a sheer turnaround owing to the rapidly increasing population along with increasing penetration of residential building structures. Rapid urbanization, diverse climatic conditions, rising disposable incomes, and a growing preference for clean energy technologies are some of the key parameters shaping to the nation’s industry landscape.
For instance, in June 2022, U.S. Department of Energy introduce cold climate heat pump challenge program. It targets residential, centrally ducted, electric-only heat pumps and comprises two segments including the 5°F challenge" for optimizing CCHP systems at 5°F (-15°C), and the -15°F challenge for optimizing CCHP systems at -15°F (-26°C). The Challenge's performance specifications were derived from data analysis and discussions with manufacturers. Moreover, stringent building energy efficiency norms, availability of financial benefit policies, encouraging emission reduction targets, and substantial presence of various scale heat pump manufacturing players will complement the industry outlook.
North America Residential Clod Climate Heat Pump Market Share
Various small- and large-scale manufacturers operating across the North America residential cold climate heat pump market are focusing on introducing advance technologies to cater to the consumer’s demand. The continuous introduction of new strategic initiatives including expansion of manufacturing facilities, partnerships, and collaborations, along with & acquisitions by the players will play a vital role in shaping the industry dynamics over the forecast period. Major players operating across the industry consist of
- Carrier
- Daikin SAMSUNG HVAC
- LG Electronics U.S.A., Inc.
- Panasonic Corporation of North America
- Bosch Thermotechnology Corp.
- Fujitsu General
- Blue Star Limited
- Nordic Heat Pumps
- GREE Comfort
- Rheem Manufacturing Company
- Trane
- Bard HVAC
- MRCOOL
- Klimaire Products Inc.
North America Residential Cold Climate Heat Pump Industry News
- In June 2023, Daikin inaugurated its new sustainability and innovation centre (DSIC) in the U.S., which serves as a showcase for its cutting-edge HVAC&R technologies. The centre features innovative inverter heat pumps, refrigerants with lower global warming potential, and indoor environment quality (IEQ) solutions. These advancements play a vital role in addressing climate change challenges, supporting decarbonization goals, and enhancing indoor comfort for consumers across the nation.
- In April 2023, LG Electronics announced to commence its heat pump manufacturing facility in U.S. for residential heat pump units. The premises will produce 100% electrical indoor units, with plans to manufacture outdoor heat pump units in future at some point. In addition, the U.S. government is also driving the demand by offering rebates and tax incentives such as the introduction of IRA (Inflation Reduction Act). This expansion will strengthen the company’s market presence across the industry and further increase its customer base.
The North America residential cold climate heat pump market research report includes in-depth coverage of the industry with estimates & forecast in terms of “’000 Units” & “USD Million” from 2019 to 2032 for the following segments
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By Type
- Ducted
- Ductless
By Application
- Single Family
- Multi Family
The above information has been provided for the following countries
- U.S.
- Canada
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