U.S. Heat Pump Market Size - By Product (Air Source, Ground Source, Water Source), By Application (Residential, Commercial, Industrial) COVID-19 Impact Analysis & Forecasts, 2024 – 2032

Published Date: July - 2024 | Publisher: MIR | No of Pages: 240 | Industry: Industrial-Machinery | Format: Report available in PDF / Excel Format

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U.S. Heat Pump Market Size - By Product (Air Source, Ground Source, Water Source), By Application (Residential, Commercial, Industrial) COVID-19 Impact Analysis & Forecasts, 2024 – 2032

U.S. Heat Pump Market Size

U.S. Heat Pump Market size was valued at USD 13.6 Billion in 2023 and is set to grow at over 8.9% CAGR from 2024 to 2032. Rising greenhouse gases emissions along with increasing customer inclination toward adoption of technologically advanced alternatives with low carbon footprint will positively propel the industry landscape. Moreover, the introduction of energy efficient systems to cater to the rising heating and cooling demand along with favorable regulatory framework will complement the industry outlook.

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Get ready for a hot market! The global heat pump industry is set to explode, reaching a whopping $165 billion by 2032. These fancy gadgets are like magic wands that move heat from one place to another using a special liquid or gas that flows through them. They have a secret weapon called a compressor that sucks in heat from the outside and pumps it indoors. Heat pumps are more than just cool gadgets; they're the future of eco-friendly heating and cooling. They let you stay comfy in your home, office, or factory while keeping your carbon footprint low. The government and businesses are even pumping money into research and development to make them even better. This means the U.S. heat pump market is going to keep growing like a rocket, making everyone happy from homeowners to the planet.

United States Heat Pump Market Report Attributes
Report Attribute Details
Base Year 2023
United States Heat Pump Market Size in 2023 USD 13.6 Billion
Forecast Period 2024 to 2032
Forecast Period 2024 to 2032 CAGR 8.9%
2032 Value Projection USD 29.6 Billion
Historical Data for 2019 to 2023
No. of Pages 105
Tables, Charts & Figures 97
Segments covered Product and Application
Growth Drivers
  • Increasing demand for energy efficient systems
  • Favorable measures to limit carbon footprint
Pitfalls & Challenges
  • Availability of economic alternatives

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Regulators are actively working on many strategic changes to safeguard fossil fuel independence. Various initiatives and measures have been implemented to encourage the use of energy-efficient systems. For instance, In November 2022, in November 2022, the U.S. Department of Energy (DoE) announced funding of around USD 9 billion to support the households in lowering their energy bills with the deployment of energy efficient heat pump systems across the nation. Similar reforms and measures are set to encourage the deployment of heat pump market.

COVID - 19 Impact

The COVID - 19 outbreak has slightly impacted the market size owing to a decline in the process of manufacturing and shutdown of facilities along with a delay in several announced projects and limited product deployment. However, introduction of vaccinations drives, with the reducing number of infected cases and continuation of industry operations has recovered the business potential. Moreover, favorable government norms along with accelerating investments for the development of advance technological systems will further accelerate the industry growth.

U.S. Heat Pump Market Trends

Hey there! In the past decade, our cities have been growing like crazy and more people are moving in. This has made us use way more energy, especially in places like our homes and businesses. When societies get more advanced and people live better, they tend to use more energy. According to the government's energy people, in 2021, homes and businesses used about 18% of all the energy in the country. So, our leaders are really focused on making our buildings more energy-efficient. One way to do this is by using things like heat pumps in new homes and businesses. These pumps help keep our homes comfortable without using as much energy. The heat pump industry is booming worldwide, and it's expected to be worth over $43 billion by 2032. So, by choosing energy-efficient systems like heat pumps, we can not only save energy but also support a growing industry.

U.S. Heat Pump Market Analysis

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Geothermal heat pumps are becoming increasingly popular in the U.S. They're a great option for heating and cooling your home efficiently. Why are geothermal heat pumps becoming more popular? They're more energy-efficient than traditional heating and cooling systems. They can help you save money on your energy bills. They're better for the environment.There are many different types of geothermal heat pumps on the market.You can choose the one that's right for your home and your budget.If you're interested in learning more about geothermal heat pumps, talk to a qualified contractor.They can help you determine if a geothermal heat pump is right for you and help you choose the right one for your home.Here's an example of a geothermal heat pump that's been successful in the U.S. In April 2023, Rheem Manufacturing Company's air source heat pump passed the climate challenge across the U.S. The Endeavor Prestige series, which was launched in March 2023, delivered a 5% higher coefficient of performance (1.5 and 2.0 at -8 C) during heating under -15° C ambient temperatures than the challenged specification.This shows that geothermal heat pumps are becoming more efficient and reliable. They're a great option for homeowners who are looking for a more sustainable and affordable way to heat and cool their homes.

Get ready, because Water source heat pumps are about to make a splash! They can tap into the free energy of clean water sources like rivers and ponds, making them a smart and cost-saving choice for heating and cooling your home. Big companies are racing to build these heat pumps better and cheaper, adding cool features like smart controls. For example, Mitsubishi Electric just came out with the Emodin Hydrodan series, which is perfect for apartment buildings. It's like a super-efficient heating and hot water system all in one, ready to plug in and go.

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Ongoing enforcement of regulations by the respective authorities in the U.S. for development of green building infrastructure along with shifting focus to limit the utilization of fossil fuels is set to augment the U.S. residential heat pump market size. For instance, the California Energy Commission, passed a new building energy code in August 2022 that promotes the use of heat pumps for space heating in newly constructed buildings. The code is primarily intended to provide an alternative for complying with the stringent building energy efficiency standards which will further complement the business dynamics.

Moreover, the ongoing advancement of low emission alternatives to attain a decarbonized economy strengthened by incentives and legislative energy policies constitutes are the key factors positively influencing market size. The global market for residential heat pump is expected to cross USD billion by 2032.

U.S. heat pump market from commercial application is projected to observe a growth rate of over 8% till 2032, on account of the ongoing implementation of rigorous green building requirements along with government initiatives to increase foreign investment across the service sector. In addition, introduction of innovative units coupled with the establishment of advanced infrastructures across various verticals including educational institutes, offices, hospitals, and hotels, among others, will attribute to the industry growth.

Continuous investments in industrial infrastructure development, combined with the implementation of severe emission and energy optimization standards, have increased demand for industrial heat pumps. For instance, in April 2023, U.S. based company Vicinity Energy collaborated with MAN Energy Solutions to build industry scale heat pump facility in U.S. with an aim to lower emissions and contribute towards clean energy. Therefore, rising concerns about GHG emissions from heating and industrial facilities will increase the demand for clean technology, propelling product deployment potential.

U.S. Heat Pump Market Share

Leading companies across the U.S. heat pump market include including

  • Bosch Thermotechnology Corp.
  • Vaillant Group
  • FUJITSU GENERAL
  • Panasonic Corporation of North America
  • DAIKIN INDUSTRIES Ltd.
  • Carrier
  • SAMSUNG
  • Trane
  • Danfoss
  • Bard HVAC
  • Rheem Manufacturing Company
  • LG Electronics U.S.A., Inc.
  • Johnson Controls
  • Lennox International Inc.
  • American Standard Heating and Air Conditioning

Major players in the heat pump business are focused on forming strategic alliances and partnerships to strengthen their market presence and increase their competitive edge over the others. Moreover, the expansion of manufacturing facilities coupled with the introduction of new & advanced product portfolios will further support in augmenting the product penetration across the country.

U.S. Heat Pump Industry News

  • In April 2023, Viessmann Group announced to sell its heat pump business to the Carrier Corporation. The company’s climate solutions business segment has been sold for USD 13.2 Billion (12 billion Euro) under the part of this deal in which Carrier will pay 80% cash to Viessmann and rest as shares. This transaction is set to strengthen the company’s market position as Carrier will become a premium brand across the energy and heat pump industry.
     
  • In February 2023, Mitsubishi Electric-Trane HVAC LLC U.S. introduced MUZ-FS H2i plus cold-climate heat pump for residential applications. The unit provides 100% heating capacity at -5° F along with energy-efficient cooling in summer and featured with dual barrier coating, which prevents oils, dust, and tiny particles from building up, further resulting in low maintenance, enhanced efficiency and clean airflow. This launch strengthened the company’s product portfolio across the market.

This U.S. heat pump market research report includes in-depth coverage of the industry with estimates & forecast in terms of ‘000 Units’ & ‘USD’ from 2019 to 2032, for the following segments

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Market, By Product

 

  • Air source
  • Ground source
  • Water source

Market, By Application

  • Residential
  • Single family
  • Multi family  
  • Commercial
  • Educational institutes
  • Healthcare
  • Retail
  • Logistics & transportation
  • Offices
  • Hospitality
  • Others
  • Industrial

 

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