U.S. Air Source Heat Pump Market Size - By Product (Air to Air, Air to Water), By Application (Residential, Commercial) & Forecasts Report, 2023 – 2032

U.S. Air Source Heat Pump Market Size - By Product (Air to Air, Air to Water), By Application (Residential, Commercial) & Forecasts Report, 2023 – 2032

U.S. Air Source Heat Pump Market Size

U.S. Air Source Heat Pump Market size surpassed USD 9.3 billion in 2022 and is anticipated to grow at 10% CAGR from 2023 to 2032. The global air source heat pump industry is likely to cross USD 155 billion by 2032. The paradigm shift for the adoption of energy-efficient products coupled with the rising levels of consumer spending is positively influencing the industry growth.

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The air source heat pump is a versatile technology which can be utilized to provide space heating and hot water supply, all from a single integrated unit. As a result, these systems are gaining extensive requirement across commercial & residential establishments. Less emissions, limited maintenance requirements, lower operating costs, and a longer lifespan are some of the prominent features, which will continue to accelerate the product demand.
 

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Shifting inclination toward reducing GHG emissions and transitioning to cleaner energy sources is set to complement the industry landscape. ASHPs are considered a low-carbon alternative to traditional heating and cooling systems, as they use electricity to move heat rather than burning fossil fuels. Regulatory authorities are working progressively on making strategic reforms to safeguard the independency on conventional fuels. Changing climatic conditions, introduction of several measures and ongoing adoption of beneficial initiatives to promote the utilization of energy-efficient systems will boost the U.S. air source heat pump market dynamics.

COVID- 19 Impact

The COVID- 19 outbreak has impacted the market owing to a decline in the process of manufacturing and shutdown of facilities along with a shortage of manpower and disruption in the supply chain network. The pandemic has had some short-term effects on the air source heat pump market in the U.S., the long-term outlook remains positive as the construction and renovation industry continues to recover. Rising consumer awareness toward the benefits of energy-efficiency and owing to the deployment of sustainable heating and cooling solutions, the demand for ASHPs is expected to continue to grow. Moreover, favorable government norms along with accelerating investments for the development of advance technological systems will further accelerate the industry development.

U.S. Air Source Heat Pump Industry Trends

The U.S. air source heat pump industry has witnessed steadily growth during 2023-2032, owing to the espousal of advanced technology, driven by increased awareness toward energy efficiency along with the shifting focus to reduce greenhouse gas emissions. In addition, government incentives and regulations aimed at promoting energy efficiency and reducing carbon emissions will continue to support the market development.

Moreover, several states and municipalities in the US offer incentives and rebates for the installation of energy-efficient HVAC systems, including ASHPs, and ease of affordability for consumers which will boost the product acceptance. Furthermore, advancements in technology, including the development of smart controls and other innovations that improve performance and efficiency, will also contribute to the U.S. air source heat pump market expansion.

U.S. Air Source Heat Pump Market Analysis

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Air to air heat pump market was estimated to hold over 80% of the total share in 2022 and is set to grow owing to the increasing demand for energy-efficient and sustainable heating and cooling solutions along with advancements in technology that improve performance and efficiency. Rising demand for maintaining ambient temperatures across residential establishments at variety of geographies along with introduction of enhanced technological systems, is set to increase the product deployment. Introduction of favorable policies and strategies including government incentives and regulations aimed at promoting energy efficient systems and reducing carbon emissions are some of the prominent factors augmenting the product demand.

The air to water heat pumps are witnessing a significant momentum on account of the ongoing technological innovations to develop advanced units coupled with improved installation flexibility & operational capabilities. Furthermore, several benefits and advantages offered by the technology including reduced installation cost, lower noise pollution, lesser heating time are among the key factors augmenting the air source heat pump market demand. Also, policy makers are promptly investing in sustainable technologies across residential & commercial space heating and hot water applications to limit the carbon emissions and energy bills further augmenting the industry landscape.

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The commercial application is set to witness 10% growth between 2023 and 2032 in the U.S. air source heat pump market and will observe a significant momentum due to the introduction of stringent building energy codes by the respective regulatory authorities. The rapidly growing commercial sector along with shifting inclination toward development of sustainable building structures are some of the key factors influencing the penetration of commercial complexes and other establishments. Flourishing economic structures along with government measures to accelerate investments across the service sector industry will positively foster the business growth.

The residential air source heat pump industry is set to grow owing to the rising demand for ambient temperatures across domestic establishments, households, multi-story structures along with increasing demand for energy efficient systems. Growing spending income of people along with implementation of enhanced technological units to reduce electricity bills and limit carbon emissions are key factors augmenting product taking up. Rapidly growing population have led to an increase in investments for the expansion and development of new and existing energy efficient building structures will favor the business outlook.

U.S. Air Source Heat Pump Market Share

Major players in the U.S. air source heat pump market are

• Bosch Thermotechnology Corp.
• SAMSUNG
• Daikin Comfort Technologies North America, Inc.
• Carrier
• LG Electronics
• GREE ELECTRIC APPLIANCES, INC.
• Lennox International Inc.
• Colmac Industries
• FUJITSU GENERAL
• Rheem Manufacturing Company
• JOHNSON CONTROLS - HITACHI AIR CONDITIONING COMPANY
• A. O. Smith
• Lochinvar
•  American Standard Heating
• Air Conditioning.

U.S. Air Source Heat Pump Industry News

• In April 2023, Rheem Manufacturing Company confirmed that its air source heat pump has cleared the requirements across the climate challenge introduced by the U.S. Department of Energy. The company’s Endeavor Prestige product line with the heating capacity of 7 to over 17.5 kW operating on R-410a refrigerant has surpassed the challenge. Moreover, the company stated that the new range was introduced in March this year and boasts a COP level from 1 to 2 at -8 C along with the heating performance factor of about 8.5.
   
• In September 2022, Trane introduced air to water heat pump including Thermafit Modular Heat Pump AXM. The product offers all electric cooling and heating for the facilities with limited space and featured with the capability of 30 tons of cooling and heating up to 390,000 BTU/hour (MBh), dual refrigerant circuits which delivers precise temperature control. The individually controlled unit can also be combined to create a larger heat pump, operators can right fit the heating and cooling performance to cater to wider range of applications.

This U.S. air source 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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Market, By Product

• Air to air
• Air to water

Market, By Application

• Residential
  • Single family
  • Multi family
  • By Product
    • Domestic hot water heat pump
    • Room heat pump 
• Commercial
  • Education
  • Healthcare
  • Retail
  • Logistics & transportation
  • Offices
  • Hospitality
  • Others