Ducted Heat Pump Market Size - By Application (Residential {Single Family, Multi Family}, Commercial) & Forecast, 2024 – 2032
Report ID: GMI5781
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Published Date: May 2023
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Report Format: PDF
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Premium Report Details
Base Year: 2023
Companies covered: 15
Tables & Figures: 10
Countries covered: 18
Pages: 90
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Ducted Heat Pump Market Size
Ducted Heat Pump Market size was estimated at USD 9.7 billion in 2023 and is expected to grow at a CAGR of 8.6% between 2024 and 2032. The shift towards energy-efficient and environmentally friendly heating and cooling solutions is a major market driving factor. Ducted heat pumps, particularly air-source and geothermal types are gaining popularity due to their ability to reduce energy consumption and carbon footprints. These systems are seen as crucial in the transition to sustainable building practices and achieving net-zero emissions targets.
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The ducted heat pump industry operates within a consolidated framework of favourable regulatory policies and is bolstered by a variety of fiscal incentives and schemes. Regional administrative bodies are increasingly committed to reducing carbon emissions and reducing reliance on energy imports by expanding their renewable energy portfolios. This commitment has significantly boosted the installation of ducted heat pumps.
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Ducted Heat Pump Market Trends
Exponential & continuous technological advancements in heating & cooling equipment’s along with favorable government incentives is spurring the industry growth. Innovations like dual-source technology which combines air and geothermal sources are also driving market growth by offering more versatile and efficient heating solutions?. In addition, various government programs, including incentives, rebates, and tax credits, are promoting the adoption of ducted heat pumps.
For instance, the European Union, through its Climate Action initiatives, has set ambitious targets to reduce CO2 emissions by 55% by 2030, which incentivizes the adoption of renewable energy technologies like heat pumps. These initiatives are particularly strong in regions like Europe and North America, where there is a strong emphasis on reducing carbon emissions and promoting renewable energy sources?.
Ducted Heat Pump Market Analysis
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Based on application, the market is segmented into residential & commercial. The residential application industry is anticipated to surpass over USD 11 billion by 2032. The rapid growth in residential construction, combined with the shift towards urban living has made housing infrastructure one of the prominent segments in the market.
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Based on residential application, the ducted heat pump market is segmented into single family & multi family. The single family segment is set to grow at a CAGR of over 8.5% through 2032. The positive outlook towards the deployment of energy-efficient systems along with growing consumer spending capabilities are some of the prominent factors positively impacting the heat pump industry growth across residential spaces.
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The North America ducted heat pump market is forecasted to exceed USD 10.5 billion by 2032, with a positive outlook toward the incorporation of sustainable technologies. These technologies are gaining prominence as the secondary heating equipment across colder regions and as a primary cooling and heating systems in milder climates throughout the region. This trend is expected to experience sustained expansion, bolstered by supportive government policies, a stable economy, a rebounding housing market, and financial incentives.
The increasing emphasis on reducing harmful greenhouse gas emissions at both state and federal levels will contribute significantly to the adoption of these products throughout Canada. Moreover, ongoing technological advancements across the ducted heat pump industry to provide precise temperature control and improved indoor air quality in line with government incentives will further augment the industry outlook.
Ducted Heat Pump Market Share
Carrier, DAIKIN INDUSTRIES Ltd., Johnson Controls, SAMSUNG, Trane holds a significant market share as these companies are heavily investing in R&D to develop more efficient and sustainable heat pump technologies. Innovations such as dual-source and hybrid heat pumps are becoming more prevalent. These companies are pivotal in shaping the market through their innovative products, strategic expansions, and alignment with global sustainability goals.
Ducted Heat Pump Market Companies
Some of the key market players operating across the ducted heat pump industry are:
Ducted Heat Pump Industry News
The ducted heat pump market research report includes an in-depth coverage of the industry with estimates & forecast in terms of volume in ‘’000 Units’ revenue in ‘USD Million’ from 2021 to 2032, for the following segments:
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Market, By Application
The above information has been provided for the following regions and countries: