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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.
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.
Why is the demand for ducted heat pumps growing in residential applications?
Ducted heat pump industry from the residential segment will exceed USD 11 billion by 2032, fueled by increasing adoption of energy-efficient heating and cooling solutions in homes.
How large is the ducted heat pump market?
The market size of ducted heat pump reached USD 9.7 billion in 2023 and will expand at 8.6% CAGR between 2024 and 2032, propelled by increasing demand for energy-efficient heating and cooling solutions in residential and commercial buildings.
Which leading companies are operating in the ducted heat pump industry?
Key industry players are Bard HVAC, Carrier, DAIKIN INDUSTRIES Ltd., Glen Dimplex Group, Johnson Controls, Lennox International Inc., LG Electronics, Lochinvar, Mitsubishi Electric Corporation, Rheem Manufacturing Company, SAMSUNG, and Trane among others.
What is the value of the North America ducted heat pump market?
North America market will surpass USD 10.5 billion by 2032, owing to the stringent energy efficiency regulations, growing awareness of environmental sustainability and high demand for energy-efficient heating and cooling solutions.