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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 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.
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.
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.
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.