North America Commercial Air to Water Heat Pump Market Size - By Application, Analysis, Share, Growth Forecast, 2024 - 2032

North America Commercial Air to Water Heat Pump Market Size

North America Commercial Air to Water Heat Pump Market was valued at USD 438 million in 2023 and is estimated to grow at a CAGR of 17.9% from 2024 to 2032. Rising demand for enhanced space heating and hot water solutions, coupled with increasing construction of commercial building infrastructure, is complementing the business landscape. Stringent building mandates promoting energy efficiency and carbon reduction are fueling the adoption of energy-efficient air-to-water heat pumps.
 

Favorable policies, energy conservation standards and beneficial financial rebates introduced by respective authorities have accelerated the deployment of heat pumps, driven by rising energy consumption and a focus on reducing emissions from building infrastructure. For instance, in May 2024, The Energy Policy and Conservation Act, as amended, establishes energy conservation standards for specific commercial and industrial equipment along with various consumer products. This includes commercial package air-cooled air conditioners and heat pumps with a rated cooling capacity of 65,000 Btu/h or more.
 

North America Commercial Air to Water Heat Pump Market Trends

North America commercial air to water heat pump is set to grow owing to rising adoption of ambient and reliable heating solutions and accelerating commercial building infrastructure development. Ongoing initiatives toward replacement of conventional heating and hot water systems along with stringent emissions regulations is complementing the industry outlook. Growing emphasis on curbing carbon emissions, development of energy efficient building infrastructure and favorable initiatives promoting heat pump deployment will augment the business dynamics.
 

North America Commercial Air to Water Heat Pump Market Analysis

Hospitality segment is set to cross over USD 450 million through 2032. The growing inclination for efficient heating, cooling, and hot water solutions in buildings is driving market growth. This trend is complemented by a shift in consumer preferences toward energy-efficient solutions and improved ambient comfort. Ongoing technological advancements are further augmenting the deployment of heat pumps. These advancements include improvements in heat pump design, the use of eco-friendly refrigerants, and the development of enhanced control systems.
 

Education sector is anticipated to grow on account of growing demand for advanced heat pump units and shifting inclination towards installation of energy-efficient heating and cooling systems. Stringent regulatory landscape to enhance building energy efficiency, along with increased use of advanced technologies, and efforts to reduce carbon emissions, are accelerating the product adoption. Rapid construction of educational institutes including, schools, colleges, universities coupled with focus on ambient indoor comfort and energy efficiency, will significantly shaping the business landscape.
 

U.S. commercial air to water heat pump market is likely to exceed USD 1.8 billion by 2032. The increasing adoption of low-carbon alternatives, supportive regulatory policies, and the introduction of advanced emission reduction technologies will positively influence the business dynamics. Growing construction and development of new and existing building infrastructure driven by increasing focus to enhance the energy efficiency have accelerated the product adoption. Supportive policies and incentives from governments are accelerating the deployment of these sustainable heating systems.
 

North America Commercial Air to Water Heat Pump Market Share

Manufacturers operating across North America commercial air to water heat pump are strengthening their market position through strategic partnerships, agreements, acquisitions, and product innovations. Strategic alliances and corporate restructuring to share expertise, accelerate innovation, and access new markets are shaping the business landscape. Mergers and acquisitions are occurring as firms seek to enhance their market position, diversify their portfolios, develop new advancements, and achieve economies of scale.
 

North America Commercial Air to Water Heat Pump Market Companies

Major players operating across the industry include:

• Arctic Heat Pumps
• Bosch Thermotechnology
• Chiltrix
• Glen Dimplex Group
• Hydro Solar Innovative Energy
• Lochinvar
• Mestek
• Mitsubishi Heavy Industries
• Raypak
• Rheem Manufacturing Company
• SpacePak
• State Industries
• Swegon North America
• Trane
• Transom Corporation
   

North America Commercial Air to Water Heat Pump Industry News

• In April 2024, Johnson Controls has expanded its heat pump offerings in Canada with introduction of the inverter scroll modular YORK YMAE 575 V air to water Heat Pump. The new 575-volt YMAE model meets Canadian standards for pressurized equipment. It features EVI scroll technology, offers two- and four-pipe configurations, and delivers water up to 60°C (140°F). The unit provides heating capacities of 443 MBH in heating-only mode and up to 546 MBH in simultaneous heating and cooling. It uses the environmentally friendly R-454B refrigerant to reduce emissions.
   
• In January 2024, LG USA expanded its heat-pump-empowered water heating HVAC products at the 2024 AHR Expo. The company's new offerings focus on comfort, energy efficiency, and sustainability for residential and commercial applications. The latest addition includes the R32 air-to-water monobloc heat pump system, features integrated components for easy installation and efficient hot water production for various applications. The system incorporates noise reduction technology, operating at low sound levels.
   

This North America commercial air to water heat pump market research report includes in-depth coverage of the industry with estimates & forecast in terms of “’000 Units” and USD Million” from 2021 to 2032 for the following segments:

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Market, By Application

• Education
• Healthcare
• Retail
• Logistics & transportation
• Offices
• Hospitality
• Others

The above information has been provided for the following countries:

• U.S.
• Canada