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North America Commercial Air to Water Heat Pump Market Size

Report ID: GMI11731
Published Date: Oct 2024
Report Format: PDF

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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.

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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 Report Attributes
Report Attribute	Details
Base Year:	2023
North America Commercial Air to Water Heat Pump Market Size in 2023:	USD 438 Million
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	17.9%
2032 Value Projection:	USD 1.9 Billion
Historical Data for:	2021 to 2023
No. of Pages:	70
Tables, Charts & Figures:	12
Segments covered:	Application and Country
Growth Drivers:	Flourishing investments for construction of commercial establishments Stringent building emission standards and rising demand for energy efficient technologies
Pitfalls & Challenges:	Significant initial deployment costs

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Authors: Ankit Gupta, Divyendu Sharma

Frequently Asked Questions (FAQ) :

The North American market for commercial air-to-water heat pumps was reached USD 438 million in 2023 and is estimated to register more than 17.9% CAGR from 2024 to 2032, driven by rising demand for superior space heating and hot water solutions.

The hospitality segment will surpass the USD 450 million by 2032, attributed to a growing preference for efficient heating, cooling, and hot water solutions in buildings.

By 2032, the U.S. market for commercial air-to-water heat pumps is projected to exceed USD 1.8 billion, bolstered by the rising adoption of low-carbon alternatives, favorable regulatory policies, and the rollout of advanced emission reduction technologies.

Major key industry players are 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, and Transom Corporation.