North America Commercial Heat Pump Market Size - By Product (Air Source, Ground Source, Water Source), By Application (Education, Healthcare, Retail, Logistics & Transportation, Offices, Hospitality), Country Outlook & Forecast, 2024 – 2032

North America Commercial Heat Pump Market Size

North America Commercial Heat Pump Market was valued at USD 4.3 billion in 2023 and is anticipated to witness more than 7.7% CAGR between 2024 and 2032. The introduction of ongoing initiatives to curb carbon emissions along with the demand for energy-efficient solutions will boost the industry's landscape.
 

For instance, in April 2023, Canada based Transom has announced a new range of ATW hot-water heat pumps utilizing CO₂ refrigerants, and specifically engineered for commercial applications in the North American market. The new product line offers capacities ranging from 14 to 205 kW and features adjustable pump and fan speeds to optimize operations. Moreover, the heightened emphasis on curtailing GHG footprint has propelled the adoption of alternates to traditional heating & cooling systems, thereby augmenting the industry growth.
 

North America Commercial Heat Pump Market Trends

North America commercial heat pump industry is poised for substantial growth driven by supportive regulations addressing the ongoing energy crisis and a rising demand for energy-efficient solutions. In addition, regional governments are channeling investments into non-fossil fuel heating and cooling systems, aiming to diminish dependence on conventional energy sources, the tax credit is now determined as 30% of the expenses for qualifying home improvements made within the year.
 

North America Commercial Heat Pump Market Analysis

The North America commercial air source HP market is set to cross USD 6 billion by 2032. Strong push toward energy efficiency and reducing greenhouse gas emissions supported by government incentives and regulations will shape the industry dynamics. In addition, ongoing technological advancements including smart controls and improved performance features appealing consumers to adopt environmental and cost-saving ASHP units catering to the air source heat pump industry expansion.
 

The hospitality vertical is projected to experience a growth rate of over 8% through 2032, on account of the growing focus on sustainability and energy efficiency. Various establishments including hotels, resorts, and restaurants, among others, are increasingly turning to heat pump technology to reduce their carbon footprint and operational costs. Furthermore, the ability of heat pumps to serve the space heating & cooling needs along with hot water requirements cutting down on energy use and maintenance costs will further favor the business growth.
 

U.S. commercial heat pump market is projected to cross USD 8 billion by 2032. Prevalence of different government incentives including tax credits, rebates, and subsidies, designed to lower the initial cost barrier of heat pumps across various commercial users. Moreover, the continuous research & development initiatives to allow HP systems for more precise temperature regulation, improved energy efficiency, and greater integration with other smart home systems will further shape the U.S. heat pump industry dynamics.
 

North America Commercial Heat Pump Market Share

The commercial heat pump industry in North America is characterized by intense competition, driven by a growing demand for energy-efficient heating and cooling solutions. The market is dominated by key players, including Carrier, Trane, Daikin, and Lennox International, among various others, which are known for their advanced technologies and extensive product lines. The major companies compete on various fronts, including product innovation, energy efficiency, and customer service, among various other parameters.
 

North America Commercial Heat Pump Market Companies

Major manufacturers that are actively conducting operations across the industry consist of:

• Bosch Thermotechnology Corp.
• Carrier
• Colmac Industries
• ClimateMaster Inc.
• Daikin
• FUJITSU GENERAL
• GREE Commercial
• Johnson Controls
• Lennox International Inc.
• Lync
• MESTEK, INC.
• Nordic Heat Pumps
• Rheem Manufacturing Company
• Trane
• Transom Corporation
• WaterFurnace International
   

Commercial Heat Pump Industry News

• In April 2024, Johnson Controls confirmed the launch of its YORK YMAE 575-volt air to water heat pump unit with variable speed scroll design specifically for the Canadian market. The new product line is offered in two and four pipe configurations to serve up to 60 °C hot water along with the heating only mode capacities up to 443 thousand BTU per hour (MBH) and 546 MBH in heating & cooling mode. In addition, the new line can deliver energy-efficient solutions across various application areas including multi-unit residential buildings, offices, educational institutions, and healthcare facilities, among others.
   
• In April 2024, the U.S. Department of Energy (DOE) introduced the Commercial Building Heat Pump Accelerator to gather key industry players and develop innovative heat pump technology for commercial applications. The initiative is set to bridge the public and private industry leaders together aiming to advance climate leadership and curb the harmful carbon emissions with cutting edge clean technologies.
   

This North America commercial 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 Product

• Air Source
• Ground Source
• Water Source

Market, By Application

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

The above information has been provided for the following countries:

• U.S.
• Canada