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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.
Report Attribute | Details |
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Base Year: | 2023 |
North America Commercial Heat Pump Market Size in 2023: | USD 4.3 Billion |
Forecast Period: | 2024 – 2032 |
Forecast Period 2023 - 2032 CAGR: | 7.7 |
2023 Value Projection: | USD 8.5 Billion |
Historical Data for: | 2021-2023 |
No of Pages: | 75 |
Tables, Charts & Figures: | 12 |
Segments Covered: | Product, Application, and Region |
Growth Drivers: |
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Pitfalls Challenges: |
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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.
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.
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.
Major manufacturers that are actively conducting operations across the industry consist of:
Market, By Product
Market, By Application
The above information has been provided for the following countries:
The market size of North America commercial heat pump was worth over USD 4.3 billion in 2023 and will record a 7.7% CAGR from 2024 and 2032, due to the increasing energy efficiency standards and the shift towards sustainable heating and cooling solutions.
U.S. commercial heat pump industry will surpass USD 8 billion by 2032, fueled by strong focus on energy efficiency and sustainability in building infrastructure.
Key firms operating in the North America commercial heat pump market are Bosch Thermotechnology Corp., Carrier, Colmac Industries, ClimateMaster Inc., Daikin, FUJITSU GENERAL, GREE Commercial, Johnson Controls, Nordic Heat Pumps, Rheem Manufacturing Company, Trane, Transom Corporation, and WaterFurnace International, among others.
North America commercial heat pump market from the air source segment will reach USD 6 billion by 2032, propelled by its cost-effectiveness and ease of installation.