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North America Commercial Heat Pump Market Size

Report ID: GMI11097
Published Date: Aug 2024
Report Format: PDF

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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.

North America Commercial Heat Pump Market

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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 Report Attributes
Report Attribute	Details
Base Year:	2023
North America Commercial Heat Pump Market Size in 2023:	USD 4.3 Billion
Forecast Period:	2024 – 2032
Forecast Period 2024 – 2032 CAGR:	7.7%
2024 – 2032 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:	Stringent government regulations promoting energy efficiency Growing emphasis on sustainable building practices Availability of government incentives and financial benefit policies
Pitfalls & Challenges:	High upfront cost along with climate limitations

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Authors: Ankit Gupta, Divyendu Sharma

Frequently Asked Questions (FAQ) :

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.

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.

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.