North America Residential Air to Water Heat Pump Market Size - By Application (Single Family, Multi Family), By Product (Domestic Hot Water Heat Pump, Room Heat Pump), & Forecast, 2024 - 2032

North America Residential Air to Water Heat Pump Market Size

North America Residential Air to Water Heat Pump Market was valued USD 900 million in 2023 and is projected to expand at a CAGR of 18.1% from 2024 to 2032, owing to the increasing demand for energy-efficient and dependable hot water and heating systems in residential settings, coupled with a growing emphasis on emission reduction, will complement the industry landscape.
 

For instance, in February 2024, nine U.S. states signed a memorandum of understanding, aiming to increase heat pump sales and targeting to achieve 65% of residential heat pump sales by 2030. Stringent regulatory mandates and norms toward energy efficiency coupled with encouraging policies by government bodies supporting deployment of heat pumps will accelerate the product deployment.

North America Residential Air to Water Heat Pump Market Trends

North America residential air-to-water heat pump industry is set to witness significant growth driven by a rising population, ongoing expansion of residential infrastructure and increasing demand for reliable heating & hot water solutions. Government initiatives, including tax credits and rebates for both corporations and individuals, as well as incentive plans and clean heating programs, will boost the industry landscape.
 

North America Residential Air to Water Heat Pump Market Analysis

The single-family segment is anticipated to grow over USD 2.8 Billion by 2032. Rising population, growing urbanization have led to increasing development of housing infrastructure further accelerated the demand for air to water heat pump systems. Government initiatives, programs, financial incentives aimed at promoting clean energy systems, stringent mandates toward energy efficiency have fueled the product deployment. Furthermore, cost-effectiveness, ongoing retrofitting projects, rising disposable incomes, and growing inclination toward energy efficiency are shaping a favorable business landscape.
 

Domestic hot water heat pump market is projected to witness more than 18% CAGR through 2032. Growing demand for hot water in households, combined with a shift towards energy-efficient solutions, is driving product adoption. These units are designed for enhanced performance and ease of installation, addressing both hot water and space heating and needs. Additionally, supportive regulations, a booming construction industry, and an increase in retrofitting buildings with energy-efficient systems will further enhance the industry outlook.
 

U.S. residential air to water heat pump market is likely to exceed USD 4 billion by 2032. Growing demand for hot water along with efficient and reliable heating and cooling solutions, coupled with paradigm shift toward more enhanced systems driven by variations in climatic conditions will further enhance the industry landscape. Favorable regulatory frameworks, increasing demand for clean energy technologies, supportive policies for energy-efficient systems will positively influence the U.S. heat pump industry outlook.
 

North America Residential Air to Water Heat Pump Market Share

Manufacturers operating across the industry are integrating advanced controls and monitoring features into their heat pump units. These features include enhanced automation, remote management, and improved energy optimization, further enhancing the product deployment. Growing concerns over energy consumption and greenhouse gas emissions from residential buildings, governments worldwide have enacted stringent energy efficiency standards and regulations, thereby influencing the North America residential air to water heat pump industry dynamics.
 

North America Residential Air to Water Heat Pump Market Companies

Key industry players operating across industry include:

• AERMEC S.P.A.
• Apollo Heat Pumps Systems
• Arctic Heat Pumps
• Carrier
• Chiltrix Inc.
• Glen Dimplex Group
• LG Electronics
• NIBE Industrier AB
• Nordic Heat Pumps
• Polar Heat Pumps
• SpacePak
• Stiebel Eltron, Inc.
• Trane
• U.S. Boiler Company
• Viessmann
   

North America Residential Air to Water Heat Pump Industry News

• In February 2024, U.S. Boiler Company has launched the air-to-water Hydronic heat pump, for residential establishments. This unit features a 5-ton capacity and ensures dependable space heating even when outdoor temperatures dip to -13°F. Its DC inverter Enhanced Vapor Injection technology operates at a notably quiet sound level, registering just 39 decibels making it quiet. With a COP reaching up to 3.95 and capable of delivering supply temperatures as high as 140°F, utilizing the R-32 refrigerant, this unit provides energy savings compared to traditional electric heating systems.
   
• In January 2024, LG introduced its latest innovations in heat-pump-enabled HVAC water heating products at the AHR Expo 2024. Among the highlights were the R32 air-to-water monobloc heat pump system which simplifies installation by combining indoor and hydronic components, utilizing water pipes to eliminate traditional refrigerant piping. This system efficiently generates hot water for various needs, from space heating including baseboard heating, radiators, and radiant floors to domestic hot water.
   

This North America residential 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

• Single family
• Multi family

Market, By Product

• Domestic hot water heat pump
• Room heat pump

The above information has been provided for the following countries:

• U.S.
• Canada