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North America Residential Cold Climate Heat Pump Market Size

Report ID: GMI6190
Published Date: Dec 2024
Report Format: PDF

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North America Residential Cold Climate Heat Pump Market Size

The North America residential cold climate heat pump market size was valued at over USD 3 billion in 2024 and is projected to grow at a CAGR of 9.8% from 2025 to 2034. Increasing need for energy-efficient heating in colder areas along with efforts to reduce greenhouse gas emissions and meet energy-saving goals will complement the industry landscape.

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Favorable policies toward enhancing the building energy efficiency along with consumers increasingly seeking eco-friendly heating solutions that offer both efficiency and reduced environmental impact will influence the industry outlook. For instance, in August 2024, the U.S. Department of Energy announced to offer over USD 240 million for nineteen states to implement advanced energy-efficient building codes, aiming to reduce utility costs for residents.

North America Residential Cold Climate Heat Pump Market Report Attributes
Report Attribute	Details
Base Year:	2024
North America Residential Cold Climate Heat Pump Market Size in 2024:	USD 3 Billion
Forecast Period:	2024 - 2032
Forecast Period 2024 - 2032 CAGR:	9.8%
2032 Value Projection:	USD 7.9 Billion
Historical Data for:	2021 - 2024
No. of Pages:	90
Tables, Charts & Figures:	12
Segments covered:	Product, Application, and Country
Growth Drivers:	Positive outlook towards adoption of energy efficient alternatives Stringent regulatory measures for energy efficiency and reducing emissions
Pitfalls & Challenges:	Substantial presence of economical conventional heating systems

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Authors: Ankit Gupta, Divyendu Sharma

Frequently Asked Questions (FAQ) :

The North American residential cold climate heat pump industry was valued at over USD 3 billion in 2024 and is projected to grow at a 9.8% CAGR from 2025 to 2034, driven by the increasing need for energy-efficient heating in colder areas and efforts to reduce greenhouse gas emissions.

The ducted segment is anticipated to surpass USD 6 billion by 2034, fueled by rapid growth in residential construction, urbanization, lower operating costs, reduced maintenance requirements, decreased emissions, and extended equipment lifespan.

The U.S. market is set to exceed USD 7 billion by 2034, supported by an increasing population, a rising number of residential buildings, and the growing adoption of energy-efficient systems.

Major players in the industry include Bard, Blue Star, Bosch, Carrier, Daikin, Fujitsu, Gree, Klimaire, LG, MrCool, Nordic Heat Pumps, and Panasonic.