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North America Residential Cold Climate Heat Pump Market Size

Report ID: GMI6190
Published Date: Jul 2023
Report Format: PDF

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North America Residential Cold Climate Heat Pump Market Size

North America Residential Cold Climate Heat Pump Market size was valued at over USD 2.7 billion in 2023 and is set to grow at a rate of over 10.1% between 2024 and 2032. Increasing demand for energy efficient heating technologies primarily across the colder climates coupled with growing emphasis on reducing greenhouse gas (GHG) emissions will propel the industry outlook. Moreover, introduction of favorable regulatory framework by respective regional authorities along with the introduction of new research & development initiatives by the key market players will unveil new opportunities for industry expansion.

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A cold climate heat pump is a type of air source heat pump unit that is predominantly designed to optimally function at sub-zero temperatures. These systems are equipped with advanced components along with effective refrigerant chemicals with a lower boiling point designed to draw more heat from low ambient temperatures. It uses the outside air as a heat source during the heating season and as a heat sink during the cooling season. Growing requirement of effective space heating technologies with low carbon footprint and reduced energy consumption coupled with shifting consumer preferences towards clean energy alternatives will favor the North America residential cold climate heat pump market size.

North America Residential Cold Climate Heat Pump Market Report Attributes
Report Attribute	Details
Base Year:	2023
North America Residential Cold Climate Heat Pump Market Size in 2023:	USD 2.7 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	10.1%
2032 Value Projection:	USD 6.6 Billion
Historical Data for:	2019 to 2023
No. of Pages:	100
Tables, Charts & Figures:	78
Segments covered:	Type, Application, and Country
Growth Drivers:	Prevalence of cold climatic conditions Positive outlook towards adoption of energy efficient alternatives Encouraging regulatory policies towards heat pump systems
Pitfalls & Challenges:	Availability of financial benefit programs Substantial presence of economical conventional heating systems

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Authors: Ankit Gupta, Divyendu Sharma

Frequently Asked Questions (FAQ) :

North America residential cold climate heat pump market share was over USD 2.7 billion in 2023 and will witness over 10.1% CAGR from 2024-2032, due to the higher demand for energy efficient heating technologies primarily across the colder climates.

North America market for residential cold climate heat pump from the single-family application segment will witness over 10% CAGR from 2023-2032 due to the rising demand for reliable heating and cooling across residential establishments.

Demand for residential cold climate heat pumps in the U.S. reached over USD 2.3 billion in 2022 and is set to witness significant growth through 2032 owing to the rapidly increasing population along with rising penetration of residential building structures.

Some of the leading residential cold climate heat pump providers in North America include Daikin SAMSUNG HVAC, LG Electronics U.S.A., Inc., Panasonic Corporation of North America, Bosch Thermotechnology Corp., Fujitsu General, Blue Star Limited, and Nordic Heat Pumps.