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North America Residential Cold Climate Heat Pump Market Trends

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

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North America Residential Cold Climate Heat Pump Market Trends

The market is set to grow on account of increasing energy consumption in residential buildings, rising demand for reliable space heating solutions. Growing preference for energy-efficient alternatives, replacement of traditional systems with advanced technologies is set to positively influence the industry dynamics. Furthermore, supportive government regulations and the introduction of incentive programs for installing energy-efficient heat pump units in residential buildings are expected to accelerate the product adoption.

For instance, The U.S. government launched tax incentive program in 2023 to promote energy-efficient home improvements which enhances existing tax credits, allowing homeowners to claim a maximum credit of USD 2,000 and up to 30% of costs for qualifying upgrades on their 2023 tax returns.

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.