North America Residential Heat Pump Market Analysis

North America Residential Heat Pump Market Analysis

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Based on product, the market is categorised into air source, ground source and water source, where air source segment is expected to surpass USD 12.5 billion by 2032. Rising demand for efficient space heating, cooling & hot water solutions across residential establishments along with shifting consumer inclination toward ambient indoor climate and comfort has augmented the product deployment. Favorable regulatory landscape and beneficial schemes by the respective authorities toward the adoption of energy efficient heat pump units along with credit schemes for the replacement of traditional heating systems has driven the adoption of air source heat pumps in North America residential heat pump industry.
 

Based on application, the North America residential heat pump market is divided into single family and multi-family, where the single-family segment is anticipated to observe a CAGR of 9.5% by 2032. Ongoing retrofitting across residential establishments to deploy energy efficient systems along with rising consumer disposable incomes and shifting focus toward round the year comfort have positively influenced the product deployment. Financial incentive grants, tax credit schemes supporting the installation of renewable energy systems across single family households will foster the business landscape.
 

U.S. residential heat pump market is anticipated to surpass USD 13 billion by 2032. Rising demand for energy-efficient heating and cooling solutions along with accelerating development of residential infrastructure. Favorable schemes and grants by authorities to adopt energy low emission systems and shifting focus to curb emissions from buildings will positively influence the business dynamics. For instance, in February 2024, The U.S. Department of Energy announced grant availability of USD 63 million to increase the manufacturing of residential heat pump systems, heat pump water heaters, and other heat pump systems. Furthermore, introduction of advance heat pump technologies, including variable-speed heat pumps and cold climatic systems coupled with growing inclination toward reduction in energy consumption will complement the industry landscape.