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North America Residential Heat Pump Market Size

Report ID: GMI4896
Published Date: Jun 2024
Report Format: PDF

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North America Residential Heat Pump Market Size

North America Residential Heat Pump Market size in 2023 was valued at USD 6 billion and is anticipated to grow at a CAGR of 9.6% up to 2032. Rising demand for reliable and energy-efficient heating & cooling solutions along with favorable government incentive schemes aimed at reducing carbon footprint.

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For instance, in January 2024, The U.S. Department of Energy announced a significant increase in funding for the development of advanced heat pump technologies which aligns with the broader goal of achieving net-zero emissions. This funding aims to increase the deployment of heat pumps and support companies in manufacturing more efficient models. Moreover, increasing awareness regarding environment, government initiatives and cost-saving benefits of heat pump systems will augment the industry growth.

North America Residential Heat Pump Market Report Attributes
Report Attribute	Details
Base Year:	2023
North America Residential Heat Pump Market Size in 2023:	USD 6 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	9.6%
2032 Value Projection:	USD 13.8 Billion
Historical Data for:	2021 - 2023
No. of Pages:	95
Tables, Charts & Figures:	85
Segments covered:	Product, Application, & Country
Growth Drivers:	Growing construction across residential establishments Stringent norms & standards to limit carbon emissions Increasing demand for energy efficient heating and cooling system
Pitfalls & Challenges:	Prevalence of cost-effective alternatives

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Authors: Ankit Gupta, Manish Dhiman

Frequently Asked Questions (FAQ) :

North America residential heat pump market was valued at USD 6 billion in 2023 and is anticipated to grow at 9.6% CAGR through 2032 owing to the increasing demand for energy efficient heating and cooling systems.

The residential heat pump market size from the air source segment is expected to surpass USD 12.5 billion by 2032 favored by the rising demand for efficient space heating, cooling & hot water solutions across residential establishments.

U.S. residential heat pump market is anticipated to surpass USD 13 billion by 2032 attributed to the accelerating development of residential infrastructure.

Aermec, American Standard Heating, Bard HVAC, Bosch Thermotechnology Corporation, Carrier, Climate Master Incorporation, Daikin, Lennox International Inc., LG Electronics USA Inc., Nordic Heat Pumps, and Panasonic Corporation of North America among others.