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North America Residential Heat Pump Market Trends

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

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North America Residential Heat Pump Market Trends

The North America residential heat pump industry is anticipated to observe significant momentum on account of favorable regulations promoting energy-efficient technologies along with accelerating investments for the development of residential establishments. Gowing inclination toward limiting emissions along with initiatives by respective authorities toward development of green energy building infrastructure positively influenced the business dynamics.

For instance, in April 2024, the Department of Energy has finalized the Clean Energy for Federal Buildings rule to reduce 90% direct fossil fuel consumption in next five years, with the elimination of on-site fossil fuel combustion by 2030. Moreover, extreme climatic conditions across various regions and rising demand for efficient space heating have increased the adoption of energy efficient heat pump systems.

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.