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Residential Air to Air Heat Pump Market Size

Report ID: GMI7552
Published Date: Nov 2024
Report Format: PDF

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Residential Air to Air Heat Pump Market Size

The global residential air to air heat pump market was valued at USD 14 billion in 2023 and is set to grow at a CAGR of 9.6% from 2024 to 2032. The increasing demand for cost-effective and efficient heating and cooling solutions along with focus on replacement of traditional systems is driving the industry growth. Government incentives and support for integrating reliable systems in residential spaces further enhance the business dynamics.

Residential Air to Air Heat Pump Market

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Strict regulations to reduce carbon emissions and initiatives to improve energy efficiency in building infrastructure are expected to positively impact industry dynamics. For instance, in September 2024, the California Energy Commission updated the state's Building Energy Efficiency Standards, the Energy Code 2025. These updates are anticipated to provide significant benefits, including USD 4.8 billion in energy cost savings, a reduction of about 4 million metric tons in GHG emissions, and better climate resilience and comfort for residential and commercial buildings.

Residential Air to Air Heat Pump Market Report Attributes
Report Attribute	Details
Base Year:	2023
Residential Air to Air Heat Pump Market Size in 2023:	USD 14 Billion
Forecast Period:	2024 – 2032
Forecast Period 2024 – 2032 CAGR:	9.6%
2024 – 2032 Value Projection:	USD 32.3 Billion
Historical Data for:	2021-2023
No. of Pages:	125
Tables, Charts & Figures:	32
Segments covered:	Application, Product, and Region
Growth Drivers:	Rising demand for energy efficient heating & cooling technologies Favorable regulatory landscape with supportive financial aids Accelerated investment and expenditure for development of residential infrastructure
Pitfalls & Challenges:	Prevalence of conventional alternatives

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Authors: Ankit Gupta, Divyendu Sharma

Frequently Asked Questions (FAQ) :

The global market for residential air-to-air heat pump was reached USD 14 billion in 2023 and is set to grow at a CAGR of 9.6% from 2024 to 2032, driven by the increasing demand for cost-effective and efficient heating and cooling solutions.

The single-family segment is projected to exceed USD 19.5 billion by 2032, due to the rising demand for energy-efficient and eco-friendly solutions, along with the growth of the real estate sector.

The ductless segment is anticipated to grow at a CAGR of over 9.5% through 2032, propelled by the rising demand for energy-efficient heating and cooling systems and the increasing volatility of electricity costs.

The U.S. residential air-to-air heat pump market is anticipated to reach USD 7.8 billion by 2032, led by increasing residential construction and government incentives such as low-interest loans, investment grants, and tax benefits.

Key industry players include American Standard, Bard, Blue Star, Bosch, Carrier, Daikin, Fujitsu, Gree, Klimaire, LG, Lennox, MrCool, Napoleon, Panasonic, Rheem, Samsung, Stiebel Eltron, and Trane.