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Residential Ducted Heat Pump Market Share

Report ID: GMI7913
Published Date: Jan 2024
Report Format: PDF

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Residential Ducted Heat Pump Market Share

The residential ducted heat pump industry is characterized by increasing competition among several regional and global players. Various large-scale competitors including Trane, Daikin, Samsung, Carrier, Mitsubishi and Bard HVAC among others, are actively competing in the market, offering wide range of ducted heat pumps and introducing new technologies to expand their geographical presence.

For instance, in February 2022, Lennox has introduced the Dave Lennox Signature Collection model SL25XPV heat pump, recognized as the most precise and efficient heat pump. With the addition of TruHeat Performance, this model is capable to deliver optimal air quality and whole-home comfort. Furthermore, residential ducted heat pump systems offering several benefits including energy efficiency, consistent temperature control, and the ability to both heat and cool a space using a single system will further accelerate the residential ducted heat pump market demand.

Manufacturers are incorporating advanced controls and monitoring features into their residential ducted heat pump units, including enhanced automation, remote management, and improved energy optimization. These advancements have the potential to enhance the product installation experience. Governments worldwide have implemented rigorous energy efficiency standards and regulations aimed at curbing energy consumption and greenhouse gas emissions from residential buildings. This has, in turn, accelerated the adoption of these units to achieve energy savings in compliance with the established norms which will further complement the business dynamics.

Residential Ducted Heat Pump Market Companies

The key companies operating across the industry include:

American Standard Heating and Air Conditioning
Bard HVAC
Bosch Thermotechnology Corp.
Carrier
Colmac Industries
DAIKIN INDUSTRIES Ltd
Glen Dimplex Group
Lennox International Inc.
Lochinvar
Mitsubishi Electric Corporation
OCHSNER
Rheem Manufacturing Company
SAMSUNG
STIEBEL ELTRON GmbH & Co. KG
Trane

Authors: Ankit Gupta, Divyendu Sharma

Frequently Asked Questions (FAQ) :

The market size of residential ducted heat pump reached USD 5.3 billion in 2023 and is set to experience a growth rate of 8.4% through 2032, owing to the increasing preference for energy-efficient heating and cooling systems.

The single-family application is set to grow at a rate of 8.8% through 2032 and observe a substantial growth as single-owner houses, influenced by zoning, temperature control features, and the growing emphasis on product aesthetics.

North America market was valued at above USD 2.7 billion in 2023, driven by the robust expansion of residential establishments.

American Standard Heating and Air Conditioning, Trane, Bard HVAC, STIEBEL ELTRON GmbH & Co. KG, Bosch Thermotechnology Corp., SAMSUNG, Carrier, Rheem Manufacturing Company, Colmac Industries, OCHSNER, DAIKIN INDUSTRIES Ltd, Mitsubishi Electric Corporation, Glen Dimplex Group, Lochinva and Lennox International Inc.