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Residential Ducted Heat Pump Market Trends

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

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Residential Ducted Heat Pump Market Trends

The residential ducted heat pump industry is set to observe substantial growth on account of the shifting consumer inclination towards clean energy technologies, coupled with ongoing advancements in heating and cooling systems to offer more efficient and effective solutions. The surge in demand particularly in metropolitan areas, where the need for improved energy efficiency aligns with the rise of clean energy building projects is set to accelerate the product deployment.

The implementation of advantageous rebates and incentive programs by relevant authorities and various governments is expected to further enhance the adoption of ducted heat pump across residential establishments. For instance, after 2023, The UK government is providing grants surpassing USD 5,800 for air-source heat pumps in both new constructions and retrofit projects, thereby bolstering the European ducted heat pumps market.

In addition, Austria has introduced a subsidy program offering grants for heat pumps in new constructions, covering up to 20% of their cost, and up to 35% for retrofits, with a maximum limit of USD 5,000. This subsidy initiative is valid from January 3, 2023, to December 31, 2024. Moreover, Collaborative efforts between governments and private entities, aimed at delivering efficient heating systems in cold climatic geographies, will further boost the product adoption. The expansion of residential projects, including both single-family houses and multi-story buildings, along with the ongoing urbanization in developing nations, is anticipated to have a positive impact on industry dynamics.

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.