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Residential Heat Pump Market Size

Report ID: GMI5700
Published Date: Jul 2024
Report Format: PDF

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Residential Heat Pump Market Size

Residential Heat Pump Market was valued at over USD 38.7 billion in 2023 and is set to grow at a CAGR of 13.9% through 2032. Growing preference for energy-efficient HVAC systems along with favorable government schemes for adoption of residential heating & cooling systems is augmenting the business landscape.

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For instance, in February 2024, in U.S. nine state environmental agencies, led by NESCAUM, collaborated to reduce carbon emissions by making electric heat pumps the standard for new home HVAC sales by 2040. Moreover, increasing inclination toward low emission and renewable heating & cooling systems coupled with increased investments for the development of residential buildings is shaping the industry dynamics.

Residential Heat Pump Market Report Attributes
Report Attribute	Details
Base Year:	2023
Residential Heat Pump Market Size in 2023:	USD 38.7 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	13.9%
2032 Value Projection:	USD 124.5 Billion
Historical Data for:	2021 to 2023
No. of Pages:	100
Tables, Charts & Figures:	40
Segments covered:	Product, Application, and Region
Growth Drivers:	Growing demand for energy-efficient systems Flourishing investments across real estate sector Favorable regulatory landscape with supportive financial aids
Pitfalls & Challenges:	Growing inclination toward available conventional alternatives

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Authors: Ankit Gupta, Divyendu Sharma

Frequently Asked Questions (FAQ) :

Residential Heat Pump Market Size was valued at over USD 38.7 billion in 2023 and is set to grow at 13.9% rate through 2032, owing to the growing preference for energy-efficient HVAC systems along with favorable government schemes for adoption of residential heating & cooling systems.

Single family segment is set to observe a CAGR of over 13% through 2032, backed by ongoing development of residential establishments, rising demand for heating & cooling, and shifting focus toward limiting carbon emissions.

Asia Pacific residential heat pump market value is set to grow over USD 49 billion by 2032, favored by rapid population growth, robust expansion of residential establishments, and increased investments in real estate.

Bosch Thermotechnology Corp., Carrier, Colmac Industries, Daikin, Glen Dimplex Group, Kensa Heat Pump, Lennox International Inc., LG Electronics, Lochinvar, and Mitsubishi Electric Corporation among others.