U.S. Air Source Heat Pump Market Size

U.S. Air Source Heat Pump Market Size

The U.S. air source heat pump market size in 2024 was estimated at USD 8.3 billion and is projected to grow at a goth rate of 9.8% from 2025 to 2034. The increasing adoption of energy-efficient heating, cooling and hot water systems coupled with rising consumer spending and varying climatic conditions is complementing the industry landscape. Ongoing expansion of commercial and residential establishments along with shifting focus toward enhancing the energy efficiency of building infrastructure will positively influence the business dynamics.

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Air source heat pumps (ASHPs) are emerging as a low-carbon alternative to traditional heating and cooling systems, utilizing electricity rather than burning fossil fuels to transfer heat. Regulatory authorities are implementing strategic reforms to reduce GHG emissions and transitioning to cleaner energy sources is shaping the U.S. heat pump industry dynamics. For instance, in September 2024, California's Energy Commission has approved new building standards for 2025, focusing on energy efficiency and clean energy, targeting new construction and renovations. Key changes include promoting electric heat pumps, upgrading HVAC systems in existing buildings, preparing for electric appliances in commercial and multifamily settings.