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U.S. Air Source Heat Pump Market Size

Report ID: GMI5735
Published Date: May 2023
Report Format: PDF

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U.S. Air Source Heat Pump Market Size

U.S. Air Source Heat Pump Market size surpassed USD 9.3 billion in 2022 and is anticipated to grow at 10% CAGR from 2023 to 2032. The global air source heat pump industry is likely to cross USD 155 billion by 2032. The paradigm shift for the adoption of energy-efficient products coupled with the rising levels of consumer spending is positively influencing the industry growth.

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The air source heat pump is a versatile technology which can be utilized to provide space heating and hot water supply, all from a single integrated unit. As a result, these systems are gaining extensive requirement across commercial & residential establishments. Less emissions, limited maintenance requirements, lower operating costs, and a longer lifespan are some of the prominent features, which will continue to accelerate the product demand

U.S. Air Source Heat Pump Market Report Attributes
Report Attribute	Details
Base Year:	2022
U.S. Air Source Heat Pump Market Size in 2022:	USD 9.3 Billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	10%
2032 Value Projection:	USD 25 Billion
Historical Data for:	2019 to 2022
No. of Pages:	100
Tables, Charts & Figures:	97
Segments covered:	Product and Application
Growth Drivers:	Shifting inclination towards adoption of energy efficient systems Increasing energy demand along with introduction of stringent measures to curb carbon emissions
Pitfalls & Challenges:	Substantial installation cost

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Shifting inclination toward reducing GHG emissions and transitioning to cleaner energy sources is set to complement the industry landscape. ASHPs are considered a low-carbon alternative to traditional heating and cooling systems, as they use electricity to move heat rather than burning fossil fuels. Regulatory authorities are working progressively on making strategic reforms to safeguard the independency on conventional fuels. Changing climatic conditions, introduction of several measures and ongoing adoption of beneficial initiatives to promote the utilization of energy-efficient systems will boost the U.S. air source heat pump market dynamics.

Authors: Ankit Gupta, Manish Dhiman

Frequently Asked Questions (FAQ) :

The market size of U.S. air source heat pump exceeded USD 9.3 billion in 2022 and will expand at 10% CAGR from 2023 to 2032, driven by the paradigm shift for the adoption of energy-efficient products.

Air to air heat pump industry dominated 80% of the total share in 2022 and is set to grow substantially till 2032 owing to the increasing demand for energy-efficient and sustainable heating and cooling solutions.

The commercial application segment is foreseen to witness 10% growth during 2023-2032 due to the implementation of stringent building energy codes by regulatory authorities.

Trane, Bosch Thermotechnology Corp., SAMSUNG, Daikin Comfort Technologies North America, Inc., Carrier, LG Electronics, GREE ELECTRIC APPLIANCES, INC., Lennox International Inc., Colmac Industries, FUJITSU GENERAL, Rheem Manufacturing Company, JOHNSON CONTROLS - HITACHI AIR CONDITIONING COMPANY, A. O. Smith, Lochinvar, and American Standard Heating and Air Conditioning are among the major companies operating in the business landscape.