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U.S. Air Source Heat Pump Market Trends

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

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U.S. Air Source Heat Pump Industry Trends

The U.S. air source heat pump industry has witnessed steadily growth during 2023-2032, owing to the espousal of advanced technology, driven by increased awareness toward energy efficiency along with the shifting focus to reduce greenhouse gas emissions. In addition, government incentives and regulations aimed at promoting energy efficiency and reducing carbon emissions will continue to support the market development.

Moreover, several states and municipalities in the US offer incentives and rebates for the installation of energy-efficient HVAC systems, including ASHPs, and ease of affordability for consumers which will boost the product acceptance. Furthermore, advancements in technology, including the development of smart controls and other innovations that improve performance and efficiency, will also contribute to the U.S. air source heat pump market expansion.

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.