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U.S. Air Source Heat Pump Market Trends

Report ID: GMI5735
Published Date: Dec 2024
Report Format: PDF

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U.S. Air Source Heat Pump Market Trends

The U.S. air source heat pump industry is set to grow owing to significant efforts to reduce greenhouse gas emissions, increased awareness toward enhancing energy efficiency, and adoption of carbon reduction mandates. Many states and municipalities offering incentives and rebates for installing energy-efficient HVAC systems, along with favorable initiatives toward enhancing building energy efficiency will impact the industry outlook. For instance, in September 2024, the U.S. Department of Energy introduced a significant initiative, allocating USD 90 million to 25 nationwide projects. This funding, part of a larger USD 225 million program, aims to implement new energy codes in buildings, to improve energy efficiency in homes and commercial structures, potentially lowering consumer energy costs and reducing greenhouse gas emissions.

Authors: Ankit Gupta, Manish Dhiman

Frequently Asked Questions (FAQ) :

The U.S. air source heat pump industry was valued at USD 8.3 billion in 2024 and is projected to grow at a 9.8% CAGR from 2025 to 2034, driven by the increasing adoption of energy-efficient systems.

The air-to-air segment is anticipated to exceed USD 12.8 billion by 2034, fueled by the demand for energy-efficient and sustainable heating and cooling solutions.

The residential segment is expected to witness a CAGR of over 9.5% by 2034, driven by the need for comfortable home temperatures and energy efficiency.

Key players in the market include American Standard, Bosch, Bard HVAC, Carrier, Colmac, Daikin, Fujitsu General, Gree, Hitachi, LG, and Lennox.