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U.S. Heat Pump Market Size

Report ID: GMI5840
Published Date: May 2023
Report Format: PDF

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U.S. Heat Pump Market Size

U.S. Heat Pump Market size was valued at USD 13.6 Billion in 2023 and is set to grow at over 8.9% CAGR from 2024 to 2032. Rising greenhouse gases emissions along with increasing customer inclination toward adoption of technologically advanced alternatives with low carbon footprint will positively propel the industry landscape. Moreover, the introduction of energy efficient systems to cater to the rising heating and cooling demand along with favorable regulatory framework will complement the industry outlook.

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The global market size of heat pump is projected to reach USD 165 bn by 2032. A heat pump is a device that transfers heat from a particular source to an end-user application point by utilizing a circulating refrigerant structure in the liquid or gaseous state, as well as a compressor that absorbs heat from the outside and pumps it inside. The system is intended to provide effective cooling and heating across residential, commercial, and industrial applications while maintaining low carbon emission levels. In addition, continuous research & development initiatives by the government and industry participants to limit carbon emissions will continue to augment the U.S. heat pump market revenue.

United States Heat Pump Market Report Attributes
Report Attribute	Details
Base Year:	2023
United States Heat Pump Market Size in 2023:	USD 13.6 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	8.9%
2032 Value Projection:	USD 29.6 Billion
Historical Data for:	2019 to 2023
No. of Pages:	105
Tables, Charts & Figures:	97
Segments covered:	Product and Application
Growth Drivers:	Increasing demand for energy efficient systems Favorable measures to limit carbon footprint
Pitfalls & Challenges:	Availability of economic alternatives

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Regulators are actively working on many strategic changes to safeguard fossil fuel independence. Various initiatives and measures have been implemented to encourage the use of energy-efficient systems. For instance, In November 2022, in November 2022, the U.S. Department of Energy (DoE) announced funding of around USD 9 billion to support the households in lowering their energy bills with the deployment of energy efficient heat pump systems across the nation. Similar reforms and measures are set to encourage the deployment of heat pump market.

Authors: Ankit Gupta, Divyendu Sharma

Frequently Asked Questions (FAQ) :

The market size for heat pump in the U.S. was over USD 13.6 Billion in 2023 and will grow at a rate of over 8.9% by 2032, says this GMI report.

The commercial application segment will observe a growth rate of over 8% till 2032, due to ongoing implementation of green building requirements and government initiatives to increase foreign investment.

Implementation of regulations for the development of green building infrastructure and shifting focus to limit fossil fuel utilization will augment the U.S. market size.

Bosch Thermotechnology Corp., Panasonic Corporation of North America, Vaillant Group, FUJITSU GENERAL, DAIKIN INDUSTRIES Ltd., Trane, Danfoss, Bard HVAC, Carrier, SAMSUNG, Rheem Manufacturing Company, LG Electronics U.S.A., Inc., and Johnson Controls.