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U.S. Heat Pump Market Trends

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

U.S. Heat Pump Market Trends

Over the last decade, rapid urbanization along with the surge in population levels has driven the energy consumption figures of the U.S. exponentially. Energy consumption rises as societies become more developed and the standard of living increases. According to the data published by the U.S. Energy Information Administration (EIA), in July 2022, the commercial and residential sectors accounted for 7.5% and 10.8% of the total national primary energy consumption, respectively, in 2021. As a result, managing the energy-efficiency has become the prime objective for policymakers at the federal and state levels. The consumption across the building sector can be reduced by incorporating numerous energy-efficient systems, including heat pumps, into newly constructed buildings and undertaking retrofits. Global commercial heat pump industry is likely to cross USD 43.3 billion by 2032.

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.

United States Heat Pump Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 15
  • Tables & Figures: 97
  • Countries covered: 1
  • Pages: 105
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