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U.S. Residential Heat Pump Market Analysis

Report ID: GMI4653
Published Date: Jul 2024
Report Format: PDF

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U.S. Residential Heat Pump Market Analysis

U.S. Residential Heat Pump Market Size, By Product, 2022 - 2032 (USD Billion)

Based on product, the air source segment is expected to cross USD 12 billion by 2032 since they are highly efficient, converting ambient air into heating or cooling with minimal energy consumption. This efficiency translates into lower utility bills for homeowners, making ASHPs a cost-effective option over traditional heating and cooling systems. Air source heat pumps contribute to reducing carbon footprints by utilizing renewable energy from the air. They produce fewer greenhouse gas emissions compared to conventional HVAC systems, aligning with the growing consumer demand for environmentally friendly home solutions and governmental sustainability goals.

U.S. Residential Heat Pump Market Revenue Share, By Application, 2023

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Based on application, the single-family segment is anticipated to witness about 9.5% CAGR through 2032, on account of their gaining popularity in single-family homes due to their ability to provide both heating and cooling with higher energy efficiency compared to traditional HVAC systems. Additionally, government incentives and rebates for energy-efficient home improvements are encouraging homeowners to invest in heat pumps. Technological advancements and the availability of eco-friendly refrigerants further boost the adoption of heat pumps in the single-family segment.

Authors: Ankit Gupta, Divyendu Sharma

Frequently Asked Questions (FAQ) :

The market size of U.S. residential heat pump was worth about USD 5.8 billion in 2023 and will grow at 9.6% CAGR through 2032, owing to the increasing demand for energy-efficient heating & cooling solutions.

The air source segment in the U.S. residential heat pump market is expected to cross USD 12 billion by 2032, as they are highly efficient for converting ambient air into heating or cooling with minimal energy consumption.

The single-family segment in U.S. residential heat pump market is anticipated to witness over 9.5% CAGR through 2032, due to their ability to provide both heating and cooling with higher energy efficiency.

Bard HVAC, Bryant Heating & Cooling Systems, Carrier, Daikin Industries, Ltd., Earthlinked Technologies, Emerson Electric Co., Glen Dimplex Group, Johnson Controls, and Lennox International among others.