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U.S. Residential Heat Pump Market Size
- Report ID: GMI4653
- Published Date: Jul 2024
- Report Format: PDF
U.S. Residential Heat Pump Market Size
U.S. Residential Heat Pump Market was valued at USD 5.8 billion in 2023 and is set to grow at a CAGR of 9.6% from 2024 to 2032, owing to the increasing demand for energy-efficient heating & cooling solutions. Rising awareness of environmental sustainability and government incentives for energy-efficient home upgrades are key factors propelling this market. Technological advancements have improved the performance and affordability of heat pumps, making them more attractive to homeowners.
The growing adoption of renewable energy sources and the phasing out of traditional HVAC systems in favour of greener alternatives contribute to this upward trend. With the heightened focus on reducing carbon footprints and energy consumption, the residential heat pump market is expected to expand further. The increasing number of new residential constructions and retrofitting activities also play a vital role in market growth, reflecting a broader shift towards sustainable living practices across the U.S.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| U.S. Residential Heat Pump Market Size in 2023: | USD 5.8 Billion |
| Forecast Period: | 2024 to 2032 |
| Forecast Period 2024 to 2032 CAGR: | 9.6% |
| 2032 Value Projection: | USD 13.4 Billion |
| Historical Data for: | 2021 - 2023 |
| No. of Pages: | 90 |
| Tables, Charts & Figures: | 14 |
| Segments covered: | Product, Application |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Frequently Asked Questions (FAQ) :
U.S. Residential Heat Pump Market Scope
