Home > Industrial Machinery > HVAC > Heat Pumps > U.S. Residential Heat Pump Market

U.S. Residential Heat Pump Market Trends

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

U.S. Residential Heat Pump Market Trends

Innovations such as variable-speed compressors and improved refrigerants have significantly increased the efficiency and performance of heat pumps, making them viable options even in colder climates where traditional heat pumps were less effective. The integration of smart home technologies, allowing users to control and monitor their heat pumps remotely, is also gaining traction, enhancing convenience and energy management. The push towards reducing carbon footprints and enhancing energy efficiency is a significant driver in this industry. Heat pumps are recognized for their ability to provide heating and cooling more efficiently than traditional HVAC systems. This is particularly appealing in the context of increasing energy costs and growing environmental awareness.
 

The adoption of heat pumps helps reduce greenhouse gas emissions, aligning with broader sustainability goals and regulations aimed at reducing energy consumption. Federal, state, and local government incentives play a crucial role in promoting the adoption of heat pumps. Programs like tax credits, rebates, and grants will sway the residential heat pump industry across the country. The U.S. Department of Energy’s initiatives and the inclusion of heat pumps in energy-efficient home upgrade programs have further stimulated market growth. Policies aimed at phasing out less efficient HVAC systems also support the transition to heat pumps.

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.

U.S. Residential Heat Pump Market Scope

Buy Now


Premium Report Details

  • Base Year: 2023
  • Companies covered: 15
  • Tables & Figures: 14
  • Countries covered: 1
  • Pages: 90
 Download Free Sample