U.S. Residential Heat Pump Market size to exceed $22.2bn by 2030

U.S. Residential Heat Pump Market is expected to surpass USD 22.2 billion by 2030 as reported in the latest study by Global Market Insights Inc.
 

The U.S. residential heat pump industry is set to grow owing to the increasing adoption of energy-efficient cooling & heating systems and the ongoing development of residential establishments. Favorable government policies to curb carbon emissions along with increasing disposable income will augment the business landscape. A paradigm shift toward the replacement of traditional systems with advanced units will foster the industry scenario.
 

Ground source heat pumps are gaining significant growth across the residential sector as they are environmental-friendly, reliable, have low heat losses, and possess humidity control features. The abundant availability of constant ground temperature throughout the country will fuel product adoption. The introduction of green buildings coupled with a growing focus on energy optimization will positively impact the industry landscape.
 

The country has been significantly impacted by an unexpected outbreak of the COVID-19 pandemic. Respective governments have initiated lockdowns to decrease community transmission, forcing its residents to stay indoors. From early 2020, residential construction projects took a major hit and registered a significant decrease due to lockdowns and the lack of workforce availability.
 

Ongoing technological advancements will drive the hybrid system heat pump market

U.S. residential heat pump market from hybrid system is anticipated to grow at a rate of over 4.5% through 2030. The system has a low turnaround time as it utilizes two HVAC systems, making it a more suitable choice for consumers looking for swift heating & cooling technologies. High reliability, reduction in the required land area, increased output, and more efficiency are some of the paramount features enhancing technology adoption.
 

Browse key industry insights spread across 590 pages with 1,315 market data tables & 27 figures & charts from the report, “U.S. Residential Heat Pump Market Size, By Technology (Air Source {Air to Air, Air to Water}, Ground Source, Water Source, Hybrid & Others), By Installation (Retrofit, New Build), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2030”, in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/us-residential-heat-pump-market
 

 The U.S. residential heat pump market to gain traction due to growing population across major states

The retrofit residential heat pump market accounted for over USD 6 billion in 2020. The ongoing expansion of residential spaces including houses, apartments, and villas will propel the industry outlook. Increasing population along with a gradual shift of rural population toward urban cities will drive product adoption. For instance, the country witnessed a growth of over 7% in population between 2010 and 2020.
 

The harsh winter temperatures will propel the Mountain States market size

The West South Central residential heat pump market will grow at a CAGR of over 5% betbeen 2021 and 2030. characterized by low winter temperatures that result in highly seasonal space heating demand, stimulating the business growth. The ongoing refurbishment of residential establishments owing to soaring demand for consistent hot water and space heating applications will complement the business growth.
 

Notable players operating across the U.S. residential heat pump market include Glen Dimplex Group, Trane, Carrier Corporation, Daikin, Nortek HVAC, Mitsubishi Electric Corporation, Lennox International, Johnson Controls, Emerson Electric, Rheem Manufacturing Company, MODINE Manufacturing Company, NIBE Industrier AB, Bard HVAC, Bryant Heating & Cooling Systems, and EarthLinked Technologies.