U.S. Residential Heat Pump Market Size
The U.S. residential heat pump market was worth $5.8 billion in 2023 and is expected to expand at a rate of 9.6% per year from 2024 to 2032 because more people want energy-efficient ways to heat and cool their homes. People are becoming more aware of the need to protect the environment, and the government is giving people money to make their homes more energy-efficient. These are two major reasons why this industry is growing. Technological improvements have made heat pumps work better and cost less, which makes them more appealing to homes.
This trend is going up because more people are using renewable energy sources and older HVAC systems are being replaced with greener ones. The home heat pump market is likely to grow even more as people become more interested in lowering their carbon footprints and energy use. The growing number of new homes being built and old ones being retrofitted is also a big part of the market's growth. This shows that more people in the U.S. are moving toward more environmentally friendly ways of living.
| 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 |
|
U.S. Residential Heat Pump Market Trends
Even in chilly places where they used to have trouble, heat pumps are now much better at heating homes. This is because of new features like compressors that can change speed and improved coolants. You can also regulate and keep an eye on your heat pump from anywhere with smart home devices, which makes it easy to keep track of your energy use. People are growing increasingly interested in reducing their carbon footprint and consuming less energy. This is also good for the heat pump company. Heat pumps are better at heating and cooling homes than traditional systems. Now that energy prices are going up and people are more concerned of the environment, this is an excellent choice.
Using heat pumps helps lower greenhouse gas emissions, which is in line with broader goals and rules that aim to lower energy use. Incentives from the federal, state, and municipal governments are very important for getting people to use heat pumps. Tax credits, rebates, and grants are some of the programs that will affect the home heat pump business all throughout the country. The U.S. Department of Energy's programs and the fact that heat pumps are now part of energy-efficient home upgrade projects have helped the industry grow even more. Policies that aim to get rid of less efficient HVAC systems also help the move to heat pumps.
U.S. Residential Heat Pump Market Analysis
The air source segment is predicted to reach over $12 billion by 2032 since these products are very efficient and use very little energy to turn ambient air into heating or cooling. Because of this efficiency, homeowners pay less for utilities, which makes ASHPs a cheaper option than traditional heating and cooling systems. Air source heat pumps use renewable energy from the air to help lower carbon footprints. Compared to traditional HVAC systems, they emit fewer greenhouse gases. This is in line with the growing demand from consumers for eco-friendly home solutions and the government's aspirations for sustainability.
The single-family category is expected to grow at a rate of roughly 9.5% per year through 2032. This is because these systems are becoming more popular in single-family houses because they can heat and cool the home more efficiently than traditional HVAC systems. Also, homeowners are more likely to get heat pumps since the government offers incentives and rebates for making energy-efficient house modifications. The use of heat pumps in single-family homes is also growing because of new technologies and the availability of eco-friendly refrigerants.
U.S. Residential Heat Pump Market Share
Carrier, Daikin, and Trane are some of the biggest companies in the U.S. residential heat pump market. They have a wide range of products, are well-known brands, and are committed to developing new energy-efficient technologies. They spend a lot of money on research and development to make high-tech heat pumps that meet tight energy regulations. Their large distribution networks make it easy for people to access their products, and their full customer support and after-sales services make it even easier.
U.S. Residential Heat Pump Market Companies
The key players actively operating across the industry includes
- Bard HVAC
- Bryant Heating & Cooling Systems
- Carrier
- Daikin Industries, Ltd.
- Earthlinked Technologies
- Emerson Electric Co.
- Glen Dimplex Group
- Johnson Controls
- Lennox International
- Mitsubishi Electric Corporation
- MODINE Manufacturing Company
- NIBE Industrier AB
- Nortek Global HVAC
- Rheem Manufacturing Company
- Trane
U.S. Residential Heat Pump Industry News
- In April 2024, Trane revealed the successful completion of the U.S DOE’s Residential Cold Climate Heat Pump Challenge, focusing on efficient heating in extremely cold climates. Their Pump prototype, tested at a home in Idaho, exceeded DOE test as per lab standards. The heat pump effectively warmed the room, using its backup electric heat strip only 10% of the time. Over two complete summer and winter seasons, field trials demonstrated that the prototype achieved an average energy bill reduction of 15-20% for the homeowner.
- In January 2024, LG presented its cutting-edge heat pump units for residential and light commercial use at the AHR Expo 2024. The company's R32 monobloc air-to-water heat pump system combines indoor and hydronic components to produce hot water for various uses, such as radiant floor heating, baseboard heating, and radiators. It also features advanced noise reduction technology.
This U.S. residential heat pump market research report includes in-depth coverage of the industry with estimates & forecast in terms of “‘000 Units” and “USD Million” from 2021 to 2032, for the following segments
Market, By Product
- Air Source
- Ground Source
- Water Source
Market, By Application
- Single Family
- Multi Family
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