The US heat pumps market is anticipated to grow at a significant CAGR during the forecast period. The US was estimated to be the largest end-user for heat pumps, concerning revenue. The rising demand for heating and cooling applications alongside increasing utility bills are expected to drive the heat pumps market for the next 5 years, especially in the residential segments. The renovation and refurbishment activities can stimulate adoption in commercial establishments as well. Incorporation of new and sophisticated technologies like IoT integration can become more successful in the US owing to high product awareness and acceptance.
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The introduction of the NYSERDA program in New York ignited the wide sale adoption of air source heat pumps since 2017 which is the major reason for the significance of the ASHP segment in the country. Despite the usage of heat pumps for heating water in domestic applications for over 30 years, the lack of significant penetration level is posing a growth opportunity for air-to-water heat pumps in the country during 2020-2026. The regulations from the Environmental Protection Agency (EPA) and US Green Building Council is expected to ensure the growth of green buildings in the country, thereby promoting the adoption of heat pumps
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- Market Coverage
- Market number available for – 2022-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill Inc., and others
Market Segmentation
US Heat Pumps Market by Product Type
- Air Source
- Water Source
- Ground Source
US Heat Pumps Market by Capacity
- <10KW
- 10KW-20KW
- >20W
US Heat Pumps Market by End-user
- Commercial
- Industrial
- Residential
Company Profiles
- Carrier Corp.
- Daikin Industries, Ltd.
- Danfoss A/S
- Fujitsu General, Ltd.
- Hitachi Air Conditioning Co.
- Johnson Controls International plc
- Lennox International, Inc.
- LG Electronics, Inc.
- Midea Group
- Mitsubishi Electric Corp.
- NIBE Industrier AB
- Panasonic Corp.
- Robert Bosch GmbH
- Trane Technologies Company, LLC
- WOLF GmbH
The Report Covers
- Comprehensive research methodology of the US heat pumps market.
- This report also includes a detailed and extensive market overview with key analyst insights.
- An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
- Analysis of regional regulations and other government policies impacting the US heat pumps market.
- Insights about market determinants that are stimulating the US heat pumps market.
- Detailed and extensive market segments with the regional distribution of forecasted revenues.
- Extensive profiles and recent developments of market players.
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