The North American heat pumps market is anticipated to grow at a remarkable CAGR during the forecast period. North America accounted for more than 25% of the global volume share for heat pumps in 2019 which is expected to witness growth following the pandemic in 2020. With fossil fuels dominating the market in most of the residential buildings of the US, the opportunity for growth remains more evident in the country. Further, the eminent players in the region are expected to involve in market expansion activities that can potentially influence higher adoption levels in niche markets of Canada during 2020- 2026.
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Green buildings are the latest trends in the US where cities like Austin are the fastest-growing markets for greenhouse buildings. In major cities like New York, there is also scope for adoption of over 1,00,000 residential heat pump installations by the end of 2025, thereby contributing towards New York’s energy efficiency target of realizing over 185 TBtu of site energy savings by 2025. Maine, Washington, South Dakota, Kansas, and California are the other major cities, which have implemented strict laws for energy usage disclosure for the upcoming projects where the developers are required to achieve a regulatory standard to maintain their business in the market. The construction projects in the country are also more prone to install eco-friendly heat pumps to obtain green certification from the council.
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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
North American Heat Pumps Market by Product Type
- Air Source
- Water Source
- Ground Source
North American Heat Pumps Market by Capacity
- <10KW
- 10KW-20KW
- >20W
North American Heat Pumps Market by End-user
- Commercial
- Industrial
- Residential
Regional Analysis
- The US
- Canada
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 North American 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 North American heat pumps market.
- Insights about market determinants that are stimulating the North American 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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