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.
Further, the outbreak of the COVID-19 pandemic has disrupted all the construction and other relevant activities in the region, which has had negative impacts on the heat pumps industry. The region is the worst hit COVID-19 continent with more than 10 million COVID-19 cases, as of October 1st Week (2020). Although, the lockdown impositions have been lifted and most of the major industries have started operating entirely, which will aid the heat pumps market is gaining momentum.
The North American heat pumps market is segmented based on product type, capacity, and end-user. Based on product type, the heat pumps market is segmented into air source, air-to-air, air-to-water, water source, and ground source. Based on capacity, the heat pumps market is segmented into <10KW, 10KW-20KW, >20KW. Based on end-user, the market is classified into commercial, industrial, and residential. The residential end-user segment dominated the heat pumps market in 2019 and is expected to remain significant throughout the forecast period as well. The rise in disposable income, growing awareness about geothermal energy, use of HVAC systems utilizing renewable resources, rising concern for sustainability, and eco-friendliness are expected to drive the market for the next 5 years in the residential sector. With established markets in North America, the residential segment is expected to constitute a significant share of the 0-10 kW heat pump market.
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North American Heat Pumps Market Segmentation
By Product Type
· Air Source
· Water Source
· Ground Source
By Capacity
· <10KW
· 10KW-20KW
· >20W
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
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