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.
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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However, the outbreak of the COVID-19 pandemic has resulted in a significant decline in the sales of heat pumps in the country. Post-COVID, the construction industry in the US is expected to gain slow and steady momentum. The residential, as well as commercial industries, will gain momentum post the 3rd quarter of 2020, which will result in an increased demand for heat pumps within the country.
The US 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, 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. <10KW is prevailing in the US and these heat pumps are suitable for residential applications that might be either single zone or multi-zoned. The majority of the offerings in the market fall under this category as the residential buildings are the dominant end-users for heat pumps. Glen Dimplex, Bosch, Daikin, and Carrier are some of the major players in the segment. Players like Mitsubishi has also revolutionized the market by introducing heat pumps with HyperCore technology that is capable of operating at extreme climatic conditions by working at 6kW and low electric consumption.
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US Heat Pumps Market Segmentation
By Product Type
· Air Source
· Water Source
· Ground Source
By Capacity
· 5.2.1. <10KW
· 10KW-20KW
· >20W
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
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