North America Residential Heat Pump Market worth $24 billion by 2028, Says GMI

North America Residential Heat Pump Industry is poised to register over 8% CAGR between 2022 and 2028 driven by growing demand for energy efficient systems along with positive outlook toward adoption of sustainable technologies.

Selbyville, Delaware, Jan. 25, 2022 (GLOBE NEWSWIRE) --

North America residential heat pump market revenue is expected to exceed USD 24 billion by 2028, as reported in the latest study by Global Market Insights Inc. Favorable government schemes including emissions reduction targets, incentive plans, and clean heating and cooling programme to adopt clean and sustainable technology, will drive the North America Residential heat pump industry growth.

Increasing demand for energy efficient systems along with the introduction of green bonds by multilateral development banks will boost the industry dynamics. Additionally, surging demand for space heating systems coupled with rapidly growing population followed by rise in the total number of household units will stimulate the heat pump market growth across the residential segment.

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Water-to-water (W-to-W) heat pumps industry is anticipated to grow owing to their higher Coefficient of Performance (COP) when compared to conventional boilers and other heating & cooling equipment. Moreover, simultaneous heating & cooling technique with high-efficiency and minimal carbon emissions from residential establishments will propel industry size over the forecast timeframe.

Some key findings of the North America residential heat pump market report include:

  • Ongoing infrastructural investments in real estate sector in line with growing demand for space heating and cooling systems will foster product adoption.
  • Favorable government policies and energy efficiency mandates along with building emission reduction targets will augment the industry outlook.
  • Growing adoption of sustainable heat pump technologies coupled with development of products with innovative and cost – effective smart and digital features will positively sway the product penetration.
  • Major players operating across the North America residential heat pump industry include Danfoss, Daikin, Glen Dimplex, Trane, Bosch Thermotechnology GmbH, Carrier Corporation, Johnson Controls, etc.
  • Shifting inclination toward reduction of overall energy consumption combined with low operating as well as maintenance costs will foster the business statistics.   

Browse key industry insights spread across 236 pages with 157 market data tables & 40 figures & charts from the report, “North America Residential Heat Pump Market By Product (Air Source {Air to Air, Air to Water}, Geothermal {By Technology [Open Loop, Closed Loop, Hybrid]}, Water Source {Water to Air, Water to Water}, {By Technology [Open Loop, Closed Loop, Hybrid]}), Application (Single Family, Multi-Family), Industry Analysis Report, Country Outlook, Competitive Market Share & Forecast, 2022 – 2028” in detail along with the table of contents:

U.S. residential heat pump market is expected to surpass USD 23 billion by 2028. Introduction of various state policies and programs to encourage the use of sustainable and energy efficient heat pumps will positively sway the industry statistics. For instance, the New York State Energy Research and Development Authority (NYSERDA) has introduced an Air Source Heat Pump (ASHP) Program with an aim to help the state increase energy efficiency, use renewable energy, save money, and reduce the reliance on fossil fuels.

During the pandemic outbreak marginally impacted the global industry scenario. The adaptation of the key market players to the changing industry conditions will support in limiting the disruptions caused by the spread. However, government initiatives to resume various operations across manufacturing facilities, major industries, power plants, and infrastructure projects will positively influence the North America residential heat pump market outlook.

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About Global Market Insights

Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.


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