Exploring the Growth of the Heat Pump Market Across North America

The global Heat Pump Market is expected to reach USD 157.8 billion by 2029 from USD 90.1 billion in 2024 at a CAGR of 11.8% during the 2024-2029 period. The heat pump market in the US witnessed substantial growth owing to the growing adoption of energy-efficient systems, favorable governmental incentives for renewable energy adoption, and the need to reduce carbon emissions. As such, heat pumps are a key enabler of the transition to sustainable energy solutions, offering a scalable and efficient alternative to near-term residential, commercial, and industrial space heating and cooling.

Some of the top companies in the US market include Carrier, Trane Technologies plc, DAIKIN INDUSTRIES, Ltd., Lennox International, and Mitsubishi Electric. Carrier is one of the leading providers of HVAC systems; they offer different heat pump solutions for both residential and commercial applications. They are highly recognized for innovative technologies and energy-efficient products. It has operations in 180 countries, such as the US, the UK, India, and China. The company has 51 factories and 39 R&D centers. The other giant in the HVAC world is Trane Technologies plc, which specializes in energy-efficient and environmentally friendly heat pumps. They sell products to residential and commercial markets. The company operates in 60 countries. DAIKIN INDUSTRIES, Ltd. is one of the world's largest manufacturers of HVAC systems. The company has a strong presence in the US market. Their heat pump systems are reliable, energy-saving, and eco-friendly. DAIKIN INDUSTRIES, Ltd. has over 100 industrial plants in over 150 countries.

 

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These companies are focusing on research and development activities for new and innovative heat pumps to be developed that can cater to consumer demand in the market while maintaining strong market footprints. For instance, in November 2023, DAIKIN INDUSTRIES, Ltd. launched new air-to-air heat pumps. The refrigerant is difluoromethane (R32) in the new products. The VRV 5 systems are in two models. They are the Mini-VRV system, with a maximum output of 33.5 kW, and the Top-Blow series, which reaches 56 kW. In September 2023, Carrier introduced the AquaForce 61CW-Z. Its power range is between 410 kW to 735 kW. It can attain a temperature of up to 92°C. It is recommended for district heating networks and industrial process heating systems. In addition, in September 2023, Trane Technologies plc launched the Thermal Battery Storage-Source Heat Pump System, which brings both heating and cooling under one electric solution and can be up to three times more efficient than traditional heating methods. Commonly called ice storage, thermal energy storage ice tanks act like batteries. In June 2022, The Department of Energy announced that Lennox International has become its first partner in the Residential Cold Climate Heat Pump Technology Challenge. Cold climate heat pumps are designed to deliver efficient heating even in freezing temperatures while emitting no greenhouse gases.

 

The key factors driving the growth of the US market include the ongoing implementation of regulations and policies by the government to reduce the carbon footprint, coupled with the increasing investments in the installation of energy-efficient technologies in new infrastructure development projects and expanding residential and commercial sectors. The increase in the number of initiatives taken by the government to achieve energy efficiency in the residential and commercial sectors has surged the adoption of heat pumps in new and existing residential and commercial buildings. Besides, there has been an increase in focus on the use of renewable energy in the past few years. For example, in February 2024, the DOE released a notice of availability of $63 million that can accelerate the growth rate of domestic manufacture of residential heat pumps along with heat pump water heaters and other miscellaneous components. This investment under President Biden's Inflation Reduction Act—which President Biden has invoked under his emergency authority as justified by climate change—is making use of the Defense Production Act to ramp up the domestic production of key clean energy technologies, including electric heat pumps.

 

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Technological advancement, sustainability goals, and supportive government policies are pushing the heat pump expansions further in the U.S. market. Industry stakeholder collaboration, investment in research and development, and education of consumers will be very important in making heat pump technology realize its full potential in delivering energy efficiency and reduction in carbon emissions.

Heat Pump Industry: Asia Pacific is Expected to Be the Fastest-Growing Market for Heat Pump During 2018– 2023

The heat pump industry is expected to grow from an estimated USD 54.34 billion in 2018 to USD 94.42 billion by 2023, at a CAGR of 11.68%, during the forecast period. The market is set to witness growth because of increased investments in the residential and commercial sectors, infrastructure developments, and ability to reduce carbon emissions.

The residential end-user segment is expected to generate significant demand for heat pumps during the forecast period.

The increase in urbanization has led to the demand for smart buildings. These buildings require efficient heat pumps, leading to the growth of the heat pump market. Smart buildings are not only green/sustainable but are also intelligent; these buildings are equipped with advanced technologies, which include heat pumps. Heat pumps provide a comfortable and standard living environment. Governments are relying on smart buildings, which ensure a lower carbon footprint, 40% reduction in the usage of water, and less electricity consumption. Thus, developers and owners of buildings are trying to meet energy-efficiency guidelines using equipment such as heat pumps.

Asia Pacific: The Key market for heat pumps during the forecast period.

In this report, the heat pump market has been analyzed concerning 4 regions, namely, Asia Pacific, Europe, North America, and Rest of the World (RoW). The governments in these countries are drawing up policies to ensure that energy-efficient equipment such as heat pumps are being installed in new buildings, which is expected to drive the market for heat pumps. The demand from China would lead the market in Asia Pacific. Growing investments in the residential and commercial sectors of the Chinese market is creating a huge demand for the heat pump market. Rising government regulations and policies for increasing energy efficiency and favorable incentives, a significant contribution of heat pumping technology in the reduction of CO2 emissions, implementation of large industrial and commercial projects, and refurbishment of the aging infrastructure in Asia Pacific & Europe would continue to create demand for the heat pump market.

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Some of the top players in the heat pump market such as Daikin (Japan), United Technologies (US), Midea (China), NIBE (Sweden), Ingersoll Rand (Ireland), Glen Dimplex (Ireland), Stiebel Eltron (Germany), Viessmann (Germany), Panasonic (Japan), Mitsubishi (Japan), Vaillant (Germany), and Danfoss (Denmark).