North America Residential Heat Pump Market

North America Residential Heat Pump Market Size, Share, Growth Analysis, By Product(Air Source Heat Pumps, Ground Source Heat Pumps (Geothermal), Water Source Heat Pumps, and other innovative formats), By Technology(Inverter-driven Heat Pumps, Non-Inverter Heat Pumps, and others), By Application(Space Heating, Space Cooling, Water Heating, and Others), By Region - Industry Forecast 2024-2031


Report ID: SQMIR20G2053 | Region: Regional | Published Date: February, 2024
Pages: 157 |Tables: 92 |Figures: 76

North America Residential Heat Pump Market Insights

North America Residential Heat Pump Market size was valued at USD 7.3 billion in 2022 and is poised to grow from USD 7.9 billion in 2023 to USD 13.18 billion by 2031, growing at a CAGR of 9% in the forecast period (2024-2031).

In recent years, the North America residential heat pump market has been changing demands due to their versatility in both heating and cooling applications, and has gained popularity among homeowners seeking energy-efficient solutions. The market is driven by factors such as increasing awareness of energy efficiency, rising concerns about environmental sustainability, and government initiatives promoting the adoption of green technologies.

Additionally, the push towards reducing carbon emissions and achieving energy conservation goals has contributed to the market expansion. The residential sector, characterized by a growing demand for sustainable and cost-effective heating and cooling solutions, provides a favorable environment for heat pump adoption.

Market snapshot - 2024-2031

Global Market Size

USD 7.3 billion

Largest Segment

Ground Source Heat Pumps (Geothermal)

Fastest Growth

Air Source Heat Pumps

Growth Rate

9% CAGR

Global North America Residential Heat Pump Market ($ Bn)
Country Share for North America Region (%)
Global North America Residential Heat Pump Market By Product type ($ Bn)
Global North America Residential Heat Pump Market By Product type (%)

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North America Residential Heat Pump Market Segmental Analysis

The north america residential heat pump market is segmented into four major segments i.e. by product type, technology, application, and region. Based on type, it is divided into air source heat pumps, ground source heat pumps (geothermal), water source heat pumps, and other innovative formats. Based on technology, it is bifurcated as inverter-driven heat pumps, non-inverter heat pumps, and others. Based on application, it is segregated into, space heating, space cooling, water heating, and others. Based on region, the market is segmented into United States, Canada, and Mexico.

Analysis by Type

Air source heat pumps have typically held a substantial market share as they are often more commonly installed in residential settings for both heating and cooling purposes. Ground source heat pumps (geothermal) have shown growth potential, especially in areas with favorable geological conditions, but their market share has been relatively smaller.

In recent years, there has been increasing interest in geothermal heat pumps as they are considered more energy-efficient and environmentally friendly. It depends on evolving consumer preferences, advancements in technology, and government incentives.

Analysis by Application

Space heating has been a dominant application segment for residential heat pumps, given the essential need for efficient heating solutions in colder climates. The environmentally friendly solutions may have driven the adoption of heat pumps for space cooling and water heating applications.

The fastest-growing application segment space cooling is influenced by various factors, including advancements in technology, changes in consumer preferences, and environmental considerations. In recent years, there has been a growing emphasis on energy-efficient drive the adoption of heat pumps for space cooling and water heating applications.

Global North America Residential Heat Pump Market By Product type, 2022 (%)

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North America Residential Heat Pump Market Regional Insights

The United States has historically dominated the North America Residential Heat Pump market due to its population size and diverse climate conditions. The region's market is relatively mature, with well-established brands and a long history of consumer familiarity with these products. This maturity provides a stable foundation for market dominance.

The fastest-growing region Canada depends on factors such as regional economic growth, government incentives, and shifts in consumer preferences. Generally, regions experiencing population growth, urbanization, and a focus on sustainability are likely to see increased demand for residential heat pumps.

Global North America Residential Heat Pump Market By Region, 2024-2031
  • Largest
  • Fastest

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North America Residential Heat Pump Market Dynamics

Drivers

Increasing Consumer Awareness on Energy Efficiency

  • The increasing awareness and emphasis on energy efficiency among consumers. As households seek eco-friendly and cost-effective heating and cooling solutions, the demand for heat pumps, known for their efficiency, has risen. Government initiatives and incentives promoting the adoption of sustainable technologies further propel market growth. Additionally, the flexibility of heat pumps in both heating and cooling applications makes them appealing to consumers seeking versatile and all-season comfort solutions.

Restraints

High Installation Cost Associated with Heat Pump Systems

  • One of the main market restraints is the initial high installation cost associated with heat pump systems, which can deter some homeowners from adopting these technologies despite their long-term energy efficiency benefits. Additionally, the suitability of heat pumps in extreme climates poses a limitation, as extremely low or high temperatures can affect their performance.

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North America Residential Heat Pump Market Competitive Landscape

The competitive environment of the North America residential heat pump market is dynamic and characterized by a mix of established industry players and new entrants vying for market share. Competitive strategies often involve product innovation, focusing on the development of more energy-efficient and environmentally friendly heat pump systems. Additionally, there is a growing trend of collaboration and partnerships between manufacturers and technology providers, aiming to integrate advanced features such as smart home capabilities into residential heat pumps.

Top Player’s Company Profiles

  • Mitsubishi Heavy Industries, Ltd.
  • Lennox International, Inc.
  • Rheem Manufacturing Company
  • Goodman Global Group, Inc.
  • Johnson Controls International plc
  • York International Corporation
  • Fujitsu General Limited
  • Gree Electric Appliances, Inc. of Gree Group
  • Midea Group Co., Ltd.
  • Haier Group Corporation
  • Hisense Group Co., Ltd.
  • TCL Corporation
  • Gree Electric Appliances Inc. of Zhuhai
  • Changhong Midea Appliances Co., Ltd.
  • Aux Group Co., Ltd.
  • Kelon Group Co., Ltd.
  • Joyou Group Co., Ltd.

Recent Developments

  • In January 2023, Johnson Controls (NYSE: JCI), a global leader in smart, sustainable building solutions, disclosed its acquisition of Hybrid Energy AS. This strategic move aims to expand Johnson Controls' offerings in high-temperature energy management solutions, specifically focusing on heat pumps designed for district heating and industrial processes.
  • In April 2023, Carrier Global Corporation, an OEM headquartered in Florida, specializing in air-conditioning and commercial refrigeration, declared its acquisition of Viessmann Climate Solutions (VCS), the leading segment of the Viessmann Group and a prominent German heat pump manufacturer.

North America Residential Heat Pump Key Market Trends

Rising Integration of Smart Technologies

  • The increasing integration of smart technologies into heat pump systems. Homeowners are increasingly adopting smart thermostats and connected HVAC systems, allowing for more precise control, energy efficiency, and remote management of residential heating and cooling. Another significant trend is the growing emphasis on environmental sustainability, driving the demand for heat pumps that utilize eco-friendly refrigerants and have a reduced carbon footprint.

North America Residential Heat Pump Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.

North America residential heat pump market analysis reveals a dynamic marketplace with a number of standout trends and difficulties. The market is propelled by a surge in consumer demand for energy-efficient and environmentally friendly heating and cooling solutions. Government initiatives promoting sustainability act as a driving force, while the high initial installation cost and climate-dependent performance present challenges. Air source heat pumps dominate the market, with geothermal pumps gaining traction. The United States remains a major market player, spurred by urbanization and smart home technology adoption. Key trends include the integration of smart features and a growing emphasis on eco-friendly refrigerants, shaping the evolving landscape of the residential heat pump market in North America.

Report Metric Details
Market size value in 2022 USD 7.3 billion
Market size value in 2031 USD 13.18 billion
Growth Rate 9%
Base year 2023
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Product
    • Air Source Heat Pumps, Ground Source Heat Pumps (Geothermal), Water Source Heat Pumps, and other innovative formats
  • Technology
    • Inverter-driven Heat Pumps, Non-Inverter Heat Pumps, and others
  • Application
    • Space Heating, Space Cooling, Water Heating, and Others
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Mitsubishi Heavy Industries, Ltd.
  • Lennox International, Inc.
  • Rheem Manufacturing Company
  • Goodman Global Group, Inc.
  • Johnson Controls International plc
  • York International Corporation
  • Fujitsu General Limited
  • Gree Electric Appliances, Inc. of Gree Group
  • Midea Group Co., Ltd.
  • Haier Group Corporation
  • Hisense Group Co., Ltd.
  • TCL Corporation
  • Gree Electric Appliances Inc. of Zhuhai
  • Changhong Midea Appliances Co., Ltd.
  • Aux Group Co., Ltd.
  • Kelon Group Co., Ltd.
  • Joyou Group Co., Ltd.
Customization scope

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on North America Residential Heat Pump Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on North America Residential Heat Pump Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the North America Residential Heat Pump Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the North America Residential Heat Pump Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the North America Residential Heat Pump Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the North America Residential Heat Pump Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

North America Residential Heat Pump Market size was valued at USD 7.3 billion in 2022 and is poised to grow from USD 7.9 billion in 2023 to USD 13.18 billion by 2031, growing at a CAGR of 9% in the forecast period (2024-2031).

The competitive environment of the North America residential heat pump market is dynamic and characterized by a mix of established industry players and new entrants vying for market share. Competitive strategies often involve product innovation, focusing on the development of more energy-efficient and environmentally friendly heat pump systems. Additionally, there is a growing trend of collaboration and partnerships between manufacturers and technology providers, aiming to integrate advanced features such as smart home capabilities into residential heat pumps. 'Daikin Industries, Ltd.', 'Carrier Corporation', 'Trane Technologies plc', 'Mitsubishi Heavy Industries, Ltd.', 'Lennox International, Inc.', 'Rheem Manufacturing Company', 'Goodman Group, Inc.', 'Johnson Controls International plc', 'York International Corporation', 'Fujitsu General Limited', 'Gree Electric Appliances, Inc. of Gree Group', 'Midea Group Co., Ltd.', 'Haier Group Corporation', 'Hisense Group Co., Ltd.', 'TCL Corporation', 'Gree Electric Appliances Inc. of Zhuhai', 'Changhong Midea Appliances Co., Ltd.', 'Aux Group Co., Ltd.', 'Kelon Group Co., Ltd.', 'Joyou Group Co., Ltd.'

The increasing awareness and emphasis on energy efficiency among consumers. As households seek eco-friendly and cost-effective heating and cooling solutions, the demand for heat pumps, known for their efficiency, has risen. Government initiatives and incentives promoting the adoption of sustainable technologies further propel market growth. Additionally, the flexibility of heat pumps in both heating and cooling applications makes them appealing to consumers seeking versatile and all-season comfort solutions.

The increasing integration of smart technologies into heat pump systems. Homeowners are increasingly adopting smart thermostats and connected HVAC systems, allowing for more precise control, energy efficiency, and remote management of residential heating and cooling. Another significant trend is the growing emphasis on environmental sustainability, driving the demand for heat pumps that utilize eco-friendly refrigerants and have a reduced carbon footprint.

The United States has historically dominated the North America Residential Heat Pump market due to its population size and diverse climate conditions. The region's market is relatively mature, with well-established brands and a long history of consumer familiarity with these products. This maturity provides a stable foundation for market dominance.

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