U.S. Residential Heat Pump Market by Size, Growth, Segment | American Standard, Emerson, Daikin Corporation

The U.S. residential heat pump market is anticipated to witness steady growth in the coming years due to growing demand for sustainable heating technologies and introduction of green building codes. The demand for cost effective heating & cooling solutions that are capable of decreasing overall power consumption has grown significantly in recent years.

Ongoing initiatives led by government authorities to install heating appliances in order to reduce carbon emissions is support product demand. A research led by Global Market Insights, Inc., claims that the U.S. residential heat pump market may observe an annual deployment of 2.8 million units by 2026.

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Governmental programs targeted towards promoting the adoption of sustainable HVAC units along with favorable regulatory standards may support U.S. residential heat pump market share. The residential sector that comprises of large multifamily buildings and luxury apartments is recording robust growth. Product innovation with the integration of IoT technology which includes Wi-Fi integration and remote management & control is encouraging product penetration.

The demand for air source heat pump is expected to grow in the coming years owing to its capability to purify air throughout a broad range of applications. Favorable regulatory policies for the deployment of sustainable heating systems will lay a positive impact on the market outlook.

In 2017, NYSERDA introduced ASHP program in order to lessen the dependence on conventional fuels, to save money and to deploy renewable energy in New York state. In addition, strategic business expansions by prominent market players will supplement business growth.

Ongoing government rebates and incentives and large scale promotional activities are driving the adoption of energy efficient heating systems. Rising concerns regarding carbon dioxide emissions along with growing demand for clean fuel are encouraging the adoption of such heating units. Also, shifting focus toward innovative technologies is likely to elevate the installation of residential heat pumps in the U.S.
Rise in standard of living with rising disposable income will stimulate product penetration in single family applications. With rising number of people moving toward urban areas and growing consumer spending, the demand of housing structures will growing at an exponential rate, augmenting residential heat pump demand.

The single speed compressors are likely to witness robust growth owing to improved R&D activities and large-scale investments done by numerous manufacturers. These units are utilized throughout residential establishments owing to its high durability and low equipment cost. Additionally, features like temperature control, air filtration, and greater humidity will encourage product deployment over time.

Currently, Mitsubishi Electric Corporation, Johnson Controls, Carrier Corporation, and Rheem Manufacturing among others are some of the key players operating in the U.S. residential heat pump market. Companies are commencing partnerships and collaborations with renowned technology providers in order to increase their business reach. Prominent players are also making large investments to drive new R&D activities, and focusing toward adopting low cost manufacturing techniques.

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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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