U.S. Residential Heat Pump Market Future Challenges, Trends, Analysis & Growth Outlook 2023-2030

13-01-2023

By Ronak Bora

The growing proclivity of American consumers toward the adoption of durable, reliable, and energy-efficient systems has instigated a rise in the demand for residential space heating solutions in the country. In addition, the rising government concerns about the import dependency as well as the unstable fossil fuel prices are creating a favorable scenario for U.S. residential heat pump market. Besides, the increasing need for home heat pumps in residential spaces is strengthening the industry statistics further.

The recent event of the coronavirus pandemic has urged various government authorities to collaborate with eminent companies to efficiently address the present situation. The adoption of the work from home concept due to lockdown restrictions is fueling the demand for heating systems in the country which is indeed accelerating the market growth.

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An outline of some of the major trends that are set to transform the outlook of U.S. residential heat pump market is as under:

New product launches by key market players

Various companies operating in the U.S. residential heat pump industry are taking consistent efforts to launch innovative offerings to effectively meet consumer demands and bolster their market position. Quoting an instance, in 2021, New York-based energy innovator ThermoLift Inc collaborated with FortisBC Energy Inc (FortisBC). The strategic move is aimed at commencing the field tests for their fuel-flexible residential heat pumps for single-family homes.

Growing popularity of ground source heat pumps

The ground source heat pumps are gaining massive traction in the country on account of their high reliability, low noise, and low heat loss. The growing infrastructural investments towards the development of single and multi-housing buildings are stimulating their adoption in the U.S. In addition, the elevating demand for enhancement and replacement of traditional HVAC equipment to comply with the stringent energy efficiency norms is further impelling the product demand.

Heightened adoption of environment-friendly technologies

A paradigm shift towards cleaner and energy-efficient technologies is positively influencing the business space. This has encouraged the market players to develop more environment-friendly offerings that can cater to the rising consumer demands. For instance, in 2021, San Francisco-based startup, Gradient, introduced a home heat pump that uses a climate-friendly refrigerant- R290, which aims to offer year-round cooling and heating. The company claims that the system can minimize greenhouse gas emissions by 75% compared to that of the traditional systems.

Burgeoning demand in the North East states

Growing emphasis on energy conservation, coupled with rising awareness about reducing the harmful GHG emissions, is accelerating the growth of residential heat pump market in the North East States. The supportive government schemes such as corporate and personal tax credits and rebates along with the rapid development of residential infrastructures are further enhancing the industry scenario. Considering these factors, North East States residential heat pump market is anticipated to observe a substantial CAGR of over 5% through 2030.

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The ongoing infrastructural development coupled with the refurbishment of aging buildings in the U.S. is driving the adoption of residential heating systems in the country. In addition, increasing preference for environment-friendly systems and the launch of innovative product offerings is further favoring the product penetration providing lucrative growth prospects for the business expansion.

Partial Chapter of the Table of Content

Chapter 4 U.S. Residential Heat Pump Market, By Technology

4.1 U.S. residential heat pump market share by technology, 2020 & 2030

4.2 Air source

4.2.1 U.S. market from air source, 2017 – 2030

4.2.2 U.S. market from air source, by region, 2017 – 2030

4.2.3 Air to air

4.2.3.1 U.S. market from air to air, 2017 – 2030

4.2.3.2 U.S. market from air to air, by region, 2017 – 2030

4.2.4 Air to water

4.2.4.1 U.S. market from air to water, 2017 – 2030

4.2.4.2 U.S. market from air to water, by region, 2017 – 2030

4.3 Ground source

4.3.1 U.S. market from ground source, 2017 – 2030

4.3.2 U.S. market from ground source, by region, 2017 – 2030

4.4 Water source

4.4.1 U.S. market from water source, 2017 – 2030

4.4.2 U.S. market from water source, by region, 2017 – 2030

4.5 Hybrid & others

4.5.1 U.S. market from hybrid & others, 2017 – 2030

4.5.2 U.S. market from hybrid & others, by region, 2017 – 2030

Chapter 5 U.S. Residential Heat Pump Market, By Installation

5.1 U.S. residential heat pump market share by installation, 2020 & 2030

5.2 Retrofit

5.2.1 U.S. market from retrofit, 2017 – 2030

5.2.2 U.S. market from retrofit, by region, 2017 – 2030

5.3 New build

5.3.1 U.S. market from new build, 2017 – 2030

5.3.2 U.S. market from new build, by region, 2017 – 2030

Browse complete Table of Contents (ToC) of this research report @ https://www.gminsights.com/toc/detail/us-residential-heat-pump-market

About Author

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Technology Magazine and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport....