Data Bridge Market Research analyses that the North America Heat Pump Market is expected to reach a value of USD 26,491.32 million by 2030, at a CAGR of 8.9% during the forecast period. "Air-to water heat pump" is the largest system segment in the heat pump market. The North America heat pump market report also covers pricing analysis, patent analysis, and technological advancements in depth.
The North America heat pump market has witnessed growth due to the rising demand for heating, ventilation, and air-conditioning (HVAC) Systems. It can be used for numerous residential, commercial, and industrial applications in various industries such as general manufacturing, chemical and petroleum, food and beverages, utilities, textile and leather, wood products, metal, and others. The recent pandemic has slightly decreased growth across all sectors, but these systems have a huge potential to enhance industrial capabilities as these systems are the future. The North America heat pump market is in the rapid growth phase due to the growing demand for dual-source heat pumps (DSHP) across the U.S.
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Some of the major players operating in the North America heat pump market are
- Danfoss Industries Pvt. Ltd.
- Trane Technologies plc
- NIBE Industrier AB
- Midea Group
- VIVRECO group
- Robert Bosch GmbH
- American Standard Heating and Air Conditioning (Brand of Trane Technologies plc)
- Lennox International Inc.
- Rheem Manufacturing Company
- Goodman (A Brand of Daikin Comfort Technologies North America, Inc.)
- Thermax Limited.
- Mitsubishi Electric Corporation
- DAIKIN INDUSTRIES, Ltd.
- Carrier.
- Johnson Controls
- RUUD (Brand of Rheem Manufacturing Company)
- BRYANT (Brand of Carrier.)
Recent Developments
- In April 2021, Thermax Limited signed an agreement with power roll to develop the market for solar film in India. The companies agreed to develop solar energy instruments. The main objective of the companies was to contribute towards a green solution. The companies will be able to expand their product portfolio and attract a new customer base.
- In April 2022, DAIKIN INDUSTRIES, Ltd announced the acquisition of DUPLOMATIC MS S.P.A. the acquisition was decided to start manufacturing hydraulic-related equipment. The acquisition will help diversify the product portfolio and have a business in a wide range of fields. Companies took the step to expand their product portfolio and increase the profit margin and workforce of the company.
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North America Heat Pump Market Segments:
By Type
- Air-To-Water Heat Pump
- Air-To-Air Heat Pump
- Water Source Heat Pump
- Ground Source Heat Pump
- Hybrid Heat Pump
By Component
- Hardware
- Services
By Capacity
- Up to 10 kW
- 10 to 20 kW
- 20 to 30 kW
- Above 30 kW
By Power Source
- Electric
- Others
By Refrigerant Type
- R410A
- R134A
- R717 (Ammonia)
- R407C
- R600 and R600A
- R744
- Others
By Cycle Type
- Vapor Compression
- Transcritical
- Absorption
By System Type
- Air Source Heat Pumps
- Geothermal Heat Pumps
- Others
By Application
- Residential
- Commercial
- Industrial
North America Heat Pump Market Regional Analysis/Insights
The North America heat pump market is analyzed, and market size insights and trends are provided by country, type, component, capacity, power source, refrigerant type, cycle type, system type, and application, as referenced above.
Some countries covered in the North America heat pump market report are the U.S., Canada, and Mexico. The U.S. is expected to dominate the North America heat pump as it is at the forefront of technology development and sustainable development in the region.
The country section of the report also provides individual market-impacting factors and market regulation changes that impact the market's current and future trends. Data points like downstream and upstream value chain analysis, technical trends and porter's five forces analysis, and case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of North American brands and their challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the country data.
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