North America Heat Pump Market to 2032

Q: What is the current market size of the North America Heat Pump Market?

North America Heat Pump Market was valued at USD 5.91 (Revenue in USD Billion) in 2019.

Q: What will be the market value of the North America Heat Pump Market?

The estimated market value of the North America Heat Pump Market for final year is USD 27.30 (USD Billion).

Overview

The North America Heat Pump Market is expected to reach a 27.30 USD Billion by 2032 and is projected to grow at a CAGR of 38.79% from 2025 to 2032.

Revenue, 2024 (USD Billion)

5.91

Forecast, 2032 (USD Billion)

27.30

CAGR, 2024 - 2032

38.79%

Report Coverage

North America

North America Heat Pump Market 2018-2032 USD Billion

North America Heat Pump Market, Key Findings (2025-2032)

Market Growth and Projections:

Market Size (2024): 5.91 USD Billion
Projected Market Size (2032): 27.30 USD Billion
CAGR (2025-2032): 38.79%

Key Findings of North America Heat Pump Market

The North America Heat Pump Market was valued at 5.91 USD Billion in 2024.
The North America Heat Pump Market is likely to grow at a CAGR of 38.79% during the forecast period of 2024 to 2032.
In 2024, the Largest segment Units < 20KW in Capacity Segment accounted for the largest share of the market with a revenue of 3.90 USD Billion
The fastest growing segment Reversible Air-Air W/Heating in Category Segment grew Fastest with a CAGR of 41.11% during the forecast period from 2024 to 2032.

North America Heat Pump Market Scope

North America Heat Pump Market Segmentation & Scope

Capacity

Units > 20 KW
Units < 20KW

Sector

Industrial
Commercial
Residential

North America Heat Pump Market Data Coverage Insights

Study Period	2024-2032
Base Year	2019
Unit	Revenue in USD Billion
Market Value in 2024	5.91 USD Billion
Market Value in 2032	27.30 USD Billion
CAGR (2025-2032)	38.79%
Historic Data	2016-2023
Market Segments Covered	Capacity,Sector,Category,Energy Source,Type

Regional Insights:

Leading Market (2024-2032): North America, leading in terms of revenue 5.91 USD Billion in 2024
- Key Country: U.S., leading in terms of revenue with value of 5,003.62 USD Million in 2024.

Segments and Scope

North America Heat Pump Market to 2032, By Capacity
- Units < 20KW is the largest segment in North America Heat Pump Market to 2032 with a revenue of 3.90 USD Billion in the year 2024.
- Units > 20 KW is the Fastest growing segment in North America Heat Pump Market to 2032 with a Growth rate of 37.94 % in forecast period 2025-2032.
North America Heat Pump Market to 2032, By Sector
- Residential is the largest segment in North America Heat Pump Market to 2032 with a revenue of 2.94 USD Billion in the year 2024.
- Commercial is the Fastest growing segment in North America Heat Pump Market to 2032 with a Growth rate of 38.36 % in forecast period 2025-2032.
North America Heat Pump Market to 2032, By Category
- Reversible Air-Air W/Heating is the largest segment in North America Heat Pump Market to 2032 with a revenue of 3.29 USD Billion in the year 2024.
- Reversible Air-Air W/Heating is the Fastest growing segment in North America Heat Pump Market to 2032 with a Growth rate of 41.11 % in forecast period 2025-2032.
North America Heat Pump Market to 2032, By Energy Source
- Ground Source is the largest segment in North America Heat Pump Market to 2032 with a revenue of 3.08 USD Billion in the year 2024.
- Ground Source is the Fastest growing segment in North America Heat Pump Market to 2032 with a Growth rate of 39.87 % in forecast period 2025-2032.
North America Heat Pump Market to 2032, By Type
- Ducted is the largest segment in North America Heat Pump Market to 2032 with a revenue of 3.54 USD Billion in the year 2024.
- Ducted is the Fastest growing segment in North America Heat Pump Market to 2032 with a Growth rate of 39.43 % in forecast period 2025-2032.

North America Heat Pump Market Company Share Analysis

Company Name
Mitsubishi Electric Corporation
Panasonic Corporation
Danfoss
NIBE Industrier AB
Bosch Thermotechnik GmbH

North America Heat Pump Market Geographical Sales Distribution, 2018-2032 USD Billion

North America Heat Pump Market Company Profiling

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Frequently Asked Questions

What are the primary segments covered in the North America Heat Pump Market?

The North America Heat Pump Market is segmented based on Segmentation Capacity,Sector,Category,Energy Source,Type.

What is the current market size of the North America Heat Pump Market?

North America Heat Pump Market was valued at USD 5.91(Revenue in USD Billion) in 2019.

What is the expected growth rate of the North America Heat Pump Market?

North America Heat Pump Market is projected to grow at a CAGR of 38.79% during the forecast period of 2024 to 2032.

Which is the dominating segment in the North America Heat Pump Market?

The Units < 20KW segment is expected to dominate the North America Heat Pump Market, holding a largest market share of 3.90 USD Billion in 2024