The heat pump market boasts remarkable features such as energy efficiency, reduced carbon emissions, and year-round temperature control. Among the dominating segments, residential heat pumps stand out. They offer cost-effective heating and cooling solutions for homes, with a growing focus on eco-friendly options. Additionally, commercial and industrial sectors are also witnessing substantial growth due to their ability to provide large-scale climate control and reduce operational costs. Overall, heat pumps are reshaping the HVAC industry with their versatile applications and sustainable benefits.
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Data Bridge Market Research analyses that the North America Heat Pump Market was valued at USD 13,393.08 million in 2022 and is expected to reach a value of USD 26,491.32 million by 2030, at a CAGR of 8.9% during the forecast period of 2023-2030. Commercial and industrial sectors embrace heat pumps due to their cost-effective operation. These systems offer energy efficiency, resulting in lower utility bills and reduced maintenance costs, making them a financially sound choice for long-term sustainability and profitability.
Key Findings of the Study
Long-term sustainability is expected to drive the market's growth rate
Heat pumps align perfectly with the increasing global emphasis on sustainability and eco-friendly construction. They substantially reduce carbon emissions, enhance energy efficiency, and utilize renewable energy sources. This makes them a favored option for environmentally conscious consumers and businesses aiming to meet sustainability goals, reduce their ecological footprint, and comply with green building standards. Heat pumps not only promote a cleaner environment but also contribute to a positive corporate image, attracting socially responsible stakeholders and customers.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customizable to 2015-2020)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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Type (Air-To-Water Heat Pump, Air-To-Air Heat Pump, Water Source Heat Pump, Ground Source Heat Pump, and Hybrid Heat Pump), Component (Hardware, and Services), Capacity (Up to 10 kW, 10 to 20 kW, 20 to 30 kW, and Above 30 kW), Power Source (Electric, and Others), Refrigerant Type (R410A, R134A, R717 (Ammonia), R407C, R600 and R600A, R744, and Others), Cycle Type (Vapor Compression, Transcritical, and Absorption), System Type (Air Source Heat Pumps, Geothermal Heat Pumps, and Others), Application (Residential, Commercial, Industrial).
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Countries Covered
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U.S., Canada and Mexico in North America
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Market Players Covered
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Danfoss Industries Pvt. Ltd. (India), Trane Technologies plc (Ireland), NIBE Industrier AB (Sweden), Midea Group (China), VIVRECO group (France), Robert Bosch GmbH (Germany), American Standard Heating and Air Conditioning (U.S.), Lennox International Inc. (U.S.), Rheem Manufacturing Company (U.S.), Goodman (A Brand of Daikin Comfort Technologies North America, Inc.) (U.S.), Thermax Limited (India), Mitsubishi Electric Corporation (Japan), DAIKIN INDUSTRIES, Ltd. (Japan), Carrier (U.S.), Johnson Controls (Ireland), RUUD (Brand of Rheem Manufacturing Company) (U.S.), BRYANT (Brand of Carrier.) (U.S.)
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Data Points Covered in the Report
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In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.
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Segment Analysis:
The North America heat pump market is segmented based on type, component, capacity, power source, refrigerant type, cycle type, system type, and application.
- On the basis of type, the North America heat pump market is segmented into air-to-water heat pump, air-to-air heat pump, water source heat pump, ground source heat pump, and hybrid heat pump.
- On the basis of component, the North America heat pump market has been segmented into hardware and services.
- On the basis of capacity, the North America heat pump market has been segmented into Up to 10 kW, 10 to 20 kW, 20 to 30 kW, and above 30 kW.
- On the basis of power source, the North America heat pump market has been segmented into electric and others.
- On the basis of refrigerant type, the North America heat pump market has been segmented into R410A, R134A, R717 (Ammonia), R407C, R600 and R600A, R744, and others.
- On the basis of cycle type, the North America heat pump market has been segmented into vapor compression, transcritical, and absorption.
- On the basis of system type, the North America heat pump market has been segmented into air source heat pumps, geothermal heat pumps, and others.
- On the basis of application, the North America heat pump market has been segmented into residential, commercial, and industrial.
Major Players
Data Bridge Market Research recognizes the following companies as the North America heat pump market players in North America heat pump market are Danfoss Industries Pvt. Ltd. (India), Trane Technologies plc (Ireland), NIBE Industrier AB (Sweden), Midea Group (China), VIVRECO group (France), Robert Bosch GmbH (Germany), American Standard Heating and Air Conditioning (U.S.).
Market Developments
- In April 2021, Thermax Limited entered into a strategic agreement with Power Roll to jointly promote solar film technology in the Indian market. Their collaboration aimed to develop innovative solar energy solutions, aligning with the goal of a sustainable future. By combining their expertise, both companies sought to diversify their product offerings and tap into a broader customer segment interested in clean and green energy solutions, fostering environmental consciousness and business growth.
- In April 2022, DAIKIN INDUSTRIES, Ltd. unveiled its acquisition of DUPLOMATIC MS S.P.A., focusing on hydraulic-related equipment manufacturing. This strategic move aimed to enhance their product portfolio and venture into diverse industrial sectors. By broadening their offerings, both companies anticipated increased profitability, workforce expansion, and the ability to cater to a broader market spectrum, reinforcing their commitment to business growth and market competitiveness.
Regional Analysis
Geographically, the countries covered in the North America heat pump market market report are U.S., Canada and Mexico in North America.
As per Data Bridge Market Research analysis:
The U.S. is the dominant region in North America heat pump market during the forecast period 2023 - 2030
The U.S. dominates the North American heat pump market due to its prominent position in technological advancements and commitment to sustainability within the region. The U.S. has been a pioneer in developing cutting-edge heat pump technologies that align with environmental sustainability goals. Its leadership in research, innovation, and eco-friendly initiatives positions it as a dominant player, driving the adoption of heat pump systems in the North American market.
For more detailed information about the North America heat pump market report, click here – https://www.databridgemarketresearch.com/reports/north-america-heat-pump-market
