The North American heat pumps market is anticipated to grow at a remarkable CAGR during the forecast period. North America accounted for more than 25% of the global volume share for heat pumps in 2019 which is expected to witness growth following the pandemic in 2020. With fossil fuels dominating the market in most of the residential buildings of the US, the opportunity for growth remains more evident in the country. Further, the eminent players in the region are expected to involve in market expansion activities that can potentially influence higher adoption levels in niche markets of Canada during 2020- 2026. 

Green buildings are the latest trends in the US where cities like Austin are the fastest-growing markets for greenhouse buildings. In major cities like New York, there is also scope for adoption of over 1,00,000 residential heat pump installations by the end of 2025, thereby contributing towards New York’s energy efficiency target of realizing over 185 TBtu of site energy savings by 2025. Maine, Washington, South Dakota, Kansas, and California are the other major cities, which have implemented strict laws for energy usage disclosure for the upcoming projects where the developers are required to achieve a regulatory standard to maintain their business in the market. The construction projects in the country are also more prone to install eco-friendly heat pumps to obtain green certification from the council.

Further, the outbreak of the COVID-19 pandemic has disrupted all the construction and other relevant activities in the region, which has had negative impacts on the heat pumps industry. The region is the worst hit COVID-19 continent with more than 10 million COVID-19 cases, as of October 1st Week (2020). Although, the lockdown impositions have been lifted and most of the major industries have started operating entirely, which will aid the heat pumps market is gaining momentum.

The North American heat pumps market is segmented based on product type, capacity, and end-user. Based on product type, the heat pumps market is segmented into air source, air-to-air, air-to-water, water source, and ground source. Based on capacity, the heat pumps market is segmented into <10KW, 10KW-20KW, >20KW. Based on end-user, the market is classified into commercial, industrial, and residential.  The residential end-user segment dominated the heat pumps market in 2019 and is expected to remain significant throughout the forecast period as well. The rise in disposable income, growing awareness about geothermal energy, use of HVAC systems utilizing renewable resources, rising concern for sustainability, and eco-friendliness are expected to drive the market for the next 5 years in the residential sector. With established markets in North America, the residential segment is expected to constitute a significant share of the 0-10 kW heat pump market.

In terms of geography, the North American heat pumps market is bifurcated into the US and Canada. The US is estimated to lead the market share by a large margin, and it is also leading in terms of growth rate. Canada’s contribution to the North American heat pumps market was a very niche in 2019. However, the harmonization efforts of the Canadian regulations to match with the US have been a major perspective over the years. The Natural Resources Canada (NRCan) and Energy Efficiency Regulations are expected to limit the level of emissions and save energy by encouraging the public to switch to efficient HVAC appliances like heat pumps.

Research Methodology

The market study of the North American heat pumps market is incorporated by extensive primary and secondary research conducted by the research team at OMR. Secondary research has been conducted to refine the available data to breakdown the market into various segments, derive total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior, and macro-economic factors. Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives, managers, key opinion leaders, and industry experts. Primary research brings authenticity to our reports.

Secondary Sources Include

• Financial reports of companies involved in the market.
• Whitepapers, research-papers, and news blogs.
• Company websites and their product catalog.

The report provides an in-depth analysis of market size, intended quality of the service preferred by consumers. The report will serve as a source for a 360-degree analysis of the market thoroughly integrating different models.

Market Segmentation

1. North American Heat Pumps Market Research and Analysis by Product Type
2. North American Heat Pumps Market Research and Analysis by Capacity
3. North American Heat Pumps Market Research and Analysis by End-user

The Report Covers

• Comprehensive research methodology of the North American heat pumps market.
• This report also includes a detailed and extensive market overview with key analyst insights.
• An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
• Analysis of regional regulations and other government policies impacting the North American heat pumps market.
• Insights about market determinants that are stimulating the North American heat pumps market.
• Detailed and extensive market segments with the regional distribution of forecasted revenues.
• Extensive profiles and recent developments of market players.