The US heat pumps market is anticipated to grow at a significant CAGR during the forecast period. The US was estimated to be the largest end-user for heat pumps, concerning revenue. The rising demand for heating and cooling applications alongside increasing utility bills are expected to drive the heat pumps market for the next 5 years, especially in the residential segments. The renovation and refurbishment activities can stimulate adoption in commercial establishments as well. Incorporation of new and sophisticated technologies like IoT integration can become more successful in the US owing to high product awareness and acceptance. 

The introduction of the NYSERDA program in New York ignited the wide sale adoption of air source heat pumps since 2017 which is the major reason for the significance of the ASHP segment in the country. Despite the usage of heat pumps for heating water in domestic applications for over 30 years, the lack of significant penetration level is posing a growth opportunity for air-to-water heat pumps in the country during 2020-2026. The regulations from the Environmental Protection Agency (EPA) and US Green Building Council is expected to ensure the growth of green buildings in the country, thereby promoting the adoption of heat pumps

However, the outbreak of the COVID-19 pandemic has resulted in a significant decline in the sales of heat pumps in the country. Post-COVID, the construction industry in the US is expected to gain slow and steady momentum. The residential, as well as commercial industries, will gain momentum post the 3rd quarter of 2020, which will result in an increased demand for heat pumps within the country.

The US 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, 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. <10KW is prevailing in the US and these heat pumps are suitable for residential applications that might be either single zone or multi-zoned. The majority of the offerings in the market fall under this category as the residential buildings are the dominant end-users for heat pumps.  Glen Dimplex, Bosch, Daikin, and Carrier are some of the major players in the segment. Players like Mitsubishi has also revolutionized the market by introducing heat pumps with HyperCore technology that is capable of operating at extreme climatic conditions by working at 6kW and low electric consumption.

Research Methodology

The market study of the US 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. US Heat Pumps Market Research and Analysis by Product Type
2. US Heat Pumps Market Research and Analysis by Capacity
3. US Heat Pumps Market Research and Analysis by End-user

The Report Covers

• Comprehensive research methodology of the US 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 US heat pumps market.
• Insights about market determinants that are stimulating the US heat pumps market.
• Detailed and extensive market segments with the regional distribution of forecasted revenues.
• Extensive profiles and recent developments of market players.