U.S. Air Source Heat Pump Market Size - By Product (Air to Air, Air to Water), By Application (Residential, Commercial) & Forecasts Report, 2023

Description

List of Tables

The U.S. Air Source Heat Pump Market will record significant growth between 2023 and 2032. Increasing awareness about climate change and the need to reduce carbon emissions drives the shift towards more energy-efficient heating solutions. Tax credits, rebates, and grants offered at federal and state levels incentivize investment in air-source heat pump technology. For instance, in the U.S., new federal tax credits are in effect from January 1, 2023, and will last for ten years or until 2032. The former lifetime restriction on tax credit of $500 has been amended to an annual cap of either $1,200 or $2,000, depending on the efficiency improvements made by the consumer.

Air source heat pumps, utilizing ambient air for heating and cooling, align with these sustainability goals. Government incentives and policies promoting energy efficiency encourage consumers and businesses to adopt these systems. Advancements in technology have improved the efficiency and reliability of these systems, making them increasingly attractive to a broader range of consumers. Enhanced performance in colder climates, quieter operation, and smart thermostat integration contribute to their popularity. Additionally, the fluctuating prices of traditional fossil fuels make air-source heat pumps more economically appealing, offering long-term savings on energy bills.

The overall U.S. Air Source Heat Pump Market is classified based on product and application.

Based on the product, the air-to-water air pump segment will contribute significantly to the market from 2023-2032. This innovation utilizes the external air's thermal energy to heat water for residential and commercial applications. As energy efficiency gains prominence, air-to-water heat pumps align perfectly with eco-conscious goals by minimizing carbon emissions and reducing energy consumption. Their versatility in providing both space heating and hot water solutions makes them an attractive option for various settings. Furthermore, government incentives and rebates promoting sustainable technologies incentivize consumers to adopt these systems. As the market seeks greener and more efficient alternatives, the demand for air-to-water air-source heat pumps continues to surge.

Regarding the application, the residential segment will contribute significantly to the market from 2023-2032. As homeowners increasingly prioritize energy efficiency, air-source heat pumps offer an appealing solution. These systems efficiently extract heat from the surrounding air to warm homes in winter and provide cooling during summer, reducing both energy consumption and utility costs. Moreover, their compact size and minimal environmental impact align with sustainable living trends. Government incentives aimed at promoting renewable technologies further bolster their adoption. As residential consumers seek reliable, cost-effective, and eco-friendly heating and cooling options, the demand for air-source heat pumps in the U.S. housing market continues to escalate, driving a transformative change in residential energy systems.

Product Code: 5735

Chapter 1 Methodology & Scope

1.1 Market definitions
1.2 Base estimates & calculations
1.3 Forecast calculation
1.4 Data sources
- 1.4.1 Primary
- 1.4.2 Secondary
  - 1.4.2.1 Paid
  - 1.4.2.2 Public

Chapter 2 US Air Source Heat Pump Industry Insights

2.1 Industry ecosystem analysis
- 2.1.1 Vendor Matrix
2.2 Regulatory landscape
2.3 Industry impact forces
- 2.3.1 Growth drivers
- 2.3.2 Industry pitfalls & challenges
2.4 COVID- 19 impact on the industry outlook
2.5 Growth potential analysis
2.6 Porter's Analysis
- 2.6.1 Bargaining power of suppliers
- 2.6.2 Bargaining power of buyers
- 2.6.3 Threat of new entrants
- 2.6.4 Threat of substitutes
2.7 PESTEL Analysis

Chapter 3 Competitive Benchmarking

3.1 Innovation & sustainability landscape
3.2 Competitive landscape, 2022
- 3.2.1 Strategic dashboard

Chapter 4 US Air Source Heat Pump Market, By Product ('000 Units, USD Million)

4.1 Key product trends
4.2 Air to air
4.3 Air to water

Chapter 5 US Air Source Heat Pump Market, By Application ('000 Units, USD Million)

5.1 Key application trends
5.2 Residential
- 5.2.1 Single family
- 5.2.2 Multi family
- 5.2.3 By Product
  - 5.2.3.1 Domestic hot water heat pump
  - 5.2.3.2 Room heat pump
5.3 Commercial
- 5.3.1 Education
- 5.3.2 Healthcare
- 5.3.3 Retail
- 5.3.4 Logistics & transportation
- 5.3.5 Offices
- 5.3.6 Hospitality
- 5.3.7 Others

Chapter 6 Company Profiles

6.1 Trane
6.2 Bosch Thermotechnology Corp.
6.3 SAMSUNG
6.4 Daikin Comfort Technologies North America, Inc.
6.5 Carrier
6.6 LG Electronics
6.7 GREE ELECTRIC APPLIANCES, INC.
6.8 Lennox International Inc.
6.9 Colmac Industries
6.10 FUJITSU GENERAL
6.11 Rheem Manufacturing Company
6.12 JOHNSON CONTROLS - HITACHI AIR CONDITIONING COMPANY
6.13 A. O. Smith
6.14 Lochinvar
6.15 American Standard Heating and Air Conditioning