North America Residential Heat Pump Market Size, Share & Industry Trends Analysis Report By Power Source (Electric Powered and Gas Powered), By Type (Air Source, Geothermal, and Water Source), By Country and Growth Forecast, 2022 - 2028
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Market Report Description
The North America Residential Heat Pump Market would witness market growth of 8.2% CAGR during the forecast period (2022-2028).
This helps to alleviate the problem of the residential heat pump running inefficiently at low temperatures while also lowering the amount of electricity used. Because few residential heat pump manufacturers combine both sources of heat in a single box, these setups are frequently two smaller, side-by-side conventional systems sharing the same ductwork. An energy-efficient system can also be more cost-effective than combustion fuel-fired heaters on their own. The amount of energy saved depends largely on the cost of the combustion fuel compared to the cost of electricity.
The majority of residential heat pump use ductwork to distribute heated or cooled air. However, employing ducts is not always possible, especially when restoring an older structure. Adding heating and cooling to an extra room, such as a garage or new addition. A ducted tiny split residential heat pump can be a perfect solution in this instance. Instead of using ducts, these systems use refrigerant lines to send heat to a fan/coil unit in the walls and ceiling.
Heating accounts for even more than 60% of residential energy usage in Ontario. Exterior temperatures in Ontario fluctuate throughout the day, driving home heating needs. From hour to hour, Ontario's power is created using a variable mix of main energy sources. In Ontario, Canada's most populous province, home heating is fossil fuel-based and inefficient, therefore electric household heating is the most likely way to minimize fossil fuel emissions.
Residential heat pump could cut heating energy use by 12 to 68 percent while necessitating a 5–25 percent increase in power demand. Residential heat pump can meet a large percentage of a home's heating demands while consuming less energy and emitting fewer greenhouse gases. The cost of operation is lower than those of electrical and oil heating, but comparable to that of natural gas heating which drive the growth of the residential heat pump in this region.
The US market dominated the North America Residential Heat Pump Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $9,816.6 million by 2028. The Canada market is poised to grow at a CAGR of 10.7% during (2022 - 2028). Additionally, The Mexico market would witness a CAGR of 9.7% during (2022 - 2028).
Based on Power Source, the market is segmented into Electric Powered and Gas Powered. Based on Type, the market is segmented into Air Source, Geothermal, and Water Source. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Johnson Controls International PLC, Mitsubishi Electric Corporation, The Danfoss Group, Daikin Industries, Ltd., Carrier Global Corporation, Midea Group Co., Ltd., NIBE Industrier AB, Viessmann Group, Stiebel Eltron GmbH & Co. KG, The Glen Dimplex Group
Scope of the Study
Market Segments Covered in the Report:
By Power Source
- Electric Powered
- Gas Powered
- Air Source
- Water Source
- Rest of North America
Key Market Players
List of Companies Profiled in the Report:
- Johnson Controls International PLC
- Mitsubishi Electric Corporation
- The Danfoss Group
- Daikin Industries, Ltd.
- Carrier Global Corporation
- Midea Group Co., Ltd.
- NIBE Industrier AB
- Viessmann Group
- Stiebel Eltron GmbH & Co. KG
- The Glen Dimplex Group
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