North America Heat Pump Market Size & Outlook, 2022-2030
North America heat pump market, 2018-2030 (US$M)
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North America heat pump market highlights
- The North America heat pump market generated a revenue of USD 19,211.3 million in 2022.
- The market is expected to grow at a CAGR of 9.4% from 2023 to 2030.
- In terms of segment, air source was the largest revenue generating technology in 2022.
- Geothermal is the most lucrative technology segment registering the fastest growth during the forecast period.
- Country-wise, U.S. is expected to register the highest CAGR from 2023 to 2030.
North America data book summary
| Market revenue in 2022 | USD 19,211.3 million |
| Market revenue in 2030 | USD 39,459.7 million |
| Growth rate | 9.4% (CAGR from 2022 to 2030) |
| Largest segment | Air source |
| Fastest growing segment | Geothermal |
| Historical data covered | 2018 - 2021 |
| Base year for estimation | 2022 |
| Forecast period covered | 2023 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Air Source, Water Source, Geothermal |
| Key market players worldwide | Carrier Global Corp Ordinary Shares, Daikin Industries Ltd, Robert Bosch Engineering & Business Solutions, Lennox International Inc, Johnson Controls International PLC, Hitachi Ltd, Ingersoll Rand Inc, Palomar Holdings Inc, Haier, Panasonic Holdings Corp, Danfoss A/S, Fujitsu Ltd, LG Electronics Inc ADR, Samsung Electronics Co Ltd, Midea Group |
Other key industry trends
- In terms of revenue, North America region accounted for 23.5% of the global heat pump market in 2022.
- Globally, Asia Pacific is projected to lead the regional market in terms of revenue in 2030.
- Europe is the fastest growing regional market and is projected to reach USD 39,373.0 million by 2030.
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Heat Pump Market Scope
Heat Pump Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|
North America heat pump market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to heat pump market will help companies and investors design strategic landscapes.
Air source was the largest segment with a revenue share of 85.13% in 2022. Horizon Databook has segmented the North America heat pump market based on air source, water source, geothermal covering the revenue growth of each sub-segment from 2018 to 2030.
The economy of North America is the largest and one of the most robust across the globe and is witnessing significant growth owing to industrial dynamics and commodity abundance in its countries. Favorable government policies and increasing incentives on renewable and energy-efficient products are expected to drive the growth of heat pumps market over the forecast period.
Large space heating and water heating requirements in North America are projected to propel the market growth. Growing residential and commercial sectors are also expected to boost the demand for advanced heating solutions. Increasing expenditure on energy consumption has led to growing demand for energy-efficient heating solutions.
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Our clientele includes a mix of heat pump market companies, investment firms, advisory firms & academic institutions.
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Approximately 65% of our revenue is generated working with competitive intelligence & market intelligence teams of market participants (manufacturers, service providers, etc.).
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Horizon Databook provides a detailed overview of continent-level data and insights on the North America heat pump market , including forecasts for subscribers. This continent databook contains high-level insights into North America heat pump market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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North America heat pump market size, by country, 2018-2030 (US$M)
North America Heat Pump Market Outlook Share, 2022 & 2030 (US$M)
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