U.S. Heat Pump Market Size & Outlook, 2022-2030
U.S. heat pump market, 2018-2030 (US$M)
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U.S. heat pump market highlights
- The U.S. heat pump market generated a revenue of USD 17,009.5 million in 2022 and is expected to reach USD 35,207.2 million by 2030.
- The U.S. market is expected to grow at a CAGR of 9.5% 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.
Heat pump market data book summary
| Market revenue in 2022 | USD 17,009.5 million |
| Market revenue in 2030 | USD 35,207.2 million |
| Growth rate | 9.5% (CAGR from 2022 to 2030) |
| Largest segment | Air source |
| Fastest growing segment | Geothermal |
| Historical data | 2018 - 2021 |
| Base year | 2022 |
| Forecast period | 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, U.S. accounted for 20.8% of the global heat pump market in 2022.
- Country-wise, China is expected to lead the global market in terms of revenue in 2030.
- In North America, U.S. heat pump market is projected to lead the regional market in terms of revenue in 2030.
- U.S. is the fastest growing regional market in North America and is projected to reach USD 35,207.2 million by 2030.
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Heat Pump Market Scope
Heat Pump Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|
U.S. 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 85.61% in 2022. Horizon Databook has segmented the U.S. heat pump market based on air source, water source, geothermal covering the revenue growth of each sub-segment from 2018 to 2030.
According to International Monetary Fund, GDP of the U.S. dropped by 3.5% in 2020 owing to the COVID-19 pandemic resulting in a nationwide lockdown imposed to curb the spread of the coronavirus. However, IMF estimated that the GDP growth of the U.S. will be recovered with the 6.4% in 2021 on account of the increasing vaccination rates in the country.
Temperature of soil in most areas of the U.S. is warmer than the air during winters and cooler in summers. Ground source heat pumps use the ground's constant temperature to cool and heat buildings. According to the Environmental Protection Agency (EPA), GHPs are the most cost-effective, environmentally clean, and energy-efficient systems for cooling and heating buildings.
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Target buyers of U.S. heat pump market databook
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Our clientele includes a mix of heat pump market companies, investment firms, advisory firms & academic institutions.
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30% of our revenue is generated working with investment firms and helping them identify viable opportunity areas.
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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 country-level data and insights on the U.S. heat pump market , including forecasts for subscribers. This country databook contains high-level insights into U.S. heat pump market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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U.S. heat pump market size, by technology, 2018-2030 (US$M)
U.S. Heat Pump Market Outlook Share, 2022 & 2030 (US$M)
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