Residential Sector is Stimulating the Demand for Heat Pumps within North America

North American heat pumps are estimated to display a steady CAGR of 7.2% during the forecast period (2020-2026). The demand for heat pumps in the residential sector is expected to witness higher growth in North America, especially in the US where more than 75% of the demand is expected to arise. While the majority of the AC equipment vendors in the market are expecting a downfall of sales in 2020 owing to the onset of the pandemic, a significant drop in sales in both, residential and commercial segments can be expected. As per the market conditions, a similar downfall of the market can be also more certain for other HVAC equipment such as heat pumps owing to COVID-19 impact as the supply chain and distribution were greatly affected. However, going forward, the market revival in late 2020 can greatly support the growth once the construction activities and marketing efforts get back to normal, leading to a relatively higher growth in the region in 2021 which was not expected earlier. 

Browse the full report description North American Heat Pumps Market Size, Share & Trends Analysis Report by Product Type (Air Source, Water Source, and Ground Source), by Capacity (<10KW, 10KW-20KW, >20KW), and by End-User (Commercial, Industrial, and Residential) Forecast Period (2020-2026) at https://www.omrglobal.com/industry-reports/north-american-heat-pumps-market

Despite the sales of heat pumps for decades, the product has struggled to make an impact with the level of potential that was available in the region. The newer standards for energy efficiency in the US that are effective from 2023 can further enhance the quality and SEER ratings of the products during the forecast period. With over 13 million homes using heat pumps in the US, the policy can accelerate the rate of adopting heat pumps with 0-10kW capacity.

Market Coverage

• The market number available for – 2019-2026
• Base year- 2019
• Forecast period- 2020-2026
• Segment Covered- by Product Type, Capacity, and End-user
• Countries Covered- The US and Canada
• Competitive Landscape- Carrier Corp., Hitachi Air Conditioning Company, Johnson Controls International plc, Mitsubishi Electric Corp., and Trane Technologies plc

Key questions addressed by the report

• What is the market growth rate?
• Which segment and country dominate the market in the base year?
• Which segment and country will project the fastest growth in the market?
• How COVID-19 impacted the market?

o Recovery Timeline

o Deviation from the pre-COVID-19 forecast

o Most affected country and segment

• Who is the leader in the market?
• How players are addressing challenges to sustain growth?
• Where is the investment opportunity?

North American Heat Pumps Market Report Segment

By Product Type

• Air Source
• Water Source
• Ground Source

By Capacity

• <10KW
• 10KW-20KW
• >20W

By End-User

• Commercial
• Industrial
• Residential

North American Heat Pumps Market Report Segment

• US
• Canada