Canada Heat Pump Market Overview, 2029

Canada Heat Pump Market Overview, 2029

The heat pump market in Canada has gone through huge advancement since its origin during the 1950s. At first trial, it got forward movement during the 1980s with mechanical headways and government motivators. By the 2010s, expanded ecological mindfulness and further developed plans prompted broad reception. Late improvements during the 2020s have seen further development, driven by upgraded government support and mechanical developments, making heat pumps a standard answer for private and business warming and cooling needs the nation over. Common and national states have sent off different energy effectiveness programs pointed toward advancing the reception of heat pumps. These projects frequently offer impetuses, refunds, and awards to mortgage holders, organizations, and foundations for introducing energy-effective warming and cooling frameworks, including heat pumps. Legislatures offer discounts and duty motivating forces to empower the buy and establishment of heat pumps. These motivators assist with balancing the forthright expenses related with moving up to an additional energy-proficient warming and cooling framework, making heat pumps all the more monetarily open to purchasers. As a feature of more extensive environmental change moderation techniques, states focus on the progress to low-carbon warming and cooling arrangements like heat pumps. Strategy structures pointed toward diminishing ozone depleting substance emanations frequently incorporate measures to advance the reception of heat pumps as an option in contrast to non-renewable energy source based warming frameworks. Daikin is a main worldwide producer of warming, ventilation, and cooling (central air) hardware, including heat pumps. They offer an extensive variety of private and business heat pump frameworks known for their energy proficiency and dependability. Transporter is one more central part in the air conditioning industry, offering a different setup of heat pump items for private, business, and modern applications. Their heat pump frameworks are known for their creative elements and superior execution.

According to the research report ""Canada Heat Pump Market Overview, 2029,"" published by Bonafide Research, the Canada heat pump market is expected to reach a market size of more than USD 4.23 Billion by 2029. Environmental change concerns are driving the reception of heat pumps in Canada, as these frameworks offer an all the more harmless to the ecosystem option in contrast to customary warming techniques. With climbing worldwide temperatures and expanding occasions of outrageous climate occasions, there's a developing direness to lessen ozone depleting substance discharges. Heat pumps work by moving heat starting with one area then onto the next, as opposed to consuming petroleum derivatives, bringing about lower fossil fuel byproducts. This lines up with Canada's obligation to combatting environmental change and meeting its outflows decrease targets. Heat pumps give critical energy cost reserve funds over the long run, making them an alluring choice for buyers. By proficiently changing over surrounding heat into usable energy for the end goal of warming, heat pumps can emphatically diminish warming bills, especially in districts with high energy costs. To understand these advantages, customer mindfulness and schooling are fundamental. Numerous Canadians are not completely comprehended how heat pumps work or the potential reserve funds they offer. There's a requirement for extensive instructive missions to illuminate buyers about the benefits regarding heat pumps and how they can add to both expense investment funds and natural maintainability. Guaranteeing a gifted labor force fit for introducing and keeping up with heat pump frameworks is pivotal for market development. Installer preparing and certificate programs assume an essential part in such manner, outfitting experts with the fundamental abilities and information to really introduce and support heat pump frameworks. Market mindfulness drives are fundamental for driving interest and encouraging reception and by advancing the advantages of heat pumps through designated promoting endeavors and effort crusades, partners can increment customer premium and trust in these energy-proficient warming arrangements, further speeding up market development and adding to Canada's change to a low-carbon economy.

Air-to-air Intensity Siphon, this sort of heat pump removes heat from the open air and moves it inside for the end goal of warming. It's ordinarily utilized in private and business structures for space warming and cooling. Air-to-air heat pumps are generally simple to introduce and are appropriate for locales with moderate environments. Air-to-water heat pumps use open air as an heat source and move the heat to a water-based warming framework. Air-to-water heat pumps offer high effectiveness and adaptability in warming framework plan. Water source heat pumps extricate heat from a water source, like a lake, stream, or indeed, and move it to a structure's warming framework. Water source heat pumps are exceptionally proficient and harmless to the ecosystem. Ground Source Intensity Siphon, otherwise called geothermal heat pumps, ground source heat pumps remove heat starting from the earliest stage a progression of covered lines and move it to the structure's warming framework. Ground source heat pumps require huge forthright venture however offer long haul investment funds on energy costs. Half and half heat pumps join at least two heat sources, like air and ground or air and water, to expand productivity and execution. In Canada for the most part, ground source heat pumps (GSHPs) are encountering huge development and driving the market in Canada. Ground source heat pumps (GSHPs) lead the Canadian market because of their high energy productivity, unwavering quality in cool environments, long haul cost reserve funds, and ecological supportability. With warming efficiencies surpassing 300%, GSHPs offer huge energy reserve funds for mortgage holders and organizations. Their steady presentation in outrageous virus guarantees solid warming without valuable sources. While GSHPs have higher forthright expenses, their lower energy charges and decreased support add to long haul moderateness. Working on sustainable power, GSHPs discharge less ozone depleting substances, lining up with Canada's natural objectives.

Up to 10 kW, this segment encompasses smaller heat pump systems suitable for residential applications, such as single-family homes, apartments, and small commercial buildings, these systems are popular among homeowners looking to replace inefficient heating systems with more energy-efficient alternatives. 10–20 kW, medium-sized heat pump systems falling within this capacity range are commonly used in larger residential properties, as well as small to medium-sized commercial buildings. These systems provide increased heating capacity compared to those in the smaller segment, making them suitable for larger spaces or buildings with higher heating demands. 20–30 kW, heat pump systems in this capacity range are typically deployed in larger commercial and industrial settings, such as office buildings, schools, and manufacturing facilities. They offer even greater heating capacity, making them suitable for larger spaces with higher heating loads. Above 30 kW, this segment includes larger-scale heat pump systems designed for industrial applications and large commercial buildings with significant heating requirements. These systems are capable of providing substantial heating capacity and are often used in facilities where maintaining consistent indoor temperatures is critical. In Canada, the 10–20 kW range is currently experiencing significant growth and leading the market in Canada. This is primarily due to increased adoption in both residential and commercial sectors, driven by factors such as government incentives, rising energy costs, and growing awareness of environmental sustainability. In the future, this segment is expected to continue its growth trajectory, fueled by ongoing technological advancements, supportive government policies, and a shift towards more energy-efficient heating solutions.

The residential sector represents a significant portion of the heat pump market in Canada. Homeowners are increasingly turning to heat pumps as a more energy-efficient and environmentally friendly alternative to traditional heating systems like furnaces and boilers. Factors such as government incentives, rising energy costs, and growing awareness of climate change are driving the adoption of heat pumps in residential properties. Advancements in heat pump technology have made these systems more affordable and efficient, further fueling their popularity among homeowners. The commercial sector includes a wide range of buildings such as offices, retail stores, hotels, and restaurants. Commercial establishments are increasingly recognizing the benefits of heat pumps in terms of energy savings, operational efficiency, and environmental sustainability. Heat pump systems offer consistent heating and cooling, contributing to comfortable indoor environments for employees and customers while reducing utility costs. The industrial sector encompasses manufacturing facilities, warehouses, and other industrial establishments with high heating requirements. While heat pumps have traditionally been less common in industrial applications compared to residential and commercial sectors, there is a growing interest in utilizing heat pumps for process heating and space conditioning. Industrial heat pumps offer opportunities for reducing energy consumption, lowering operating costs, and achieving sustainability goals. In Canada, the residential sector is currently leading the growth in the Canadian heat pump market, driven by increasing demand from homeowners seeking energy-efficient heating solutions. The commercial and industrial sectors are also experiencing notable growth, fueled by factors such as energy efficiency regulations, corporate sustainability initiatives, and technological advancements.
Considered in this report
• Historic year: 2018
• Base year: 2023
• Estimated year: 2024
• Forecast year: 2029

Aspects covered in this report
• Heat Pump market Outlook with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By Type
• Air-to-Air Heat Pump
• Air-to-Water Heat Pump
• Water Source Heat Pump
• Ground Source Heat Pump
• Hybrid Heat Pump

By Capacity
• Up to 10 kW
• 10–20 kW
• 20–30 kW
• Above 30 kW

By End User
• Residential
• Commercial
• Industrial

The approach of the report:
This report consists of a combined approach of primary and secondary research. Initially, secondary research was used to get an understanding of the market and list the companies that are present in it. The secondary research consists of third-party sources such as press releases, annual reports of companies, and government-generated reports and databases. After gathering the data from secondary sources, primary research was conducted by conducting telephone interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this; we have started making primary calls to consumers by equally segmenting them in regional aspects, tier aspects, age group, and gender. Once we have primary data with us, we can start verifying the details obtained from secondary sources.

Intended audience
This report can be useful to industry consultants, manufacturers, suppliers, associations, and organizations related to the Heat Pump industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing and presentations, it will also increase competitive knowledge about the industry.