North America Air to Water Heat Pump Market Size - By Application (Residential {Product [Domestic Hot Water Heat Pump, Room Heat Pump]}, Commercial {Education, Healthcare, Retail, Logistics & Transportation, Offices, Hospitality}), & Global Forecast, 2023

North America Air to Water Heat Pump Market Size - By Application (Residential {Product [Domestic Hot Water Heat Pump, Room Heat Pump]}, Commercial {Education, Healthcare, Retail, Logistics & Transportation, Offices, Hospitality}), & Global Forecast, 2023 - 2032

North America Air to Water Heat Pump Market size is predicted to observe more than 18% CAGR from 2023 to 2032, primarily due to the escalating demand for energy-efficient heating solutions. As consumers and businesses become increasingly environmentally conscious, the need for sustainable heating options has been more evident. Air to water heat pumps offer a compelling solution by harnessing the latent energy in the air and converting it into efficient heat for homes, commercial buildings, and industrial applications. In May 2023, Daikin Applied Americas launched a new air to water heat pump for commercial rooftop applications like schools, retail spaces, and office buildings.

Additionally, the escalating costs of traditional heating methods, coupled with stringent government regulations to reduce carbon emissions, is driving the adoption of air to water heat pumps across North America. The technological advancements for improving performance and lowering operational costs to offer a greener, more sustainable choice will shape the industry dynamics in the coming years.

North America air to water heat pump market is divided based on application and country.

The commercial application segment is predicted to generate substantial revenues for the market over 2023-2032 as many businesses, hotels, educational institutions, and healthcare facilities are adopting these systems to meet their heating and cooling needs efficiently. Air to water heat pumps not only reduce energy consumption but also lower operational costs significantly, making them an attractive choice for businesses aiming to enhance their sustainability profile and reduce their environmental impact. As the commercial sector continues to prioritize environmental responsibility and cost-effectiveness, the demand for air to water heat pumps is expected to soar, further propelling market growth.

Canada air to water heat pump market size is expected to expand significantly from 2023 to 2032 with the country's commitment to combat climate change and reduce greenhouse gas emissions which has spurred the adoption of energy-efficient heating solutions. The government's incentives and rebates for adopting eco-friendly heating technologies is attracting more people to adopt these systems across Canada. Similarly, in regions with harsh winters, such as Alberta and Quebec, air to water heat pumps are becoming increasingly popular for residential and commercial use, further adding to the market revenues.