North America Residential Heat Pump Market Size By Product (Air Source {Air to Air, Air to Water}, Geothermal {By Technology [Open Loop, Closed Loop, Hybrid]}, Water Source {Water to Air, Water to Water}, {By Technology [Open Loop, Closed Loop, Hybrid]}),

North America Residential Heat Pump Market Size By Product (Air Source {Air to Air, Air to Water}, Geothermal {By Technology [Open Loop, Closed Loop, Hybrid]}, Water Source {Water to Air, Water to Water}, {By Technology [Open Loop, Closed Loop, Hybrid]}), By Application (Single Family, Multi-Family), Industry Analysis Report, Country Outlook, Covid-19 Impact Analysis, Competitive Market Share & Forecast, 2022 - 2028

The North America residential heat pump market is anticipated to witness robust growth by 2028 owing to rising efforts to reduce GHG emissions. Additionally, a shift towards the adoption of sustainable technologies is estimated to further drive market growth through the forecast period.

Recently, industry players have been implementing profitable strategies, such as product innovation, to improve their market presence, which has enhanced industry dynamics. For instance, in September 2021, Bosch Thermotechnology GmbH, a key supplier of heating solutions, introduced a hybrid heating and hot water system that can be installed in existing buildings. These units are small and lightweight, which makes them suitable for installation in both new and renovated structures. The novel technology combines the R-32 Bluevolution technology, which aids in decreasing the environmental impact by more than 65% compared to its predecessor R-410A, as well as in reducing energy consumption.

The North America residential heat pump market has been segmented on the basis of product, application, and country. Based on product, the market has been segregated into air source, geothermal source, and water source.

Under air source, the market has been divided into air to air and air to water. Air to air residential heat pump market is anticipated to witness growth on account of their high efficiency and lower maintenance cost. The air to water residential heat pump market size is likely to grow at a CAGR of over 9% through the study timeframe.

The geothermal source segment has been further bifurcated into three different segments in terms of technology, viz., open loop, closed loop, and hybrid. The technology segment as a whole is foreseen to witness significant growth in the forthcoming years owing to increasing investments around sustainable technology development.

Meanwhile, the geothermal open loop heat pumps segment is expected to progress at a steady pace through 2028 owing to the high COP and low operating cost of these systems. The geothermal closed loop heat pumps market is estimated to experience solid growth over the analysis timeline driven by the minimal environmental impact and longer lifespan of these heat pumps. Additionally, the geothermal hybrid heat pumps segment is projected to record notable expansion at over 5% CAGR through the review period.

The water source has been divided into water to air, water to water, and technology. The water source segment has been further categorized in three segments based on technology, viz., closed loop, open loop, and hybrid. The overall technology segment is expected to amass considerable gains by 2028 on account of strong innovation and development for effective product design.

The water source open loop heat pumps industry was valued at over USD 0.1 billion in 2021. The water source closed loop heat pump market share is estimated to grow substantially through 2028 owing to the reduced noise levels of these systems compared to air source heat pumps. Additionally, the water source hybrid heat pump market share is anticipated to experience steady growth through the forecast timeline on account of efficient energy utilization and low electricity consumption associated with these systems.