The North America Residential Heat Pump Market would witness market growth of 8.2% CAGR during the forecast period (2022-2028).
This helps to alleviate the problem of the residential heat pump running inefficiently at low temperatures while also lowering the amount of electricity used. Because few residential heat pump manufacturers combine both sources of heat in a single box, these setups are frequently two smaller, side-by-side conventional systems sharing the same ductwork. An energy-efficient system can also be more cost-effective than combustion fuel-fired heaters on their own. The amount of energy saved depends largely on the cost of the combustion fuel compared to the cost of electricity.
The majority of residential heat pump use ductwork to distribute heated or cooled air. However, employing ducts is not always possible, especially when restoring an older structure. Adding heating and cooling to an extra room, such as a garage or new addition. A ducted tiny split residential heat pump can be a perfect solution in this instance. Instead of using ducts, these systems use refrigerant lines to send heat to a fan/coil unit in the walls and ceiling.
Heating accounts for even more than 60% of residential energy usage in Ontario. Exterior temperatures in Ontario fluctuate throughout the day, driving home heating needs. From hour to hour, Ontario's power is created using a variable mix of main energy sources. In Ontario, Canada's most populous province, home heating is fossil fuel-based and inefficient, therefore electric household heating is the most likely way to minimize fossil fuel emissions.
Residential heat pump could cut heating energy use by 12 to 68 percent while necessitating a 5–25 percent increase in power demand. Residential heat pump can meet a large percentage of a home's heating demands while consuming less energy and emitting fewer greenhouse gases. The cost of operation is lower than those of electrical and oil heating, but comparable to that of natural gas heating which drive the growth of the residential heat pump in this region.
The US market dominated the North America Residential Heat Pump Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $9,816.6 million by 2028. The Canada market is poised to grow at a CAGR of 10.7% during (2022 - 2028). Additionally, The Mexico market would witness a CAGR of 9.7% during (2022 - 2028).
Based on Power Source, the market is segmented into Electric Powered and Gas Powered. Based on Type, the market is segmented into Air Source, Geothermal, and Water Source. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Residential Heat Pump Market is Estimated to reach $53 Billion by 2028, at a CAGR of 9%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Johnson Controls International PLC, Mitsubishi Electric Corporation, The Danfoss Group, Daikin Industries, Ltd., Carrier Global Corporation, Midea Group Co., Ltd., NIBE Industrier AB, Viessmann Group, Stiebel Eltron GmbH & Co. KG, The Glen Dimplex Group
Scope of the Study
Market Segments Covered in the Report:
By Power Source
- Electric Powered
- Gas Powered
By Type
- Air Source
- Geothermal
- Water Source
By Country
- US
- Canada
- Mexico
- Rest of North America
Key Market Players
List of Companies Profiled in the Report:
- Johnson Controls International PLC
- Mitsubishi Electric Corporation
- The Danfoss Group
- Daikin Industries, Ltd.
- Carrier Global Corporation
- Midea Group Co., Ltd.
- NIBE Industrier AB
- Viessmann Group
- Stiebel Eltron GmbH & Co. KG
- The Glen Dimplex Group
Chapter 1. Market Scope & Methodology
1.1 Market Definition
1.2 Objectives
1.3 Market Scope
1.4 Segmentation
1.4.1 North America Residential Heat Pump Market, by Power Source
1.4.2 North America Residential Heat Pump Market, by Type
1.4.3 North America Residential Heat Pump Market, by Country
1.5 Methodology for the research
Chapter 2. Market Overview
2.1 Introduction
2.1.1 Overview
2.1.1.1 Market composition and scenarios
2.2 Key Factors Impacting the Market
2.2.1 Market Drivers
2.2.2 Market Restraints
Chapter 3. Competition Analysis - Global
3.1 KBV Cardinal Matrix
3.2 Recent Industry Wide Strategic Developments
3.2.1 Partnerships, Collaborations and Agreements
3.2.2 Product Launches and Product Expansions
3.2.3 Acquisition and Mergers
3.2.4 Geographical Expansions
3.3 Top Winning Strategies
3.3.1 Key Leading Strategies: Percentage Distribution (2018-2022)
3.3.2 Key Strategic Move: (Product Launches and Product Expansions : 2018, Mar – 2022, May) Leading Players
Chapter 4. North America Residential Heat Pump Market by Power Source
4.1 North America Electric Powered Market by Country
4.2 North America Gas Powered Market by Country
Chapter 5. North America Residential Heat Pump Market by Type
5.1 North America Air Source Market by Country
5.2 North America Geothermal Market by Country
5.3 North America Water Source Market by Country
Chapter 6. North America Residential Heat Pump Market by Country
6.1 US Residential Heat Pump Market
6.1.1 US Residential Heat Pump Market by Power Source
6.1.2 US Residential Heat Pump Market by Type
6.2 Canada Residential Heat Pump Market
6.2.1 Canada Residential Heat Pump Market by Power Source
6.2.2 Canada Residential Heat Pump Market by Type
6.3 Mexico Residential Heat Pump Market
6.3.1 Mexico Residential Heat Pump Market by Power Source
6.3.2 Mexico Residential Heat Pump Market by Type
6.4 Rest of North America Residential Heat Pump Market
6.4.1 Rest of North America Residential Heat Pump Market by Power Source
6.4.2 Rest of North America Residential Heat Pump Market by Type
Chapter 7. Company Profiles
7.1 Johnson Controls International PLC
7.1.1 Company Overview
7.1.2 Financial Analysis
7.1.3 Regional Analysis
7.1.4 Research & Development Expenses
7.1.5 Recent strategies and developments:
7.1.5.1 Product Launches and Product Expansions:
7.1.5.2 Acquisition and Mergers:
7.2 Mitsubishi Electric Corporation
7.2.1 Company Overview
7.2.2 Financial Analysis
7.2.3 Segmental and Regional Analysis
7.2.4 Research & Development Expense
7.2.5 Recent strategies and developments:
7.2.5.1 Product Launches and Product Expansions:
7.2.5.2 Geographical Expansions:
7.3 The Danfoss Group
7.3.1 Company Overview
7.3.2 Financial Analysis
7.3.3 Segmental and Regional Analysis
7.3.4 Research & Development Expenses
7.4 Daikin Industries, Ltd.
7.4.1 Company Overview
7.4.2 Financial Analysis
7.4.3 Regional & Segmental Analysis
7.4.4 Research & Development Expenses
7.4.5 Recent strategies and developments:
7.4.5.1 Product Launches and Product Expansions:
7.5 Carrier Global Corporation
7.5.1 Company Overview
7.5.2 Financial Analysis
7.5.3 Segmental and Regional Analysis
7.5.4 Research & Development Expenses
7.5.5 Recent strategies and developments:
7.5.5.1 Product Launches and Product Expansions:
7.6 Midea Group Co., Ltd.
7.6.1 Company Overview
7.6.2 Financial Analysis
7.6.3 Segment and Regional Analysis
7.6.4 Research & Development Expenses
7.6.5 Recent strategies and developments:
7.6.5.1 Partnerships, Collaborations, and Agreements:
7.6.5.2 Product Launches and Product Expansions:
7.7 NIBE Industrier AB
7.7.1 Company Overview
7.7.2 Financial Analysis
7.7.3 Segmental and Regional Analysis
7.7.4 Research & Development Expenses
7.7.5 Recent strategies and developments:
7.7.5.1 Product Launches and Product Expansions:
7.7.5.2 Acquisition and Mergers:
7.8 Viessmann Group
7.8.1 Company Overview
7.8.2 Recent strategies and developments:
7.8.2.1 Product Launches and Product Expansions:
7.9 Stiebel Eltron GmbH & Co. KG
7.9.1 Company Overview
7.10. The Glen Dimplex Group
7.10.1 Company Overview
TABLE 1 North America Residential Heat Pump Market, 2018 - 2021, USD Million
TABLE 2 North America Residential Heat Pump Market, 2022 - 2028, USD Million
TABLE 3 Partnerships, Collaborations and Agreements– Residential Heat Pump Market
TABLE 4 Product Launches And Product Expansions– Residential Heat Pump Market
TABLE 5 Acquisition and Mergers– Residential Heat Pump Market
TABLE 6 Geogrpahical Expansions- Residential heat pump market
TABLE 7 North America Residential Heat Pump Market by Power Source, 2018 - 2021, USD Million
TABLE 8 North America Residential Heat Pump Market by Power Source, 2022 - 2028, USD Million
TABLE 9 North America Electric Powered Market by Country, 2018 - 2021, USD Million
TABLE 10 North America Electric Powered Market by Country, 2022 - 2028, USD Million
TABLE 11 North America Gas Powered Market by Country, 2018 - 2021, USD Million
TABLE 12 North America Gas Powered Market by Country, 2022 - 2028, USD Million
TABLE 13 North America Residential Heat Pump Market by Type, 2018 - 2021, USD Million
TABLE 14 North America Residential Heat Pump Market by Type, 2022 - 2028, USD Million
TABLE 15 North America Air Source Market by Country, 2018 - 2021, USD Million
TABLE 16 North America Air Source Market by Country, 2022 - 2028, USD Million
TABLE 17 North America Geothermal Market by Country, 2018 - 2021, USD Million
TABLE 18 North America Geothermal Market by Country, 2022 - 2028, USD Million
TABLE 19 North America Water Source Market by Country, 2018 - 2021, USD Million
TABLE 20 North America Water Source Market by Country, 2022 - 2028, USD Million
TABLE 21 North America Residential Heat Pump Market by Country, 2018 - 2021, USD Million
TABLE 22 North America Residential Heat Pump Market by Country, 2022 - 2028, USD Million
TABLE 23 US Residential Heat Pump Market, 2018 - 2021, USD Million
TABLE 24 US Residential Heat Pump Market, 2022 - 2028, USD Million
TABLE 25 US Residential Heat Pump Market by Power Source, 2018 - 2021, USD Million
TABLE 26 US Residential Heat Pump Market by Power Source, 2022 - 2028, USD Million
TABLE 27 US Residential Heat Pump Market by Type, 2018 - 2021, USD Million
TABLE 28 US Residential Heat Pump Market by Type, 2022 - 2028, USD Million
TABLE 29 Canada Residential Heat Pump Market, 2018 - 2021, USD Million
TABLE 30 Canada Residential Heat Pump Market, 2022 - 2028, USD Million
TABLE 31 Canada Residential Heat Pump Market by Power Source, 2018 - 2021, USD Million
TABLE 32 Canada Residential Heat Pump Market by Power Source, 2022 - 2028, USD Million
TABLE 33 Canada Residential Heat Pump Market by Type, 2018 - 2021, USD Million
TABLE 34 Canada Residential Heat Pump Market by Type, 2022 - 2028, USD Million
TABLE 35 Mexico Residential Heat Pump Market, 2018 - 2021, USD Million
TABLE 36 Mexico Residential Heat Pump Market, 2022 - 2028, USD Million
TABLE 37 Mexico Residential Heat Pump Market by Power Source, 2018 - 2021, USD Million
TABLE 38 Mexico Residential Heat Pump Market by Power Source, 2022 - 2028, USD Million
TABLE 39 Mexico Residential Heat Pump Market by Type, 2018 - 2021, USD Million
TABLE 40 Mexico Residential Heat Pump Market by Type, 2022 - 2028, USD Million
TABLE 41 Rest of North America Residential Heat Pump Market, 2018 - 2021, USD Million
TABLE 42 Rest of North America Residential Heat Pump Market, 2022 - 2028, USD Million
TABLE 43 Rest of North America Residential Heat Pump Market by Power Source, 2018 - 2021, USD Million
TABLE 44 Rest of North America Residential Heat Pump Market by Power Source, 2022 - 2028, USD Million
TABLE 45 Rest of North America Residential Heat Pump Market by Type, 2018 - 2021, USD Million
TABLE 46 Rest of North America Residential Heat Pump Market by Type, 2022 - 2028, USD Million
TABLE 47 Key Information – JOHNSON CONTROLS INTERNATIONAL PLC
TABLE 48 key information – Mitsubishi Electric Corporation
TABLE 49 Key Information – The Danfoss Group
TABLE 50 Key information – Daikin Industries, Ltd.
TABLE 51 Key Information – Carrier Global Corporation
TABLE 52 key information – Midea Group Co., Ltd.
TABLE 53 key information – NIBE Industrier AB
TABLE 54 Key Information – Viessmann Group
TABLE 55 Key Information – Stiebel Eltron GmbH & Co. KG
TABLE 56 Key information – The Glen Dimplex Group
List of Figures
FIG 1 Methodology for the research
FIG 2 KBV Cardinal Matrix
FIG 3 Key Leading Strategies: Percentage Distribution (2018-2022)
FIG 4 Key Strategic Move: (Product Launches and Product Expansions : 2018, Mar – 2022, May) Leading Players
FIG 5 Recent strategies and developments: Johnson Controls International PLC
FIG 6 Recent strategies and developments: Mitsubishi Electric Corporation
FIG 7 Recent strategies and developments: Midea Group Co., Ltd.
FIG 8 Recent strategies and developments: NIBE Industrier AB