North America air to water heat pump market size exceeded USD 600 million in 2020 and its annual installation is estimated to exceed 270 thousand units by 2027. Increasing investment towards the development of green building infrastructure will thrust industry demand for renewable energy technologies including air to water heat pump systems.
The government of several nations have issued strict regulations in compliance with the growing carbon footprint and thus have introduced favorable policies and schemes for the adoption of energy efficient renewable energy products. Technological advancement and rise in consumer spending have stimulated a positive change in North America air to water heat pump market trends, which is further complemented by the growing space heating requirement in the region.
However, since early 2020, the global economy has been majorly impacted by the COVID-19 pandemic. A large number of residential construction projects and commercial offices have been temporarily shut down in compliance with the lockdown protocols. However, mass vaccination drives and further reduction in the number of cases have rejuvenated the economy across the region.
Furthermore, the pandemic has made consumers more conscious of heating system and air circulation across closed spaces including homes, leading to have positive affect on the North America air to water heat pump market size in 2020. However, despite the economic subdued for short period of time, the market growth is anticipated to recover in 2021, as revival of economy from Q3 of 2021 is anticipated with increased production activity across the region.
The study features a detailed analysis of industry trends across the North America segmented on a regional & state basis across application and country. Moreover, the market forecasts & estimates are in line with the data represented by authorities including the International Energy Agency (IEA), Energy Information Administration (EIA), ASHRAE, government regulatory bodies, and company press releases.
|Market Size in 2020:||600 Million (USD)|
|Forecast Period:||2021 to 2027|
|Forecast Period 2021 to 2027 CAGR:||9.0%|
|2027 Value Projection:||1.2 Billion (USD)|
|Historical Data for:||2017 to 2020|
|No. of Pages:||120|
|Tables, Charts & Figures:||56|
|Pitfalls & Challenges:|
Smooth integration across different energy sources will stimulate the North America commercial air to water heat pump industry growth
North America air to water heat pump market share from commercial sector is expected to register a growth of around 9% over the forecast timeframe. Commercial sectors including healthcare system, education and restaurants among others have high requirement of heated water on daily basis, which complements the product deployment. In addition, one-time high installation cost along with low maintenance associated with instant heat pumps will augment the market demand of air to water heat pumps.
Increasing per capita income levels across the North American region have provided adequate improvement in the consumer spending behavior resulting in increased adoption of comfortable and efficient heating technologies. The higher operational suitability and low weight to output ratio of these products are propelling the industry dynamics across small businesses and retail outlets. Rising climate change awareness will further enhance the North America air to water heat pump market statistics in the forthcoming years.
Increasing integration of renewable energy along with expanding commercial infrastructure across U.S. will complement the market expansion
Burgeoning investment toward development of healthcare infrastructure along with rapid expansion of real estate sector have stimulated the growth of U.S. air to water heat pump market size. Increasing integration of clean energy sources coupled with accessibility to renewable energy products have proliferated the market demand of these units. These products are becoming preferred among users owing to considerable reduction in electricity bills and further cost savings with payback period. Point-of-use application and low power consumption will provide momentum to North America air to water heat pump market forecast.
R & D and business acquisition strategy acting as the focal point of market players
Major market players are focusing on developing technological advanced products with numerous features to enhance their market share in the North America air to water heat pump industry. In addition, research & development and mergers are among the key strategies followed by the leading market players to gain a competitive edge in the industry. Further, leading market participants are focusing toward forward and backward linkage integration by manufacturing air to water heat pump components to achieve economies of scale and subsequently increase their market share.
The prominent players profiled in the North Americas air to water heat pump market report includes Trane, Viessmann, Danfoss, Daikin, Carrier Corporation, NIBE Industrier AB, A. O. Smith Corporation, Johnson Controls, Inc., Systemair AB, Samsung HVAC, Llc. and Toshiba Carrier Corporation amongst others.
North America air to water heat pump market research report includes in-depth coverage of the market with estimates & forecast in terms of Units, and USD from 2017 to 2027, for the following segments:
The above information has been provided for the following regions and countries:
- North America