Heat Pump Market Impact on the US Region and Energy Landscape

Heat Pump Market

The global heat pump market is expected to grow from an estimated USD 90.1 billion in 2024 to USD 157.8 billion by 2029, at a CAGR of 11.8% during the forecast period. The heat pump market in the US is experiencing significant growth driven by increasing awareness about energy efficiency, government incentives for renewable energy adoption, and the need to reduce carbon emissions. Heat pumps offer an efficient alternative for heating and cooling residential, commercial, and industrial spaces, making them a crucial component of the transition to sustainable energy solutions.

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Some of the top companies operating in the US market include Carrier, Trane Technologies plc, DAIKIN INDUSTRIES, Ltd., Lennox International, and Mitsubishi Electric. Carrier is a leading manufacturer of heating, ventilating, and air conditioning (HVAC) systems; the company offers a range of heat pump solutions for residential and commercial applications. They are known for their innovative technologies and energy-efficient products. The company boasts a substantial worldwide footprint spanning 180 countries, encompassing the US, the UK, India, and China. It operates 51 factories and 39 R&D centers. Trane Technologies plc is another major player in the HVAC industry, offering heat pump systems that prioritize efficiency and sustainability. Their products cater to both residential and commercial markets. The company has operations in 60 countries. DAIKIN INDUSTRIES, Ltd. is a global HVAC manufacturer with a strong presence in the US market. They provide heat pump systems known for their reliability, performance, and eco-friendly features. DAIKIN INDUSTRIES, Ltd. operates in over 150 countries and has over 100 industrial facilities worldwide.

These companies are focusing on research and development activities for the development of new and innovative heat pumps to cater to the increasing consumer demand and maintain a strong market footprint. For instance, in November 2023, DAIKIN INDUSTRIES, Ltd. launched new air-to-air heat pumps. The new products use difluoromethane (R32) as the refrigerant. The VRV 5 systems are available in two models – the Mini-VRV system with an output of up to 33.5 kW and the Top-Blow series reaching 56 kW. In September 2023, Carrier launched the AquaForce 61CW-Z. It offers power ranging from 410 kW to 735 kW. It can achieve a temperature of up to 92°C. The new solution is recommended for district heating networks and industrial process heating systems. Moreover, In September 2023, Trane Technologies plc launched the Thermal Battery Storage-Source Heat Pump System, which brings heating and cooling into one electric solution and can be three times more efficient than traditional heating methods. Commonly called ice storage, thermal energy storage ice tanks act like batteries. In June 2022, The Department of Energy announced that Lennox International has become its first partner in the Residential Cold Climate Heat Pump Technology Challenge. Cold climate heat pumps are designed to deliver efficient heating even in freezing temperatures while emitting no greenhouse gases.

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The key factors driving the growth of the US market include the ongoing implementation of regulations and policies by the government to reduce the carbon footprint, coupled with the increasing investments in the installation of energy-efficient technologies in new infrastructure development projects and expanding residential and commercial sectors. The increase in the number of initiatives taken by the government to achieve energy efficiency in the residential and commercial sectors has surged the adoption of heat pumps in new and existing residential and commercial buildings. Besides, there has been an increase in focus on the use of renewable energy in the past few years. For instance, In February 2024. the U.S. Department of Energy (DOE) announced the availability of $63 million to accelerate the growth of domestic manufacturing of residential heat pumps, heat pump water heaters, and other heat pump systems and components. This investment from President Biden’s Inflation Reduction Act—invoked by President Biden’s use of emergency authority based on climate change— utilizes the Defense Production Act (DPA) to increase domestic production of key clean energy technologies, including electric heat pumps. The expansions in the U.S. market are being driven further by technological advancements, sustainability goals, and supportive government policies. Collaboration among industry stakeholders, investment in research and development, and consumer education are essential for realizing the full potential of heat pump technology in achieving energy efficiency and reducing carbon emissions.