United States Air Source Heat Pump Market By Process (Air to Air (Ducts, Ductless), Air to Water (Split, Integrated)) By End Use (Residential, Hotels & Resorts, Gym & Spas, Education, Food Service, and Others (Healthcare, Offices, etc.)), By Sales Channel (Plumbers, Dealers & Contractors, Retail, Direct Sales, Online, and Others (Distributors, Builders, etc.)), By Region, Competition, Forecast & Opportunities, 2018-2028

Industry : Consumer Goods and Retail
Pages : NA
Published Date : NA

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Summary

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Report Description

The United States air source heat pump market is driven by rising awareness about the adverse effects of greenhouse gas, infrastructure development growth to cater to the increasing population, and various government schemes.

Heat pumps adequately replace furnaces and air conditioners for all climates. Like refrigerators, heat pumps use electricity to move heat from a perfect space to a warm room, warming the latter while making the space cooler. Heat pumps transfer heat from the cold outside to the warm interior of the building throughout the heating season. And Heat pumps transfer indoor heat to the outside during the winter season. Heat pumps effectively create warm temperatures for the home since they transfer heat rather than produce it. Air source heat pumps come in two processes air-to-air and air-to-water.

A heat pump that transfers heat directly from the outside air into a building's interior using a fan system is known as an air-to-air heat pump. In addition, air-to-water heat pumps take heat from the outside air and transfer it into a building's interior through a central heating system to provide hot water heating, radiator heating, or underfloor heating (or all three). The kind of heat distribution system required is thus determined by the type of air source heat pump chosen.

Heat pumps have prevailed in the United States market for a long time. For instance, according to the U.S. Energy Information Administration, in 2021, more than 17.5 million heat pumps were installed across the United States. Heat pumps heat more than 40% of homes in South Carolina, North Carolina, and Alabama, compared to 17% nationally and barely 5% in the state California. The states with the most heat pumps installed are Texas and Florida. Due in part to the fact that many Southern homes are already all-electric and lack gas connections, heat pumps are trendy in these states. The South is the part of the country that uses electricity the most for heating and relies the least on using gas or other fossil fuels directly.

Older models of heat pumps did not function efficiently in subfreezing temperatures, which is another reason their penetration in northern regions has been delayed. However, modern heat pumps perform better in this area. Newer heat pumps were shown by a recent study in 2021 by the U.S. Energy Information Administration in Maine to be both efficient and effective at keeping homes warm throughout the state's notoriously frigid winters.

Another benefit of heat pumps is that they may act as air conditioners when it's hot outside. As summer heat waves increase due to climate change, households in the northern United States require this service more frequently. According to the U.S. Energy Information Administration, 12 new central air conditioning units are installed every minute in American houses. If consumers switched from single-purpose AC units to dual-purpose heat pumps, households and the environment would benefit. Although heat pumps are expanding their market share, in 2021, almost 4 million heat pumps vs 6 million central air conditioning systems were sold.

Ban on Usage of Fossil Fuels is Driving the Market Growth

Ten percent of the greenhouse gas emissions in the United States are caused by using natural gas in buildings for heating and cooking, and methane, which traps heat, is also released when natural gas is transported from oil and gas fields to facilities. Cities have begun to enact legislation that encourages all-electric households or outlaws the purchase of new natural gas appliances. For instance, the state of Florida outlawed the construction of new pipelines, power plants, and compressor stations in 2021. As customers turn toward efficient and effective technologies, these measures by the state government are boosting the market for air-source heat pumps.

Along with that, various companies are also coming up with new products to support this initiative by the government. For instance, The Heat2O CO2 (R744) heat pump water heater was introduced by Mitsubishi Electric Trane HVAC US in 2021 for commercial and industrial applications to focus on expanded decarbonization and ongoing efforts to replace fossil fuel heaters continued to be made in the country. These changes are fueling the market growth.

Rebates from Government on Heat Pumps are Fueling the Market Growth

The US government launched the Build Back Better Act (BBBA) in 2021. The law contains climate-related provisions essential for the US to reach its goal of 100% carbon-free electricity by 2035. Since heat pumps are a crucial component of electrification because they enable homeowners to move away from fossil fuel-based heating systems. The BBBA offers rebates to customers who buy heat pumps. For example, a customer who wants to install a heat pump for water heating will receive a reimbursement of up to USD 1,250. Suppose a consumer lodges a heat pump HVAC system with a British Thermal Unit (BTU) per hour below 27,500, they may qualify for USD 1,500 or USD 2,000, depending on whether the installation satisfies the requirements for an Energy Star cold environment installation and is located in a cold region. Consumers will receive USD 3,000 in refunds for systems that produce 27,500 BTU or more per hour or USD 4,000 if a cold climate system is installed.

A consumer may qualify for additional heat pump rebates of up to USD 2,000 or USD 3,000 if they are a Low and Moderate Income (LMI) household. The overall reimbursements would also be set at USD 10,000 if someone had other home electrification plans or 50% of the project costs. These rebates from the government are influencing the customers to buy heat pumps as it is beneficial for the customers and the government, influencing the market growth.

Energy Efficient Heat Pump Water Heaters Fuels Market Growth

According to the Department of Energy's Energy Star, heat pump water heaters are much more efficient than conventional electric water heaters. They can save the typical household up to USD 3,330 a year on electricity. An average heat pump water heater's lifespan adds up to almost USD 3,400. A 50-gallon heat pump water heater typically costs roughly USD 1,200, compared to USD 300 for an electric water heater. The users will, on average, pay off the difference in just three years and save significantly more on their water bill instantly. This feature is expected to drive market growth during the forecast period as consumers can save more money using heat pump water heaters than conventional water heaters.

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Market Segmentation

The United States air source heat pump market is segmented into process, end use, sales channel, region, and company. Based on the process, the market is segmented into air-to-air (ducts, ductless), air to water (split, integrated). Based on end use, the market is divided into residential, hotels & resorts, gyms & spas, education, food service, and others. Based on sales channel, the market is split into plumbers, dealers & contractors, retail, direct sales, online, and others.

Market Players

Daikin U.S. Corporation, Carrier Corporation, Rheem Manufacturing Company, Trane US, Inc., Johnson Controls, Inc., Lennox International Inc., Bosch Thermotechnology Corp., Emerson Electric Co., GE Appliances, and Stiebel Eltron, Inc. are the major market players in United States air source heat pump market.

Attribute	Details
Base Year	2022
Historic Data	2018 – 2021
Estimated Year	2023
Forecast Period	2024 – 2028
Quantitative Units	Revenue in USD Million, Volume in Thousand Units and CAGR for 2018-2022 and 2023-2028
Report Coverage	Revenue forecast, company share, competitive landscape, growth factors, and trends
Segments Covered	· Process · End Use · Sales Channel · Region
Regional scope	South, West, Mid-West, North-East
Key companies profiled	Daikin U.S. Corporation, Carrier Corporation, Rheem Manufacturing Company, Trane US, Inc., Johnson Controls, Inc., Lennox International Inc., Bosch Thermotechnology Corp., Emerson Electric Co., GE Appliances, Stiebel Eltron, Inc., etc.
Customization scope	10% free report customization with purchase. Addition or alteration to country, regional & segment scope.
Pricing and purchase options	Avail customized purchase options to meet your exact research needs. Explore purchase options
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

Report Scope:

In this report, the United States Air Source Heat Pump market has been segmented into the following categories, in addition to the industry trends, which have also been detailed below:

United States Air Source Heat Pump Market, By Process:

Air to Air
Air to Water

United States Air Source Heat Pump Market, By End Use:

Residential
Hotels & Resorts
Gym & Spas
Education
Food Service
Others

United States Air Source Heat Pump Market, By Sales Channel:

Plumbers
Dealers & Contractors
Retail
Direct Sales
Online
Others

United States Air Source Heat Pump Market, By Region:

South
West
Mid-West
North-East

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the United States Air Source Heat Pump market.

Available Customizations:

With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:

Company Information

Detailed analysis and profiling of additional market players (up to five).

United States Air Source Heat Pump Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1. Introduction

1.1. Product Overview

1.2. Key Highlights of the Report

1.3. Market Coverage

1.4. Market Segments Covered

1.5. Research Tenure Considered

2. Research Methodology

2.1. Objective of the Study

2.2. Baseline Methodology

2.3. Key Industry Partners

2.4. Major Association and Secondary Sources

2.5. Forecasting Methodology

2.6. Data Triangulation & Validation

2.7. Assumptions and Limitations

3. Executive Summary

3.1. Market Overview

3.2. Market Forecast

3.3. Key Regions

3.4. Key Segments

4. Voice of Customer Analysis (B2C Model Analysis)

4.1. Sample Size Determination

4.2. Respondent Demographics

4.2.1. By Gender

4.2.2. By Age

4.2.3. By Occupation

4.3. Preferred Way for Heating Water

4.4. Brand Awareness

4.5. Sources of Awareness

4.6. Factors Influencing Purchase Decision

4.7. Challenges Faced Post Purchase

5. United States Air Source Heat Pump Market Outlook

5.1. Market Size & Forecast

5.1.1. By Value

5.1.2. By Volume

5.2. Market Share & Forecast

5.2.1. By Process Market Share Analysis (Air to Air, Air to Water)

5.2.2. By End Use Market Share Analysis (Residential, Hotels & Resorts, Gym & Spas, Education, Food Service, and Others (Healthcare, Offices, etc.)

5.2.3. By Sales Channel (Plumbers, Dealers & Contractors, Retail, Direct Sales, Online, and Others (Distributors, Builders, etc.))

5.2.4. By Regional Market Share Analysis

5.2.4.1. South Market Share Analysis

5.2.4.2. West Market Share Analysis

5.2.4.3. Mid-West Market Share Analysis

5.2.4.4. North-East Market Share Analysis

5.2.5. By Company Market Share Analysis

5.3. United States Market Mapping & Opportunity Assessment

5.3.1. By Process Market Mapping & Opportunity Assessment

5.3.2. By End Use Market Mapping & Opportunity Assessment

5.3.3. By Sales Channel Market Mapping & Opportunity Assessment

5.3.4. By Regional Market Mapping & Opportunity Assessment

6. United States Air to Air Heat Pump Market Outlook

6.1. Market Size & Forecast

6.1.1. By Value

6.1.2. By Volume

6.2. Market Share & Forecast

6.2.1. By Type Market Share Analysis (Ducts, Ductless)

6.2.2. By End Use Market Share Analysis

6.2.3. By Sales Channel Market Share Analysis

6.3. Product Benchmarking (Best Selling SKU’s)

7. United States Air to Water Heat Pump Outlook

7.1. Market Size & Forecast

7.1.1. By Value

7.1.2. By Volume

7.2. Market Share & Forecast

7.2.1. By Type Market Share Analysis (Split, Integrated)

7.2.2. By Tank Capacity Market Share Analysis (Less than 200L, 200L to 300L, More than 300L)

7.2.3. By End Use Market Share Analysis

7.2.4. By Sales Channel Market Share Analysis

7.3. Product Benchmarking (Best Selling SKU’s)

8. Market Dynamics

8.1. Drivers

8.1.1. Low Running Cost

8.1.2. Less Maintenance

8.2. Challenges

8.2.1. High Installation Cost

8.2.2. Low efficiency below zero degree Celsius

9. Impact of COVID-19 on United States Air Source Heat Pump Market

9.1. Impact Assessment Model

9.1.1. Key Segments Impacted

9.1.2. Key Regions Impacted

10. Market Trends & Developments

10.1. Evolution of Refrigerant

10.2. Growing Demand for Wi-Fi enabled Heat Pumps

10.3. Increasing Government Rebates

10.4. Rising Awareness of Geo-thermal Heat Pumps

11. Porter’s Five Forces Model

11.1. Competitive Rivalry

11.2. Bargaining Power of Buyers

11.3. Bargaining Power of Suppliers

11.4. Threat of New Entrants

11.5. Threat of Substitutes

12. SWOT Analysis

12.1. Strengths

12.2. Weakness

12.3. Opportunities

12.4. Threats

13. Competitive Landscape

13.1. Company Profiles

13.1.1. Daikin U.S. Corporation

13.1.1.1. Company Details

13.1.1.2. Products & Services

13.1.1.3. Financials (As Reported)

13.1.1.4. Key Market Focus & Geographical Presence

13.1.1.5. Recent Developments

13.1.1.6. Key Management Personnel

13.1.2. Carrier Corporation

13.1.2.1. Company Details

13.1.2.2. Products & Services

13.1.2.3. Financials (As Reported)

13.1.2.4. Key Market Focus & Geographical Presence

13.1.2.5. Recent Developments

13.1.2.6. Key Management Personnel

13.1.3. Rheem Manufacturing Company

13.1.3.1. Company Details

13.1.3.2. Products & Services

13.1.3.3. Financials (As Reported)

13.1.3.4. Key Market Focus & Geographical Presence

13.1.3.5. Recent Developments

13.1.3.6. Key Management Personnel

13.1.4. Trane US, Inc.

13.1.4.1. Company Details

13.1.4.2. Products & Services

13.1.4.3. Financials (As Reported)

13.1.4.4. Key Market Focus & Geographical Presence

13.1.4.5. Recent Developments

13.1.4.6. Key Management Personnel

13.1.5. Johnson Controls, Inc.

13.1.5.1. Company Details

13.1.5.2. Products & Services

13.1.5.3. Financials (As Reported)

13.1.5.4. Key Market Focus & Geographical Presence

13.1.5.5. Recent Developments

13.1.5.6. Key Management Personnel

13.1.6. Lennox International Inc.

13.1.6.1. Company Details

13.1.6.2. Products & Services

13.1.6.3. Financials (As Reported)

13.1.6.4. Key Market Focus & Geographical Presence

13.1.6.5. Recent Developments

13.1.6.6. Key Management Personnel

13.1.7. Bosch Thermotechnology Corp.

13.1.7.1. Company Details

13.1.7.2. Products & Services

13.1.7.3. Financials (As Reported)

13.1.7.4. Key Market Focus & Geographical Presence

13.1.7.5. Recent Developments

13.1.7.6. Key Management Personnel

13.1.8. Emerson Electric Co.

13.1.8.1. Company Details

13.1.8.2. Products & Services

13.1.8.3. Financials (As Reported)

13.1.8.4. Key Market Focus & Geographical Presence

13.1.8.5. Recent Developments

13.1.8.6. Key Management Personnel

13.1.9. GE Appliances

13.1.9.1. Company Details

13.1.9.2. Products & Services

13.1.9.3. Financials (As Reported)

13.1.9.4. Key Market Focus & Geographical Presence

13.1.9.5. Recent Developments

13.1.9.6. Key Management Personnel

13.1.10. Stiebel Eltron, Inc.

13.1.10.1. Business Overview

13.1.10.2. Company Details

13.1.10.3. Products & Services

13.1.10.4. Financials (As Reported)

13.1.10.5. Key Market Focus & Geographical Presence

13.1.10.6. Recent Developments

13.1.10.7. Key Management Personnel

14. Strategic Recommendations/Action Plan

14.1. Key Focus Areas

14.2. Target Regions

14.3. Target Type

14.4. Target Platform

15. About Us & Disclaimer

(Note: The companies list can be customized based on the client requirements.)

Figures and Tables

Frequently asked questions

What are the segments in the United States Air Source Heat Pump Market?

The United States Air Source Heat Pump Market is segmented into process, end use, sales channel, region, and competitive landscape.

What are the drivers in the United States Air Source Heat Pump market?

Increasing government initiatives, growing demand for energy-efficient heating, energy-efficient properties, and low maintenance cost are some drivers that help boost the air source heat pump market size in the United States.

What are the challenges in the Air Source Heat Pump Market in the United States?

Lack of awareness among consumers, high installation costs, and low efficiency below 0 degrees Celsius are the challenges in the Air Source Heat Pump market in the United States.

Which are the key players in the United States Air Source Heat Pump Market ?

Daikin U.S. Corporation, Carrier Corporation, Rheem Manufacturing Company, Trane US, Inc., Johnson Controls, Inc., Lennox International Inc., Bosch Thermotechnology Corp., Emerson Electric Co., GE Appliances, Stiebel Eltron, Inc., etc. are the key players in the United States air source heat pump market.

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Press Release

United States Air Source Heat Pump Market to be Dominated by Air to Water Heat Pumps During the Forecast Period

Dec, 2022

Lower Energy Costs, Longer Lifetime, and Less Impact on Environment Drive the Air Source Heat Pump Market in the United States.