North America Air Source Heat Pump Components Market was valued at USD 1.2 Billion in 2022 and is projected to reach USD 2.5 Billion by 2030, growing at a CAGR of 10.2% from 2024 to 2030.
The North American air source heat pump (ASHP) components market is experiencing significant growth, driven by the increasing demand for energy-efficient heating and cooling solutions across various industries. This surge is influenced by several key factors, including environmental concerns, technological advancements, and supportive government policies.
Air source heat pumps are renowned for their ability to extract heat from the air, providing an efficient alternative to traditional heating and cooling systems. Their versatility makes them suitable for a wide range of applications, from residential homes to large commercial and industrial facilities. The primary components of these systems include compressors, evaporators, condensers, expansion valves, and heat exchangers, each playing a crucial role in the heat transfer process.
Industries are increasingly adopting ASHPs to meet stringent energy efficiency standards and reduce carbon footprints. The residential sector benefits from lower energy bills and enhanced comfort, while commercial and industrial sectors appreciate the scalability and reliability of these systems. For instance, the U.S. Energy Information Administration reported that in 2021, over 17.5 million heat pumps were installed across the United States, with significant adoption in states like Texas and Florida. This trend reflects a growing preference for sustainable and cost-effective heating solutions.
Government incentives further accelerate the adoption of ASHPs. Programs such as the Build Back Better Act in the U.S. offer rebates and tax credits to consumers and businesses investing in energy-efficient technologies. These financial incentives make the initial investment more accessible and encourage widespread adoption.
Technological advancements have also played a pivotal role in enhancing the performance and efficiency of ASHPs. Modern systems are designed to operate effectively in a variety of climates, including colder regions where traditional heat pumps may have been less effective. This adaptability expands the market potential across diverse geographical areas.
In summary, the North American air source heat pump components market is poised for continued growth, driven by environmental imperatives, technological innovations, and supportive policies. Industries across the region are increasingly recognizing the value of ASHPs in achieving energy efficiency goals and contributing to a sustainable future. North America Air Source Heat Pump Components Market
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Daikin Industries
Mitsubishi Electric
Fujitsu General
LG Electronics
Panasonic
Carrier
NIBE
Bosch Thermotechnik
Glen Dimplex
Vaillant
Danfoss
A. O. Smith
Viessmann
BDR Thermea Group
Haier
Midea
Gree Electric
Stiebel Eltron GmbH & Co.
Swegon Group AB
Sanden International
Aermec
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the North America Air Source Heat Pump Components Market
Air-to-Air Heat Pump
Air-to-Water Heat Pump
Based on Types the Market is categorized into Below types that held the largest Air Source Heat Pump Components market share In 2023.
Evaporator
Compressor
Condenser
Heat Exchanger
Expansion Valve
Other
North America (United States, North America and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the North America Air Source Heat Pump Components Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. North America Air Source Heat Pump Components Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. North America Air Source Heat Pump Components Market, By Type
6. North America Air Source Heat Pump Components Market, By Application
7. North America Air Source Heat Pump Components Market, By Geography
North America
Europe
Asia Pacific
Rest of the World
8. North America Air Source Heat Pump Components Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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