North America Air to Water Heat Pump Market Insights Forecasts to 2032

• The North America Air to Water Heat Pump Market Size was valued at USD 1.66 Billion in 2022.
• The Market Size is Growing at a CAGR of 19.16% from 2022 to 2032.
• The North America Air to Water Heat Pump Market Size is expected to reach USD 9.58 Billion by 2032.
• Canada Market is expected to grow the fastest during the forecast period.

The North America Air to Water Heat Pump Market Size is expected to reach USD 9.58 Billion by 2032, at a CAGR of 19.16% during the Forecast period 2022 to 2032.

Market Overview

An air-to-water heat pump is a mechanical device that collects heat from the air and utilizes it to heat hot water for heating the building. Air-source heat pumps can be selected as a way to generate hot water to heat the building on the waterside tab. Air-to-air-to-water heat pumps are usually utilized for low-temperature heating, such as radiant panel heating, radiators, or sometimes fan coils. The temperature of the heating water that the heat pump is attempting to produce has a significant impact on its efficiency, with the unit generally being relatively inefficient at producing very hot heating water. As consumers and organizations become more environmentally concerned, the demand for sustainable heating solutions is increasing. By collecting unused energy in the air and transforming it into effective heat for homes, commercial buildings, and industrial applications, air-to-water heat pumps provide an appealing alternative. Furthermore, the rising costs of traditional heating approaches, along with strict government rules aimed at reducing carbon emissions, are encouraging the use of air-to-water heat pumps across North America. Technological developments aimed at enhancing performance and lowering operational costs in order to provide a greener, more sustainable option will influence market dynamics.

Report Coverage

This research report categorizes the market for North America Air to Water Heat Pump Market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the North America Air to Water Heat Pump Market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the North America Air to Water Heat Pump market.

Driving Factors

The growing emphasis on reducing greenhouse gas (GHG) emissions, as well as the increasing demand for sustainable technologies. The ongoing efforts to decrease carbon emissions have resulted in an increase in demand for energy-efficient heating, cooling, and hot water solutions, driving the expansion of the air-to-water heat pump market. The industry is experiencing favorable opportunities for expansion as a result of a number of factors, including diverse climate conditions, rising adoption of environmentally sustainable practices, accelerating investments in research and development, and advancements in residential heat pump technologies. Furthermore, the rapid expansion of the infrastructure sector, along with government investment in the construction of energy-efficient buildings, has driven significant growth in the air-to-water heat pump market in the United States. Growing harsh winters along with integration with other renewable technologies will result in a boom in product usage. The rising population and continued movement from rural to urban regions have resulted in a significant increase in product demand.

Restraining Factors

The capacity of air-to-water heat pumps is limited. They may not be able to provide enough heating and cooling for larger homes or buildings, which may necessitate the installation of multiple units. This can raise the cost and complexity of installation even further. Before installing an air-to-water heat pump, professional heating engineers should assess your heating and cooling requirements to ensure that it is capable of meeting your requirements.

Market Segment

• In 2022, the offices segment accounted for the largest revenue share over the forecast period.

On the basis of commercial, the North American Air to Water Heat Pump Market is segmented into education, healthcare, retail, logistics & transportation, and offices. Among these, the offices segment has the largest revenue share over the forecast period. As the population increases so will the demand for hot water heating increases in offices. The rising need for space cooling and heating in offices as a result of different seasons is also expected to accelerate the regional landscape. In addition to being necessary for daily living because of the increasing demand for sustainable solutions to reduce energy consumption.

• In 2022, the commercial segment accounted for the largest revenue share over the forecast period.

Based on the application, the North America Air to Water Heat Pump market is classified into residential, and commercial. Among these, the commercial segment is expected to hold the largest share of the North American Air to Water Heat Pump Market during the forecast period. Many businesses, hotels, educational institutions, and healthcare facilities are utilizing these systems to effectively satisfy their heating and cooling needs. Air-to-water heat pumps additionally reduce energy usage but also dramatically reduce operational expenses, making them an appealing solution for organizations looking to improve their sustainability profile and reduce their environmental impact. As the business sector prioritizes environmental responsibility and cost-effectiveness, demand for air-to-water heat pumps is predicted to skyrocket, pushing market expansion even further.

• In 2022, the United States segment accounted for the largest revenue share over the forecast period.

On the basis of country, the North American Air to Water Heat Pump Market is segmented into the United States, Canada, and Mexico. Among these, the United States segment has the largest revenue share over the forecast period. To reduce reliance on traditional energy sources, governments in the region are actively investing in non-fossil fuel-based heating and cooling systems. For instance, in February 2022, the United States Environmental Protection Agency (EPA) launched the ENERGY STAR Home Upgrade Initiative, which intends to increase the adoption of clean energy solutions in American households. This initiative aims to encourage the use of energy-efficient solutions and the use of air-source heat pumps in order to reduce overall energy consumption.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the North America Air to Water Heat Pump Market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Trane Technologies plc.
• NIBE Industrier AB
• American Standard Heating and Air Conditioning.
• Lennox International Inc.
• Rheem Manufacturing Company
• Goodman
• Carrier
• Systemair AB
• Samsung HVAC

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Development

• On May 2023, Daikin Applied Americas introduced a new air-to-water heat pump designed for commercial rooftop applications such as schools, retail spaces, and office buildings.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2021 to 2032. Spherical Insights has segmented the North America Air to Water Heat Pump Market based on the below-mentioned segments:

North America Air to Water Heat Pump Market, By Commercial

• Education
• Healthcare
• Retail
• Logistics & Transportation
• Offices
• Hospitality

North America Air to Water Heat Pump Market, By Application

• Residential
• Commercial

North America Air to Water Heat Pump Market, By Country

• United States
• Canada
• Mexico