North America Heat Pump Market Size, Share, and COVID-19 Impact Analysis, By Technology (Air Source, Water Source, and Geothermal), By Application (Residential, Industrial, and Commercial), and North America, Heat Pump Market Insights, Industry Trend, Forecasts to 2035.

North America Heat Pump Market Insights Forecasts To 2035

• The North America Heat Pump Market Size Was Estimated at USD 18.30 Billion in 2024
• The Market Size is Expected to Grow at a CAGR of Around 9.5 % from 2025 to 2035
• The North America Heat Pump Market Size is Expected to Reach USD 49.64 Billion by 2035

According to a research report published by Spherical Insights & Consulting, The North America Heat Pump Market is Anticipated To Reach USD 49.64 Billion by 2035, Growing at a CAGR of 9.5 % from 2025 To 2035. The growing need for energy-efficient HVAC systems, favorable government subsidies, technological improvements, and increased awareness of low-emission and sustainable heating options all create opportunities in the North America heat pump market.    

Market Overview

Heat pump systems for residential, commercial, and industrial use are produced, distributed, and sold throughout the United States, Canada, and Mexico the regional industry is known as the North America heat pump market. Heat pumps are energy-efficient machines that use electricity to move heat from one place to another, serving as both heating and cooling systems. A variety of heat pump types, including water-source, ground-source, and air-source systems, are available in the North America heat pump market. The market for heat pumps in North America is essential for fostering environmental sustainability and encouraging the use of HVAC systems powered by renewable energy.  

A number of important reasons are propelling the expansion of the worldwide heat pump market. The growing emphasis on sustainability and energy efficiency is one of the primary motivators. The growing need for sustainable and energy-efficient heating and cooling solutions, driven by government incentives and increasingly stringent environmental regulations, is a primary factor fueling the heat pump industry. Market expansion is also helped by technological advancements and increasing consumer awareness of the environmental effects.   

Report Coverage

This research report categorizes the market for North America 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 heat pump market. Recent market developments and competitive strategies such as expansion, product launch, 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 heat pump market. 

Driving Factors

The industry is expanding at a fast rate due to rising investments in HVAC technologies. Market growth and acceptance are being accelerated by strategic cooperation between heat pump manufacturers, utility companies, research institutions, and other important stakeholders. The owing to their remarkable performance and ecological benefits, energy-efficient heat pumps are growing in popularity. Pumps' uses and benefits have led to a sharp increase in sales in recent years. Increased construction activity, government incentives, and developments in heat pump technology all support market growth.  

Restraining Factors

High upfront installation costs, low consumer awareness in some regions, performance issues in severely cold climes, and the technical difficulties of retrofitting older buildings with contemporary heat pump systems are the main factors restricting the North America heat pump market.

Market Segmentation

The North America heat pump market share is classified into technology and application.

• The water source segment held a largest share in 2024 and is expected to grow at a significant CAGR during the forecast period.

The North America heat pump market is segmented by technology into air source, water source, and geothermal. Among these, the water source segment held a largest share in 2024 and is expected to grow at a significant CAGR during the forecast period. Individuals reside close to water sources are most suited for the water-source technology. A COP of about 5 indicates that these pumps are extremely efficient, delivering 5 units of heat for every unit of electricity.  

• The residential segment held a largest share in 2024 and is expected to grow at a significant CAGR during the forecast period.

The North America heat pump market is segmented by application into residential, industrial, and commercial. Among these, the residential segment held a largest share in 2024 and is expected to grow at a significant CAGR during the forecast period. The demand for heat pumps in the residential sector is anticipated to rise as a result of rapid urbanization and rising consumer demand for energy-efficient products. The market for heat pumps is also anticipated to increase in the upcoming years due to favorable government programs and tax incentives provided for the installation of energy-saving products.    

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the North America 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

• Midea Group
• Hitachi Ltd
• Danfoss A/S
• Fujitsu Ltd
• SAMSUNG
• LG Electronics
• Ingersoll Rand Inc
• Carrier Corporation
• Robert Bosch GmbH
• Daikin Industries Ltd
• Johnson Controls, Inc.
• Rheem Manufacturing
• Panasonic Holdings Corp
• Lennox International Inc
• Others

Recent Developments

• In September 2024, the Bespoke AI Laundry Combo was launched into the European market by Samsung Electronics. With the help of AI, heat pump technology, and a 7" display, the Bespoke AI Laundry Combo will provide a fun, easy, and energy-efficient laundry experience.

• In August 2024, LG announced two new household air-to-water heat pumps with a seasonal coefficient of performance of more than five that will run on propane. Furthermore, even in cold weather, it can reach a flow temperature of 75°C.     

Key Target Audience 

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

Market Segment

This study forecasts revenue at North America, regional, and country levels from 2020 to 2035. Spherical Insights has segmented the North America Heat Pump market based on the below-mentioned segments:

North America Heat Pump Market, By Technology

• Air Source
• Water Source
• Geothermal

North America Heat Pump Market, By Application

• Residential
• Industrial
• Commercial