Selbyville, Delaware, May 11, 2020 (GLOBE NEWSWIRE) --
The U.S. Residential Heat Pump Market is predicted to witness an annual deployment of over 2.8 million units by 2026, as reported in the latest study by Global Market Insights, Inc. Rising demand for energy efficient systems and adoption of sustainable technologies to mitigate environmental impacts will foster the demand for residential heat pumps.
Introduction of green building codes & standards in line with rapid deployment of sustainable technologies will accelerate the U.S. residential heat pump industry growth. Increasing demand for development of cost effective & sustainable heating & cooling solutions to reduce the power consumption will augment the industry landscape. Ongoing provisions by government authorities to install heating appliances to limit carbon emissions will support the adoption of the energy efficient units.
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Ongoing governmental programs toward heating & cooling to promote the adoption of sustainable Heating, Ventilation, and Air Conditioning (HVAC) units coupled with favorable regulatory norms will boost the market growth. Robust development across the residential sector comprising luxury apartments & large multifamily buildings will enhance the industry outlook. In addition, product innovation with incorporation of IoT technology including remote management & control and Wi-fi integration is anticipated to stimulate the product penetration.
Some major findings of the U.S. residential heat pump market report include:
- Increasing demand for space heating & cooling is driving the heat pumps demand across the residential establishments.
- Significant financial support from numerous local & state authorities coupled with increasing refurbishment activities of existing facilities is stimulating the industry growth.
- Ongoing government incentives along with various promotional schemes will accelerate the product adoption.
- Eminent players operating in the U.S. residential heat pump market include Johnson Controls, Carrier Corporation, Rheem Manufacturing and Mitsubishi Electric Corporation among others
- Key industry players are opting for inorganic growth ventures with different technology providers for enhanced product innovation and diversity.
- Increasing research & development activities to improve the existing mechanism of heat pump systems will foster the industry growth.
Browse key industry insights spread across 85 pages with 16 market data tables & 10 figures & charts from the report, “U.S. Residential Heat Pump Market Outlook By Product (Air Source, Ground Source, Water Source), By Compressor (Variable speed, Two-stage, Single stage), By Application (Single Family, Multi Family), Industry Analysis Report, Application Potential, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/us-residential-heat-pump-market
The air source heat pump demand is set to grow on account of its ability to purify air and its suitability across a wide range of applications. Furthermore, favorable regulatory policies and programs toward the deployment of sustainable heating systems will positively influence the business outlook. The NYSERDA, in 2017 introduced Air Source Heat Pump (ASHP) Program to support New York state to decrease reliance on conventional fuels, deploy renewable energy and save money. Moreover, strategic business expansions by the leading industry participants will complement the business landscape.
Ongoing government incentives & rebates combined with large scale promotional activities toward adoption of energy efficient units will drive the industry growth. Growing concerns related to CO₂ emissions coupled with mounting demand for clean fuels will positively augment the business outlook. Shifting focus toward innovative technologies will further augment the product installation.
Rising disposable incomes, increasing standards of living along with greater demand for high level comfort will encourage the product penetration in single family applications. Shifting population toward urban areas along with increasing purchasing power of people is anticipated to accelerate the demand of housing structures, thereby enhancing the business landscape. Furthermore, the ability to comply with both cooling & heating requirements with higher efficiency & coefficient of performance will drive its product deployment.
Large scale investments by various manufacturers along with enhanced R&D activities will fuel the growth across single speed compressors. These units have been widely used across residential establishments on account of their low equipment cost, high durability and technological advancements. In addition, key factors including air filtration, greater humidity and temperature control will stimulate the product deployment.
Technological advancements including the development of alternative refrigerants used in heat pumps coupled with strategic growth alliances will foster the U.S. residential heat pump market growth. The companies are focusing on collaborations & partnerships with leading technology providers to gain competitive edge in the industry. Key players are making heavy investments toward research and development and concentrating toward low cost manufacturing to offer competitive pricing.
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Browse Related Reports:
Air Source Heat Pump Market By Application (Residential{Single-family Houses, Multi-family Apartments}, { Domestic Hot Water Heat Pump, Room Heat Pump}, Commercial{Education, Healthcare, Retail, Logistics & Transportation, Offices, Hospitality, Others}, Industrial), Products (Air to Air, Air to Water), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2018 – 2024
https://www.gminsights.com/industry-analysis/air-source-heat-pump-market
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.