SELBYVILLE, Del., Sept. 21, 2021 (GLOBE NEWSWIRE) -- The U.S. residential heat pump market value is projected to cross USD 22.2 billion by 2030 as reported in the latest study by Global Market Insights Inc. due to an upsurge in the living standard and increasing demand for heating equipment. Surging consumer focus toward the adoption of sturdy, energy-efficient & reliable systems to limit electricity bills will stimulate the industry growth. Increasing government concerns pertaining to import dependency coupled with unstable fossil fuel prices will further drive the business landscape.
The ground source heat pump segment will gain an appreciable momentum owing to increasing infrastructural investments in the development of single & multi-housing buildings. Rising demand for the revamping & replacement of conventional HVAC equipment to fulfill strict energy efficiency norms will stimulate the product demand. The key benefits of the product include high reliability, low heat loss, and low noise will drive the industry potential.
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Some prime findings of the U.S. residential heat pump market report include:
- U.S. residential heat pump industry is growing due to the rising need for space heating in residential establishments.
- The ongoing refurbishment of existing buildings in line with the increasing urbanization rate will foster product penetration.
- Key players operating across the U.S. residential heat pump market are Glen Dimplex Group, Trane, Daikin, Carrier Corporation, and Mitsubishi Electric Corporation.
- Surging government focus to limit carbon emissions along with increasing demand for energy-efficient systems will favour the business scenario.
Browse key industry insights spread across 590 pages with 1,315 market data tables & 27 figures & charts from the report, "U.S. Residential Heat Pump Market Forecasts By Technology (Air Source {Air to Air, Air to Water}, Ground Source, Water Source, Hybrid & Others), Installation (Retrofit, New Build), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 - 2030", in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/us-residential-heat-pump-market
A paradigm shift toward efficient & cleaner technologies along with the implementation of green building codes will fuel the business expansion. The introduction of digital & smart systems to improve monitoring operations will escalate product adoption. The product delivers core features including minimal wear & tear, the ability to adjust according to temperature, and a longer lifespan, thus accelerating the U.S. residential heat pump market share.
The country is severely impacted by the coronavirus pandemic. The government is collaborating with eminent players to effectively deal with the current pandemic situation. Furthermore, manufacturers are focusing on increasing the overall resilience to mitigate the impact on the supply chain. The ongoing adoption of the work from home concept along with elevated heating demand will amplify the market statistics.
Northeast States residential heat pump market is set to witness a significant CAGR of over 5% through 2030. The increasing focus on energy conservation coupled with reducing harmful GHG emissions will complement the industry scenario. Favourable government schemes including corporate & personal tax credits and rebates in line with the robust development of residential infrastructures will further stimulate U.S. market size.
Browse the ToC of this report @ https://www.gminsights.com/toc/detail/us-residential-heat-pump-market
About Global Market Insights
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Image 1: U.S. Residential Heat Pump Industry Forecasts 2021-2030
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