Residential Heat Pump Market in US Size 2022 Technology Innovations and Demand Analysis By 2030
Category: #energy-and-environment  By Ronak Bora  Date: 2022-06-20
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Residential Heat Pump Market in US Size 2022 Technology Innovations and Demand Analysis By 2030

It would be unsurprising to note that the heat pumps technology is gradually soaring to new heights almost every year. Developed over 20 years ago, heat pumps are now known to be available in about 30 countries and regions including North America, Europe, and Northern Asia owing to the freezing climate in these continents. While a massive number of residential heat pumps are being installed globally, a dominant share of these is expected to come from the United States. This can be ascribed to the upsurge in living standards and rising demand for heating equipment in the country.

Not to mention, since these systems make up to 5% of the global building heating demand, they are being highly preferred to limit the electricity bills, stimulating the growth curve of the U.S residential heat pump industry.

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Essentially, the market for residential heat pumps in the U.S is slated to account for a significant remuneration over 2021-2030, massively driven by increasing government concerns regarding the use of fossil fuels and mounting carbon emissions.

Speaking of the alarming concerns pertaining to the toxic GHG emissions and various central governments are focusing on limiting it down. On this note, it would be crucial to mention that the North Eastern States residential heat pump market is set to expand at a CAGR of 5% through 2030. Courtesy: rising focus on energy conservation and limiting the GHG emission levels.

The federal government, in this regard, is introducing novel schemes including personal and corporate tax credits and rebates, along with the robust development of residential infrastructure. Alongside, the ongoing refurbishment of the existing buildings and rising rate of urbanization in the States is expected to further push the demand for residential heat pumps.

Introduction to cleaner technologies and ‘green building’ concept: a roadway for market development

The United States is gradually pivoting towards cleaner and efficient technologies, while simultaneously emphasizing on the green buildings concept. These trends are foreseen to influence the residential heat pump market across the country in the near future.

The market growth is further being propelled by the introduction of smart and digital systems in the current era of digitization, in an attempt to improve monitoring operations. These products are expected to offer integral features like reducing the chances of wear and tear, longer lifespan, and the ability to adjust according to temperature.

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Pros of ground source heat pump installation

Installation of ground source heat pumps in the United States is touted to offer significant benefits like low heat loss, low noise, and high reliability. These pumps are considered to be excellent low carbon heating systems that have been gaining widespread popularity owing to their high efficiency rate and low running costs.

Besides, an increase in infrastructural investment in development of single and multi-housing buildings is estimated to have an impeccable influence on the adoption of these pumps across residential spaces in the US.

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How has the COVID-19 pandemic transformed the business outlook?

The novel coronavirus outbreak has created havoc across various parts of the world. The United States is no exception to this. The infection spread had created turmoil in the regional economy with various businesses and industries witnessing a downfall in product demand and supply.

In order to recuperate from the losses, the federal government is now collaborating with prominent players to effectively deal with the current situation, offering a subtle push to the demand for residential heat pumps in the region.

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About Author

Ronak Bora

Ronak Bora    

A graduate in Electronics Engineering, Ronak writes for Technology Magazine and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and spo...

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