North America Commercial Air-to-Water Heat Pump Market Size
The North America commercial air-to-water heat pump market was valued at $438 million in 2023 and is expected to grow at a CAGR of 17.9% from 2024 to 2032. Increasing demand for improved space heating and hot water solutions, coupled with increasing commercial property construction. Building infrastructure complements the business landscape. Strict building regulations to promote energy efficiency and CO2 reduction are encouraging the adoption of energy efficient air-to-water heat pumps.
Favorable policies, energy saving standards and advantageous financial rebates introduced by respective authorities have accelerated the adoption of Heat pumpsdriven by increasing energy consumption and a focus on reducing emissions from building infrastructure. For example, the Energy Policy and Conservation Act, as amended in May 2024, establishes energy conservation standards for certain commercial and industrial equipment and various consumer products. These include commercial air-cooled air conditioners and heat pumps with a cooling capacity of 65,000 Btu/hr or more.
| Report attribute | Details |
|---|---|
| Base year: | 2023 |
| North America Commercial Air to Water Heat Pump Companies Market Size in 2023: | $438 million |
| Forecast period: | 2024 to 2032 |
| Forecast period 2024 to 2032 CAGR: | 17.9% |
| Value forecast 2032: | $1.9 billion |
| Historical data for: | 2021 to 2023 |
| Number of pages: | 70 |
| Tables, diagrams and figures: | 12 |
| Segments covered: | Application and country |
| Growth drivers: |
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| Pitfalls and Challenges: |
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North America Commercial Air-to-Water Heat Pump Market Trends
North America commercial Air-water heat pump is expected to grow due to the increasing adoption of ambient and reliable heating solutions and the accelerated development of commercial building infrastructure. Ongoing initiatives to replace conventional heating and hot water systems as well as strict emissions regulations complement the industry outlook. Increasing focus on curbing CO2 emissions, developing energy efficient building infrastructure and favorable initiatives to promote the use of heat pumps will increase business momentum.
North America commercial air-to-water heat pump market analysis
By 2032, the hospitality segment is expected to be worth over $450 million. Increasing demand for efficient heating, cooling and hot water solutions in buildings is driving market growth. This trend is complemented by a shift in consumer preferences towards energy efficient solutions and improved indoor comfort. Constant technological advances continue to increase the use of heat pumps. These advances include improvements in heat pump design, the use of environmentally friendly refrigerants, and the development of improved control systems.
The education sector is expected to grow due to the increasing demand for advanced heat pump units and the increasing tendency to install energy efficient heating and cooling systems. Stringent regulatory frameworks to improve the energy efficiency of buildings as well as increased use of advanced technologies and efforts to reduce CO2 emissions are accelerating product adoption. The rapid construction of educational facilities, including schools, colleges and universities, coupled with the focus on spatial comfort and energy efficiency, will significantly shape the business landscape.
The U.S. commercial air-to-water heat pump market is expected to exceed $1.8 billion by 2032. The increasing adoption of low-carbon alternatives, supportive regulatory measures and the introduction of advanced technologies to reduce emissions will have a positive impact on business dynamics. The increasing construction and development of new and existing building infrastructure, driven by an increasing focus on improving energy efficiency, has accelerated product adoption. Supportive measures and incentives from governments are accelerating the deployment of these sustainable heating systems.
Market share of commercial air-to-water heat pumps in North America
Manufacturers operating throughout North America commercial air to water heat pump strengthen their market position through strategic partnerships, agreements, acquisitions and product innovations. Strategic alliances and corporate restructuring to share expertise, accelerate innovation and develop new markets are shaping the business landscape. Mergers and acquisitions occur as companies seek to strengthen their market position, diversify their portfolios, develop new advancements, and achieve economies of scale.
Companies operating in the North American commercial air-to-water heat pump market
The key players in the industry include:
- Arctic heat pumps
- Bosch thermal technology
- Chiltrix
- Glen Dimplex Group
- Hydro-Solar Innovative Energy
- Hole invar
- Mestek
- Mitsubishi Heavy Industries
- Raypak
- Rheem Manufacturing Company
- SpacePak
- State industries
- Swegon North America
- Tear
- Transom Corporation
Industry news for commercial air-to-water heat pumps in North America
- In April 2024, Johnson Controls expanded its heat pump offering in Canada with the introduction of the YORK YMAE 575V modular inverter scroll air-to-water heat pump. The new 575-volt YMAE model meets Canadian standards for pressurized equipment. It features EVI-scroll technology, offers two- and four-pipe configurations, and delivers water up to 60°C (140°F). The device offers heating capacities of 443 MBH in pure heating mode and up to 546 MBH in simultaneous heating and cooling. It uses the environmentally friendly refrigerant R-454B to reduce emissions.
- In January 2024, LG USA expanded its heat pump-powered HVAC products for water heating at the 2024 AHR Expo. The company's new offerings focus on convenience, energy efficiency and sustainability for residential and commercial applications. The latest addition includes the R32 air-to-water monoblock heat pump system, which features integrated components for easy installation and efficient hot water production for various applications. The system features noise reduction technology and operates at low noise levels.
This North America Commercial Air-to-Water Heat Pumps market research report provides in-depth coverage of the industry with estimates and forecasts in terms of “1,000 Units” and USD Million for the period 2021 to 2032 for the following segments:
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Market, by application
- Training
- Healthcare
- retail
- Logistics & Transport
- Offices
- hospitality
- Other
The above information has been provided for the following countries:
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