August 06, 2020
According to the recent research report titled ‘U.S. Residential Heat Pump Market Size By Product By Compressor, By Application , Industry Analysis Report, Application Potential, Competitive Market Share & Forecast, 2020 – 2026’, available with Market Study Report LLC, U.S. residential heat pump market is expected to grow substantially during 2020-2026.
U.S. residential heat pump market growth is attributable to surging demand for energy efficient systems and pivotal role of heat pumping technology in reducing CO2 emissions. On the contrary, the industry expansion is obstructed by factors such as high initial investment cost and low co-efficient of performance (COP) of heat pump systems, cites the study.
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For those uninitiated, heat pump is a heating system that transfers heat from one site to another. A compressor and a circulating structure of gas or liquid refrigerant is used in this process wherein heat is extracted from external sources and then directed indoors. During summers, this heat pump can function as an air conditioner by reversing the cycle.
Heat pumps require lower maintenance and are safer in comparison to combustion heating systems. These pumps are also inexpensive to run, and offers energy saving benefits depending on the overall efficiency of the particular system. Additionally, heat pump systems reduce carbon footprints. Furthermore, these systems are highly reliable and steady source of heat as they have extended lifespan.
Speaking of product type, U.S. residential heat pump market is divided into ground source, water source, and air source. Water source heat pump usually scatters heat by water rather than air, and need access to well, lake or any other water source for operating. Whereas air source heat pumps utilize outside heat for exchanging heat and are usually operated during moderate climates. Ground source heat pump transfer heat similarly to air source heat pumps but benefit from the thermal energy stored underground.
Based on application spectrum, U.S. residential heat pump industry is bifurcated into multi-family and single family. The multi-family segment is slated to record strong growth in the upcoming years owing to growing investments in development of residential spaces in suburban areas and improving living standards across the nation.
Major players in U.S. residential heat pump market are Eagle Mountain, American Standard, Nordyne, Bryant Heating & Cooling Systems, Nyle Systems LLC, Emerson Electric Co., Johnson Controls International plc, Mitsubishi Electric Corporation, Bosch Thermotechnology, Goodman Manufacturing Co., Rheem Manufacturing Co., Trane Inc., Carrier Corporation, Daikin Industries Ltd., Lennox International Inc., and York.