Skip navigation
Reports & Analysis Custom Research Research Subscriptions
Sign In / Create Account Cart
Sign In / Create Account Cart
  • Reports & Analysis
  • Custom Research
  • Research Subscriptions

Resources

  • Press Releases
  • Blog
  • Resources & Downloads
  • Impact Tracker

The Freedonia Group

  • Contact
  • About
  • Our Staff
  • Help Center
  • Career Opportunities
Back to Press Releases

Air Source Heat Pump Demand to Exceed $2 Billion in 2021

by Corinne Gangloff

March 1, 2017

Demand for air source heat pumps is forecast to increase 2.5% per year through 2021 to $2.1 billion.  Air source heat pumps comprise a significant amount of total heat pump demand, largely due to the easier installation requirements and lower initial costs than geothermal heat pumps.  Air source heat pumps also compete more directly with other HVAC equipment and are a viable heating and cooling option in most buildings.  Moreover, in many instances air source heat pumps are a lower cost option than a separately purchased unitary air conditioner and warm air furnace. These and other trends are presented in Heat Pump Market in the US, a new study from The Freedonia Group, a Cleveland-based industry research firm.

Among air source heat pump types, air-to-air heat pumps will continue to account for nearly all product demand due to:

  • Air-to-air heat pumps are well suited for installation in most buildings in the US, as forced air heating and cooling dominates.
  • Air-to-water heat pumps require hydronic systems to transfer heat throughout a building, a type of heating system that historically had not been used in the US.

 

Demand for heat pumps powered by conventional electricity is projected to increase 2.3% per year through 2021 to $1.8 billion, remaining the dominant energy source with 86% of all heat pump sales.  Nearly all buildings in the US are connected to the electric grid, making this energy source the most commonly used for cooling equipment.  However, growth will lag that for products using electricity generated from solar and wind power, spurred by environmental concerns over utility generated electricity, as well as a rising interest among building owners to generate their own electricity through sustainable means.

Heat Pump Market in the US (published 03/2017, 105 pages) is available for $4900 from The Freedonia Group.  For further details or to arrange an interview with the analyst, please contact Corinne Gangloff by phone 440.684.9600 or email [email protected].

Related studies include:

  • #3396 Commercial Refrigeration Equipment (March 2016)

#3379 Air & Fluid Filters (April 2016)

Have unique research needs?

Freedonia Custom Research listens intently to your needs and objectives. Then we work diligently to define and deliver a service to meet them.
Learn About Our Custom Research Services

Subscribe to Our Blog

Stay up to date with the latest information about new market research and news in areas relevant to your business from our analysts and team members.

Freedonia Focus Blog Subscription

Provide the following details to subscribe.

  • Contact
  • About
  • Help Center
  • Career Opportunities
  • Press
  • User Agreement
  • Privacy Policy
  • Site Map
Facebook Linkedin Twitter

Additional Resources

  • Market Size Resources
  • Lawn Mowers Research
  • Global Lubricants Research
  • Global Paint & Coatings Research
  • Global Industrial Valves Research
  • Global Agricultural Equipment Research
  • Indoor Air Quality Equipment Research
  • Global Adhesives & Sealants Research
  • Hardscaping Products Research
  • Residential Landscaping Research
  • Food Packaging Research
  • Global Carpets & Rugs Research
  • Global Residential HVAC Research
Copyright © 2023 MarketResearch.com, Inc. All rights reserved.