U.S. Heat Pump Market Size & Outlook, 2024-2030
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U.S. heat pump market highlights
- The U.S. heat pump market generated a revenue of USD 16,566.4 million in 2024 and is expected to reach USD 28,565.8 million by 2030.
- The U.S. market is expected to grow at a CAGR of 9.7% from 2025 to 2030.
- In terms of segment, air source was the largest revenue generating technology in 2024.
- Geothermal is the most lucrative technology segment registering the fastest growth during the forecast period.
Heat pump market data book summary
| Market revenue in 2024 | USD 16,566.4 million |
| Market revenue in 2030 | USD 28,565.8 million |
| Growth rate | 9.7% (CAGR from 2025 to 2030) |
| Largest segment | Air source |
| Fastest growing segment | Geothermal |
| Historical data | 2018 - 2023 |
| Base year | 2024 |
| Forecast period | 2025 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Air Source, Water Source, Geothermal |
| Key market players worldwide | Carrier Corporation, Daikin Industries Ltd, Robert Bosch GmbH, Lennox International Inc, Johnson Controls, Inc., Midea Group, Hitachi Ltd, Ingersoll Rand Inc, Rheem Manufacturing, Haier, Panasonic Holdings Corp, Danfoss A/S, Fujitsu Ltd, LG Electronics, SAMSUNG |
Other key industry trends
- In terms of revenue, U.S. accounted for 19.1% of the global heat pump market in 2024.
- Country-wise, China is expected to lead the global market in terms of revenue in 2030.
- In North America, U.S. heat pump market is projected to lead the regional market in terms of revenue in 2030.
- U.S. is the fastest growing regional market in North America and is projected to reach USD 28,565.8 million by 2030.
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Heat Pump Market Scope
Heat Pump Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|---|---|---|---|
| LG Electronics | View profile | 10001+ | Seoul, Seoul-t'ukpyolsi, South Korea, Asia | http://www.lg.com |
| Robert Bosch GmbH | View profile | - | - | - |
| Johnson Controls, Inc. | View profile | - | - | - |
| SAMSUNG | View profile | - | - | - |
| Carrier Corporation | View profile | 10001+ | Palm Beach Gardens, Florida, United States, North America | https://www.carrier.com |
| Midea Group | View profile | 10001+ | Beijiao, Guangdong, China, Asia | https://midea-group.com |
| Rheem Manufacturing | View profile | 5001-10000 | Atlanta, Georgia, United States, North America | http://www.rheem.com |
| Lennox International Inc | View profile | 12600 | 2140 Lake Park Boulevard, Richardson, TX, United States, 75080 | https://www.lennox.com |
| Haier | View profile | 10001+ | Qingdao Shi, Shandong, China, Asia | http://haier.com/in |
| Ingersoll Rand Inc | View profile | 18000 | 525 Harbour Place Drive, Suite 600, Davidson, NC, United States, 28036 | https://www.irco.com |
| Daikin Industries Ltd | View profile | 107127 | Umeda Center Building, 2-4-12, Nakazaki-Nishi, Kita-ku, Osaka, Japan, 530-8323 | http://www.daikin.com |
| Danfoss A/S | View profile | 10001+ | Nordborg, Syddanmark, Denmark, Europe | https://www.danfoss.com |
| Panasonic Holdings Corp | View profile | 230025 | 1006, Oaza Kadoma, Kadoma-shi, Osaka, Japan, 571-8501 | https://holdings.panasonic |
| Hitachi Ltd | View profile | 322525 | 6-6, Marunouchi 1-chome, Chiyoda-ku, Tokyo, Japan, 100-8280 | http://www.hitachi.com |
| Fujitsu Ltd | View profile | 124055 | Shiodome City Center, 1-5-2 Higashi-Shimbashi, Minato-ku, Tokyo, Japan, 105-7123 | http://www.fujitsu.com |
U.S. heat pump market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to heat pump market will help companies and investors design strategic landscapes.
Air source was the largest segment with a revenue share of 93.66% in 2024. Horizon Databook has segmented the U.S. heat pump market based on air source, water source, geothermal covering the revenue growth of each sub-segment from 2018 to 2030.
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Target buyers of U.S. heat pump market databook
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Our clientele includes a mix of heat pump market companies, investment firms, advisory firms & academic institutions.
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30% of our revenue is generated working with investment firms and helping them identify viable opportunity areas.
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Approximately 65% of our revenue is generated working with competitive intelligence & market intelligence teams of market participants (manufacturers, service providers, etc.).
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The rest of the revenue is generated working with academic and research not-for-profit institutes. We do our bit of pro-bono by working with these institutions at subsidized rates.
Horizon Databook provides a detailed overview of country-level data and insights on the U.S. heat pump market , including forecasts for subscribers. This country databook contains high-level insights into U.S. heat pump market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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U.S. heat pump market size, by technology, 2018-2030 (US$M)
U.S. Heat Pump Market Outlook Share, 2024 & 2030 (US$M)
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