United States. Demand for air source heat pumps is forecast to increase by 2.5% annually through 2021 to $2.1 billion. These types of products make up a significant amount of the total demand for heat pumps, due in large part to simpler installation requirements and lower upfront costs than geothermal heat pumps, according to a new study by The Freedonia Group.
Among the types of air source heat pumps, air-to-air heat pumps will continue to account for almost all product demand because air-to-air heat pumps are suitable for installation in most buildings in the U.S., such as forced air heating and dominated cooling.
Air-water heat pumps require hydronic systems to transfer heat through a building, a type of heating system that historically had not been used in the United States.
Demand for heat pumps powered by conventional electricity is forecast to increase by 2.3% annually to US$2.021 billion to US$1.8 billion, with the dominant energy source accounting for 86% of all heat pump sales. Almost every building in the U.S. is connected to the power grid, so this energy source is most commonly used for cooling equipment.
However, growth will lag behind for products that use electricity generated by solar and wind power, driven by environmental concerns about the utility generated by electricity, as well as the growing interest of building owners in generating electricity through sustainable means.
