14 April 2023

Heat Pumps in the United States: Market Potentials, Challenges and Opportunities

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The US heat pump market has been affected by the socioeconomic impacts of the COVID-19 pandemic. However,
the US administration’s electrification goal accelerates the deployment of heat pumps, and the US heat
pump market has experienced steady growth since 2010. In 2020, heat pumps surpassed gas furnace shipments
for the first time, and the trend maintained through 2022. The heat pump market share is expected to grow
as policies, and financial incentives steer the building sector toward decarbonization. This paper reviews the US heat pump market trends and discusses the challenges and opp ortunities in the current policy landscape.