U.S.: Heat Pump Market 2024

Heat Pump Market Size in the U.S.

The U.S. heat pump market declined to $X in 2023, waning by X% against the previous year. In general, consumption showed a perceptible reduction. Heat pump consumption peaked at $X in 2012; however, from 2013 to 2023, consumption remained at a lower figure.

Heat Pump Production in the U.S.

In value terms, heat pump production reached $X in 2023. In general, production, however, showed a slight slump. The growth pace was the most rapid in 2015 when the production volume increased by X%. Over the period under review, production attained the maximum level at $X in 2012; however, from 2013 to 2023, production failed to regain momentum.

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Heat Pump Exports

Exports from the U.S.

For the third consecutive year, the United States recorded growth in shipments abroad of heat pumps other than air conditioning machines, which increased by X% to X units in 2023. Over the period under review, exports posted a resilient increase. The pace of growth appeared the most rapid in 2013 with an increase of X% against the previous year. Over the period under review, the exports attained the peak figure in 2023 and are likely to see gradual growth in years to come.

In value terms, heat pump exports soared to $X in 2023. Overall, exports posted a buoyant increase. The most prominent rate of growth was recorded in 2021 when exports increased by X% against the previous year. Over the period under review, the exports hit record highs in 2023 and are expected to retain growth in years to come.

Exports by Country

Mexico (X units) was the main destination for heat pump exports from the United States, accounting for a X% share of total exports. Moreover, heat pump exports to Mexico exceeded the volume sent to the second major destination, Canada (X units), threefold. Germany (X units) ranked third in terms of total exports with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of volume to Mexico amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (X% per year) and Germany (X% per year).

In value terms, Mexico ($X) remains the key foreign market for heat pumps other than air conditioning machines exports from the United States, comprising X% of total exports. The second position in the ranking was held by Canada ($X), with an X% share of total exports. It was followed by Brazil, with a X% share.

From 2012 to 2023, the average annual growth rate of value to Mexico stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (X% per year) and Brazil (X% per year).

Export Prices by Country

In 2023, the average heat pump export price amounted to $X per unit, picking up by X% against the previous year. Overall, the export price, however, showed a perceptible shrinkage. The pace of growth appeared the most rapid in 2021 when the average export price increased by X% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per unit in 2012; however, from 2013 to 2023, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Brazil ($X per unit), while the average price for exports to Germany ($X per unit) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Brazil (X%), while the prices for the other major destinations experienced mixed trend patterns.

Heat Pump Imports

Imports into the U.S.

In 2023, the amount of heat pumps other than air conditioning machines imported into the United States shrank rapidly to X units, waning by X% against the previous year. Overall, imports showed a abrupt downturn. The pace of growth appeared the most rapid in 2020 with an increase of X% against the previous year. Imports peaked at X units in 2014; however, from 2015 to 2023, imports failed to regain momentum.

In value terms, heat pump imports declined to $X in 2023. Over the period under review, imports showed a perceptible reduction. The growth pace was the most rapid in 2020 when imports increased by X%. Imports peaked at $X in 2014; however, from 2015 to 2023, imports failed to regain momentum.

Imports by Country

China (X units), Mexico (X units) and Italy (X units) were the main suppliers of heat pump imports to the United States, with a combined X% share of total imports. Canada, Germany, Jordan and Slovakia lagged somewhat behind, together accounting for a further X%.

From 2012 to 2023, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Jordan (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest heat pump suppliers to the United States were Mexico ($X), China ($X) and Italy ($X), together accounting for X% of total imports. Germany, Canada, Jordan and Slovakia lagged somewhat behind, together comprising a further X%.

Among the main suppliers, Jordan, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2023, the average heat pump import price amounted to $X per unit, picking up by X% against the previous year. Overall, import price indicated a strong expansion from 2012 to 2023: its price increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, heat pump import price increased by X% against 2019 indices. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Germany ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by China (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform