Between 2013 and 2023, US air-source heat pump sales show fluctuations, with a notable decline from 2013's peak value. In 2023, the market stood at approximately $1.27 billion. The year-on-year variation often oscillated, highlighting both minor increases and significant drops, with notable volatility in early years followed by smaller annual changes more recently. Over the last two years, the market experienced a slight contraction, with declines of 1.24% in 2022 and 1.23% in 2023. The five-year CAGR up to 2023 indicates an average annual decline of 1.25%, and forecasts suggest a continued slight downward trend with an expected five-year growth rate of -5.23%.
Future trends to watch for include potential technological advancements in energy efficiency and regulatory changes promoting renewable energy use, which could potentially stabilize or reverse the current declining trend.
