Summary

Canada Heat Pump Market Research Report by Type (Reversible Heat Pumps and Non-reversible Heat Pumps), by Technology (Air-to-Water Heat Pumps, Water-to-Water Heat Pumps, Large Heat Recovery Chillers/Water-to-Water Heat Pumps, Air-to-Air Heat Pumps, Hybrid Heat Pumps and VRF Heat-Pump System), by Refrigerant Type (R-410A, R-32, R-290, R-744, Others), by Capacity (Up to 10 kW/Up to 2.84 Tons, 10-20 kW/2.84 to 5.68 Tons, 20-50 kW/5.68 to 14.21 Tons, 50-100 kW/14.21 to 28.42 Tons, 100-200 kW/28.42 to 56.84 Tons, above 200 kW/Above 56.84 Tons), by End Use (Residential, Commercial, Industrial) Forecast 2032

Overview of the Canadian Market During the research period, the heat pump market is expected to grow at a CAGR of 7.3%, indicating a robust market.
Heat pumps are in high demand in the commercial, industrial, and residential sectors due to several benefits they provide. One of the main advantages is their high energy efficiency; compared to conventional heating and cooling systems, they use a lot less energy and produce less heat, which results in cheaper electricity bills. Additionally, heat pumps combine cooling and heating capabilities into one machine. Technological developments like smart controls and cold climate heat pumps have greatly improved their performance and increased their compatibility with contemporary smart home systems. Furthermore, by substituting renewable energy sources like solar or geothermal for fossil fuels, heat pumps improve environmental sustainability by lowering greenhouse gas emissions and aiding in the decarbonization process. When taken as a whole, these benefits make heat pumps a desirable option for customers, which eventually increases market demand.

Segmenting the Market
The market for heat pumps has been divided into two segments based on type: reversible and non-reversible.
Air-to-Air Heat Pumps, Water-to-Water Heat Pumps, Large Heat Recovery Chillers/Water-to-Water Heat Pumps, Hybrid Heat Pumps, and VRF Heat-Pump System are the different market segments based on technology.
The market for heat pumps has been divided into R-410A, R-32, R-290, R-744, and others segments based on the kind of refrigerant.
Up to 10 kW/Up to 2.84 Tons, 10-20 kW/2.84 to 5.68 Tons, 20-50 kW/5.68 to 14.21 Tons, 50-100 kW/14.21 to 28.42 Tons, 100-200 kW/28.42 to 56.84 Tons, and above 200 kW/Above 56.84 Tons are the segments of the Heat Pump Market based on Capacity KW/Ton.
The heat pump market has been divided into three segments based on end use: residential, commercial, and industrial.
Key Players
The leading companies in the Canadian heat pump market are Senville, Arctic Heat Pumps, U.S. Boiler Company, LLC, GREE Canada, Carrier Corporation, Lennox International Inc., Johnson Controls, Nordic Heat Pumps, Trane, RHEEM, Transom, Budzar Industries LLC., AERMEC, Napoleon Heating & Cooling, Novair Heat Pumps Inc., Panasonic Canada Inc., Senville, and ClimateMaster.

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Table of Contents

TABLE OF CONTENTS
1 EXECUTIVE SUMMARY 20
2 MARKET INTRODUCTION 25
2.1 DEFINITION 25
2.2 SCOPE OF THE STUDY 25
2.3 RESEARCH OBJECTIVE 25
2.4 MARKET STRUCTURE 26
3 RESEARCH METHODOLOGY 27
3.1 OVERVIEW 27
3.2 DATA FLOW 30
3.2.1 DATA MINING PROCESS 30
3.3 PURCHASED DATABASE: 31
3.4 SECONDARY SOURCES: 32
3.4.1 SECONDARY RESEARCH DATA FLOW: 33
3.5 PRIMARY RESEARCH: 34
3.5.1 PRIMARY RESEARCH DATA FLOW: 35
3.6 APPROACHES FOR MARKET SIZE ESTIMATION: 36
3.6.1 TRADE ANALYSIS APPROACH 36
3.7 DATA FORECASTING 36
3.7.1 DATA FORECASTING TECHNIQUE 37
3.8 DATA MODELING 38
3.8.1 MICROECONOMIC FACTOR ANALYSIS: 38
3.8.2 DATA MODELING: 38
3.9 TEAMS AND ANALYST CONTRIBUTION 41
4 MARKET DYNAMICS 43
4.1 INTRODUCTION 43
4.2 DRIVERS 44
4.2.1 ENERGY EFFICIENCY AND COST SAVINGS 44
4.2.2 GROWING AWARENESS OF CLIMATE CHANGE AND THE NEED TO REDUCE GREENHOUSE GAS EMISSIONS 44
4.3 RESTRAINTS 47
4.3.1 HIGH INITIAL COSTS 47
4.3.2 INSTALLATION CHALLENGES 47
4.4 OPPORTUNITY 48
4.4.1 RISING GOVERNMENT REGULATIONS AND INCREASING INFRASTRUCTURE ACTIVITIES 48
4.4.2 GROWTH IN RENEWABLE ENERGY INTEGRATION 49
4.4.3 SMART HOME INTEGRATION 50
4.4.4 COMMERCIAL SECTOR DEMAND 51
4.5 IMPACT ANALYSIS OF COVID-19 51
5 MARKET FACTOR ANALYSIS 52
5.1 SUPPLY/VALUE CHAIN ANALYSIS 52
5.1.1 RAW MATERIAL SUPPLY 52
5.1.1.1 RAW MATERIAL SELECTION & PROCUREMENT 52
5.1.1.2 QUALITY AND PURITY STANDARDS 53
5.1.2 MANUFACTURERS 53
5.1.2.1 PROCESSING & PRODUCTION 53
5.1.2.2 PRODUCT DEVELOPMENT AND INNOVATION 53
5.1.3 DISTRIBUTION 53
5.1.3.1 LOGISTICS 53
5.1.3.2 SALES AND MARKETING STRATEGIES 54
5.1.4 END USE 54
5.1.4.1 CUSTOMER NEEDS, PREFERENCES, PAIN POINTS & APPLICATIONS 54
5.2 PORTER’S FIVE FORCES MODEL 55
5.2.1 THREAT OF NEW ENTRANTS 56
5.2.2 BARGAINING POWER OF SUPPLIERS 56
5.2.3 BARGAINING POWER OF BUYERS 56
5.2.4 THREAT OF SUBSTITUTES 56
5.2.5 INTENSITY OF RIVALRY 57
5.3 PESTEL ANALYSIS 57
5.4 REFRIGERANT TREND ANALYSIS 58
5.4.1 PHASING OUT OF TRADITIONAL REFRIGERANTS 58
5.4.1.1 R410A AND R134A 58
5.4.1.2 IMPLICATIONS OF THE R410A PHASE-OUT 58
5.4.1.3 RECENT ANNOUNCEMENTS AND REGULATIONS 58
5.4.2 EMERGING REFRIGERANT TECHNOLOGIES 59
5.4.2.1 HYDROFLUOROOLEFINS (HFOS) AND BLENDS 59
5.4.2.1.1 R454B 59
5.4.2.1.2 LOW-GWP HEAT PUMPS 59
5.4.2.1.3 MID GWP HEAT PUMPS 60
5.4.2.1.3.1 JCI YORK 60
5.4.2.1.3.2 WATERFURNANCE 700 60
5.4.2.2 NATURAL REFRIGERANTS 61
5.4.2.2.1 CARBON DIOXIDE (CO2) 61
5.4.2.2.2 HYDROCARBONS 61
5.4.2.2.3 R290 (PROPANE) 61
5.4.2.2.4 R600A (ISOBUTANE) 61
5.5 REGULATORY FRAMEWORK 61
5.5.1 ENVIRONMENTAL REGULATIONS 61
5.5.1.1 MONTREAL PROTOCOL 61
5.5.1.2 KIGALI AMENDMENT 62
5.5.2 ENERGY EFFICIENCY STANDARDS 62
5.5.3 NATIONAL REGULATIONS 63
5.5.4 REFRIGERANT MANAGEMENT PROGRAM 64
5.5.5 GOVERNMENT INCENTIVES AND SUPPORT 65
5.5.6 FUTURE REGULATORY TRENDS 65
5.5.6.1 INCREASED FOCUS ON LOW-GWP REFRIGERANTS 65
5.5.6.2 ENHANCED ENERGY EFFICIENCY STANDARDS 65
5.5.6.3 CONSUMER PROTECTION REGULATIONS 66
5.6 TECHNOLOGICAL ADVANCEMENTS IN THE CANADA HEAT PUMP MARKET 66
5.6.1 VARIABLE SPEED COMPRESSORS 66
5.6.2 SMART CONTROLS AND INTEGRATION 66
5.6.3 HYBRID HEAT PUMP SYSTEMS 66
5.7 TRADE ANALYSIS UNDER HS CODE: 841861 - HEAT PUMPS (EXCL. AIR CONDITIONING MACHINES OF HEADING 8415) 67
5.7.1 IMPORT ANALYSIS (IN USD THOUSAND) 67
5.7.2 EXPORT ANALYSIS (IN USD THOUSAND) 68
5.8 BROAD LEVEL GAP ANALYSIS TO UNDERSTAND UNTAPPED AREAS 68
5.8.1 BASED ON TYPE 68
5.8.2 BASED ON END-USE 69
5.9 RESEARCH AND DEVELOPMENT UPDATE 69
5.9.1 CURRENT SCENARIO 69
5.9.2 FUTURE ROADMAP 69
5.9.3 CHALLENGES 70
5.9.4 NOVEL APPLICATIONS 70
5.9.5 KEY DEVELOPMENT 70
5.10 MRFR POINT OF VIEW 71
5.11 KEY SUGGESTIONS FOR STAKEHOLDERS IN THE CANADA HEAT PUMPS MARKET 71
6 NORTH AMERICA HEAT PUMP MARKET ANALYSIS 73
6.1 INTRODUCTION 73
6.2 KEY TRENDS IN THE NORTH AMERICAN HEAT PUMP MARKET 73
6.2.1 INCREASED ADOPTION OF AIR SOURCE HEAT PUMPS (ASHPS) 73
6.2.2 INTEGRATION WITH RENEWABLE ENERGY SOURCES 74
6.3 CANADA'S ROLE IN THE NORTH AMERICAN HEAT PUMP MARKET 75
6.4 MARKET SIZING OF NORTH AMERICA HEAT PUMPS MARKET, BY COUNTRY 75
6.4.1 NORTH AMERICA HEAT PUMP MARKET SIZE, BY COUNTRY, 2018-2032 (USD MILLION) 75
6.5 MARKET SIZING OF NORTH AMERICA HEAT PUMPS MARKET, BY TECHNOLOGY 76
6.5.1 NORTH AMERICA HEAT PUMP MARKET SIZE, BY TECHNOLOGY, 2018-2032 (USD MILLION) 76
6.6 GOVERNMENT INCENTIVES 76
6.7 LIST OF KEY MANUFACTURERS OF NA HEAT PUMPS 78
7 CANADA HEAT PUMP MARKET, BY TYPE 80
7.1 OVERVIEW 80
7.1.1 REVERSIBLE HEAT PUMPS 80
7.1.2 NON-REVERSIBLE HEAT PUMPS 80
8 CANADA HEAT PUMP MARKET, BY TECHNOLOGY 82
8.1 OVERVIEW 82
8.1.1 AIR-TO-WATER HEAT PUMPS 82
8.1.2 WATER-TO-WATER HEAT PUMPS 83
8.1.3 LARGE HEAT RECOVERY CHILLERS/WATER-TO-WATER HEAT PUMPS 84
8.1.4 AIR-TO-AIR HEAT PUMPS 84
8.1.5 HYBRID HEAT PUMPS 85
8.1.6 VRF HEAT-PUMP SYSTEM 85
9 CANADA HEAT PUMP MARKET, BY REFRIGERANT TYPE 87
9.1 OVERVIEW 87
9.1.1 R-410A 87
9.1.2 R-32 87
9.1.3 R-290 88
9.1.4 R-744 88
9.1.5 OTHERS 88
10 CANADA HEAT PUMP MARKET, BY CAPACITY KW/TON 90
10.1 OVERVIEW 90
10.1.1 UP TO 10 KW/UP TO 2.84 TONS 90
10.1.2 10-20 KW/2.84 TO 5.68 TONS 91
10.1.3 20-50 KW/5.68 TO 14.21 TONS 91
10.1.4 50-100 KW/14.21 TO 28.42 TONS 92
10.1.5 100-200 KW/28.42 TO 56.84 TONS 92
10.1.6 ABOVE 200 KW/ABOVE 56.84 TONS 93
11 CANADA HEAT PUMP MARKET, BY END USE 95
11.1 OVERVIEW 95
11.1.1 RESIDENTIAL 95
11.1.2 COMMERCIAL 95
11.1.3 INDUSTRIAL 96
12 COMPETITIVE LANDSCAPE 99
12.1 INTRODUCTION 99
12.2 COMPETITION DASHBOARD 100
12.3 COMPANY MARKET SHARE ANALYSIS, 2023 101
12.4 COMPETITIVE BENCHMARKING 102
12.5 LEADING PLAYERS IN TERMS OF THE NUMBER OF DEVELOPMENTS IN THE HEAT PUMP MARKET 104
12.6 LIST OF INTERNATIONAL MANUFACTURING COMPANIES AND ITS COMPETITIVE BENCHMARKING OPERATING IN CANADA HEAT PUMP MARKET 105
12.7 COMPARATIVE ANALYSIS: KEY PLAYERS FINANCIAL, 2023 106
12.8 KEY DEVELOPMENTS & GROWTH STRATEGIES 107
12.8.1 NEW PRODUCT LAUNCH 107
12.8.2 ACQUISITION 113
12.8.3 COLLABORATION 114
12.8.4 RECOGNITION 115
12.8.5 CAPACITY EXPANSION 116
13 COMPANY PROFILES 117
13.1 CARRIER CORPORATION 117
13.1.1 COMPANY OVERVIEW 117
13.1.2 FINANCIAL OVERVIEW 118
13.1.3 PRODUCTS OFFERED 119
13.1.4 KEY DEVELOPMENTS 120
13.1.5 SWOT ANALYSIS 121
13.1.6 KEY STRATEGY 121
13.2 LENNOX INTERNATIONAL INC. 122
13.2.1 COMPANY OVERVIEW 122
13.2.2 FINANCIAL OVERVIEW 123
13.2.3 PRODUCTS OFFERED 123
13.2.4 KEY DEVELOPMENTS 124
13.2.5 SWOT ANALYSIS 125
13.2.6 KEY STRATEGY 125
13.3 JOHNSON CONTROLS 126
13.3.1 COMPANY OVERVIEW 126
13.3.2 FINANCIAL OVERVIEW 127
13.3.3 PRODUCTS OFFERED 127
13.3.4 KEY DEVELOPMENTS 128
13.3.5 SWOT ANALYSIS 129
13.3.6 KEY STRATEGY 129
13.4 NORDIC HEAT PUMPS 131
13.4.1 COMPANY OVERVIEW 131
13.4.2 FINANCIAL OVERVIEW 132
13.4.3 PRODUCTS OFFERED 132
13.4.4 KEY DEVELOPMENTS 132
13.4.5 SWOT ANALYSIS 133
13.4.6 KEY STRATEGY 133
13.5 MITSUBISHI ELECTRIC 134
13.5.1 COMPANY OVERVIEW 134
13.5.2 FINANCIAL OVERVIEW 135
13.5.3 PRODUCTS OFFERED 135
13.5.4 KEY DEVELOPMENTS 136
13.5.5 SWOT ANALYSIS 137
13.5.6 KEY STRATEGY 137
13.6 TRANE (A SUBSIDIARY OF TRANE TECHNOLOGIES) 138
13.6.1 COMPANY OVERVIEW 138
13.6.2 FINANCIAL OVERVIEW 139
13.6.3 PRODUCTS OFFERED 140
13.6.4 KEY DEVELOPMENTS 140
13.6.5 SWOT ANALYSIS 142
13.6.6 KEY STRATEGY 142
13.7 DAIKIN INDUSTRIES LTD. 143
13.7.1 COMPANY OVERVIEW 143
13.7.2 FINANCIAL OVERVIEW 144
13.7.3 PRODUCTS OFFERED 144
13.7.4 KEY DEVELOPMENTS 145
13.7.5 SWOT ANALYSIS 147
13.7.6 KEY STRATEGY 147
13.8 MIDEA GROUP 148
13.8.1 COMPANY OVERVIEW 148
13.8.2 FINANCIAL OVERVIEW 149
13.8.3 PRODUCTS OFFERED 149
13.8.4 KEY DEVELOPMENTS 150
13.8.5 SWOT ANALYSIS 151
13.8.6 KEY STRATEGY 151
13.9 FUJITSU GENERAL 152
13.9.1 COMPANY OVERVIEW 152
13.9.2 FINANCIAL OVERVIEW 153
13.9.3 PRODUCTS OFFERED 153
13.9.4 KEY DEVELOPMENTS 154
13.9.5 SWOT ANALYSIS 155
13.9.6 KEY STRATEGY 155
13.10 RHEEM 157
13.10.1 COMPANY OVERVIEW 157
13.10.2 FINANCIAL OVERVIEW 157
13.10.3 PRODUCTS OFFERED 158
13.10.4 KEY DEVELOPMENTS 159
13.10.5 SWOT ANALYSIS 160
13.10.6 KEY STRATEGY 160
13.11 TRANSOM 161
13.11.1 COMPANY OVERVIEW 161
13.11.2 FINANCIAL OVERVIEW 161
13.11.3 PRODUCTS OFFERED 162
13.11.4 KEY DEVELOPMENTS 162
13.11.5 SWOT ANALYSIS 163
13.11.6 KEY STRATEGY 163
13.12 NIBE GROUP 164
13.12.1 COMPANY OVERVIEW 164
13.12.2 FINANCIAL OVERVIEW 165
13.12.3 PRODUCTS OFFERED 165
13.12.4 KEY DEVELOPMENTS 166
13.12.5 SWOT ANALYSIS 167
13.12.6 KEY STRATEGY 167
13.13 BUDZAR INDUSTRIES LLC. 168
13.13.1 COMPANY OVERVIEW 168
13.13.2 FINANCIAL OVERVIEW 169
13.13.3 PRODUCTS OFFERED 169
13.13.4 KEY DEVELOPMENTS 169
13.13.5 SWOT ANALYSIS 169
13.13.6 KEY STRATEGY 170
13.14 AERMEC 171
13.14.1 COMPANY OVERVIEW 171
13.14.2 FINANCIAL OVERVIEW 171
13.14.3 PRODUCTS OFFERED 171
13.14.4 KEY DEVELOPMENTS 171
13.14.5 SWOT ANALYSIS 172
13.14.6 KEY STRATEGY 172
13.15 NAPOLEON HEATING & COOLING 173
13.15.1 COMPANY OVERVIEW 173
13.15.2 FINANCIAL OVERVIEW 173
13.15.3 PRODUCTS OFFERED 173
13.15.4 KEY DEVELOPMENTS 174
13.15.5 SWOT ANALYSIS 174
13.15.6 KEY STRATEGY 174
13.16 NOVAIR HEAT PUMPS INC. 175
13.16.1 COMPANY OVERVIEW 175
13.16.2 FINANCIAL OVERVIEW 175
13.16.3 PRODUCTS OFFERED 175
13.16.4 KEY DEVELOPMENTS 175
13.16.5 SWOT ANALYSIS 176
13.16.6 KEY STRATEGY 176
13.17 PANASONIC CANADA INC. 177
13.17.1 COMPANY OVERVIEW 177
13.17.2 FINANCIAL OVERVIEW 177
13.17.3 PRODUCTS OFFERED 177
13.17.4 KEY DEVELOPMENTS 178
13.17.5 SWOT ANALYSIS 178
13.17.6 KEY STRATEGY 178
13.18 ARCTIC HEAT PUMPS 180
13.18.1 COMPANY OVERVIEW 180
13.18.2 FINANCIAL OVERVIEW 180
13.18.3 PRODUCTS OFFERED 180
13.18.4 KEY DEVELOPMENTS 181
13.18.5 SWOT ANALYSIS 181
13.18.6 KEY STRATEGY 181
13.19 SENVILLE 182
13.19.1 COMPANY OVERVIEW 182
13.19.2 FINANCIAL OVERVIEW 182
13.19.3 PRODUCTS OFFERED 182
13.19.4 KEY DEVELOPMENTS 182
13.19.5 SWOT ANALYSIS 183
13.19.6 KEY STRATEGY 183
13.20 BOSCH THERMOTECHNOLOGY CORP 184
13.20.1 COMPANY OVERVIEW 184
13.20.2 FINANCIAL OVERVIEW 184
13.20.3 PRODUCTS OFFERED 184
13.20.4 KEY DEVELOPMENTS 185
13.20.5 SWOT ANALYSIS 186
13.20.6 KEY STRATEGY 186
13.21 U.S. BOILER COMPANY, LLC. 187
13.21.1 COMPANY OVERVIEW 187
13.21.2 FINANCIAL OVERVIEW 187
13.21.3 PRODUCTS OFFERED 188
13.21.4 KEY DEVELOPMENTS 188
13.21.5 SWOT ANALYSIS 188
13.21.6 KEY STRATEGY 188
13.22 GREE CANADA 190
13.22.1 COMPANY OVERVIEW 190
13.22.2 FINANCIAL OVERVIEW 190
13.22.3 PRODUCTS OFFERED 190
13.22.4 KEY DEVELOPMENTS 190
13.22.5 SWOT ANALYSIS 191
13.22.6 KEY STRATEGY 191
13.23 CLIMATEMASTER 192
13.23.1 COMPANY OVERVIEW 192
13.23.2 FINANCIAL OVERVIEW 192
13.23.3 PRODUCTS OFFERED 192
13.23.4 KEY DEVELOPMENTS 192
13.23.5 SWOT ANALYSIS 193
13.23.6 KEY STRATEGY 193
13.24 DATA CITATIONS 194