text: Although electrification technologies are becoming cost-effective and more reliable than fossil fuel systems in various climates, a heat pump (HP) running on electricity loses efficiency and performance when the outside temperature is below the freezing point. The cold-climate heat pump (CCHP) achieves better heating performance than the conventional HP in these cold regions. CCHP technology advances have broken down boundaries and allowed HP to expand its application range to cold climates.
  Nevertheless, no clear guidelines or standards exist for CCHP and many installers are not yet fully aware of the distinction between a generic HP and a CCHP. So, the generic HP is still being installed in cold climates. This situation gives the CCHP substantial growth potential in those regions and suggests that manufacturers who provide CCHPs should take advantage of market opportunities by educating stakeholders. Utilities serving cold regions can also use CCHP technology to move one step closer to reducing CO2 emissions.
  This Guidehouse Insights report forecasts residential HP technology for the cold regions of North America, Europe, and Asia Pacific. The forecast is broken down by HP types, such as air-source HP, HP water heaters, ground-source HP, and exhaust-air HP. The report also forecasts residential heating technologies such as boilers and furnaces to estimate the HP market’s potential in these northern regions. In this forecast, district heating, distributing a large amount of generated heat to individual households, is excluded. The forecasts extend through 2031.