The global heavy duty heat pump market report by ESOMAR-certified consulting firm Future Market Insights projects an impressive growth for the forecast period of 2021 to 2031. The market is projected to witness an increase in demand due to the surging demand for district cooling heating system within commercial sector.
Surging demand for ground source heating pumps in the central building of heating and cooling systems within commercial sector is expected to spur the sales. Sustainability concerns, worsening climatic conditions and need for cooling & heating systems have accelerated the demand of heavy duty heat pumps in commercial as well as residential sector.
According to FMI, growth in commercial space across developed as well as developing countries such as India, China, the U.S., Germany and UK have increased the application of district heating and cooling systems. Thereby, fostering the sales of heavy duty heat pumps.
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The market is anticipated to post some lucrative gains, surpassing a valuation of US$ 450 million by 2021, as demand for heavy duty heat pumps continues to gain traction within the commercial & residential sector.
Furthermore, factors such as reduced emission of carbon dioxide, energy efficient, improved infrastructure and expansion of commercial spaces across the globe have increased the need for heating and cooling systems, which is propelling the demand of heavy duty heat pumps.
On the back of these increasing demand, the heavy duty heat pump market is slated to increase at a CAGR of over 2.9% during the forecast period of 2021-2031.
“Soaring demand for sustainable solution in heating and cooling systems and increasing research & development activities are providing lucrative opportunities for manufacturing new products to match the requirements from end-users” says the FMI analyst
Key Takeaways
- In terms of end-user, commercial sector accounts for over 40% of the total market share
- Ground source heat pumps are expected to cover nearly 30% of global market by 2031-end
- Air source and absorption heavy duty heat pumps collectively account for approximately 50% of global market share
- Increased application of heavy duty heat pumps with power range between 10-20 MW are highly sought after in district heating & cooling industrial facilities
- The U.S. is expected to account for nearly 68% of sales in North America through 2021
- Increasing demand of heavy duty heat pumps from commercial & residential sectors across Germany will spur sales
- Surging demand for district cooling and heating in GCC countries will spur the sales of heavy duty heat pumps in the region
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Competitive Landscape
Leading manufacturers are aiming at strategic collaborations and partnerships with regional distributors and top companies to gain a string foothold in the industry. Also, with the market being highly competitive, key players are expanding their product portfolios by launching their new products coupled with new innovations to expand their customer base. Through this the key players aim to gain a competitive edge in the industry.
On 13th May 2021, Mitsubishi Heavy Industries Thermal Systems Ltd., a part of Mitsubishi Heavy Industries Group redesigned all its 17 models in its KXZ series of building-use inverter multi-split air conditioners for its worldwide launch.
In October 2020, Honeywell’s Solstice N15 (R515B) refrigerant designed for R134a and R124 in chillers and heat pumps, was chosen by Philip Doyle Manufacturing, a Canadian-based producer of severe duty air conditioning systems.
Johnson Controls, a global solutions provider for smart and sustainable buildings, in October 2020, offered a high efficiency pleated air filter that provides an affordable solution instead of costly HEPA filtration upgrades.
Some of the prominent heavy duty heat pump manufacturers profiled by FMI are:
- Thermax Ltd
- Star Refrigeration
- GEA Group
- MAN Energy Solutions
- Oilon OY
- Siemens Energy
- Johnson Controls
- Friotherm AG
- Engie Refrigeration GmbH
- Daikin Industries
- Enertech AB
- Mitsubishi Heavy Industries
- Others
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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