The global heavy-duty heat pump market is anticipated at USD 3.1 billion in 2022. The sector is gaining pace as companies provide technologically improved tritium light sources with various integrated technologies. The market is expected to garner a valuation of USD 3.2 billion in 2023, recording a CAGR of 4.3% from 2023 to 2033. The market is likely to secure USD 4.8 billion in 2033.
The heavy-duty heat market is expected to grow in the coming years driven primarily by increased demand for heating and cooling each year. Heavy-duty heat pumps provide heating and cooling for large-scale purposes such as residential parks, commercial buildings, such as district heating and cooling, data center, and other industrial CHPCs. Heavy-duty heat pumps can be air-source heat pumps, geothermal heat pumps, and absorption heat pumps.
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The increasing demand for heavy-duty heat pumps in different industries around the globe is creating high growth virtues for the growth in demand for heavy-duty heat pumps over the forecast period. The increasing concerns regarding environmental sustainability & energy security with the shifting trend for bio-based infrastructure will boost heavy-duty heat pump industry growth.
Key Takeaways from the Market Study
- From 2018 to 2022, the market demand expanded at a CAGR of %
- Based on the power source, the gas-driven heat pump segment accumulates a market share of 30.5% in 2023
- By end-user, the commercial segment dominates the market with a share of 40%
- North America to emerge as a promising market, capturing nearly 42% of the global market share in 2023
- Asia Pacific to be an opportunistic market, expected to capture a CAGR of 4.1% during the forecast period.
Competitive landscape
Prominent players in the heavy-duty heat pump market are Thermax Ltd, Star Refrigeration, and GEA Group. MAN Energy Solutions, Oilon OY, Siemens Energy, Johnson Controls, Friotherm AG, Engie Refrigeration GmbH, Daikin Industries, Enertech AB, and Mitsubishi Heavy Industries among others.
Leading players operating in the global heavy-duty heat pump market are focusing on intensive research and development for launching innovative products and services in the market.
Product innovation is the key strategy adopted by market players. Brand consciousness and aggressive marketing by top players however make it challenging for new entrants in this market.
The market players are also emphasizing offering heavy-duty heat pumps with high reliability and high performance. The market is benefiting from partnerships with a high focus on innovation.
- In April 2022 – Daikin Industries, Ltd. announced the acquisition of Duplomatic MS S.p.A. The acquisition price is 220 million euros Acquisition is scheduled for completion in June 2022 when Daikin is expected to obtain all shares from Alcedo Sgr S.p.A., an Italian private equity firm, and the management of Duplomatic, after concluding all necessary procedures for acquisition
- In February 2023- Fonterra and MAN Energy Solutions are entering a strategic partnership to reduce CO2 emissions in dairy production using climate-friendly heat pump technology for steam generation.
- CTC has two types of air-to-water heat pump. Variable-speed heat pumps and those with a start-and-stop function. The CTC EcoAir 600 series consists of newly-developed heat pumps with a variable-speed compressor and they adapt to the building’s output needs. When more heat or hot water is required, the output of the heat pump increases. When less output is required, the pump operates at a lower speed.
Know More about What the Heavy Duty Heat Pump Market Report Covers
Future Market Insights offers an unbiased analysis of the global heavy-duty heat pump market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the heavy-duty heat pump market, the market is segmented based on type, power source, system type, refringent type, and end-user across five major regions.
Key Segmentations Covered in the Heavy-Duty Heat Pump Market Analysis
Heavy Duty Heat Pump Market by Type:
- Air-water Heat Pump
- Air-air Heat Pump
- Ground Source Heat Pump
- Hybrid Heat Pump
Heavy Duty Heat Pump Market by Power Source:
- Electric
- Gas Drive
Heavy Duty Heat Pump Market by System Type:
- Air Source Heat Pump
- Geothermal Heat Pump
- Absorption Heat Pump
Heavy Duty Heat Pump Market by Refrigerant Type:
- HFC
- CO2
- Ammonia
- Hydrocarbons
- Others
Heavy Duty Heat Pump Market by Power Range:
- 5 to 10MW
- 10 to 20MW
- 20 to 40MW
Heavy Duty Heat Pump Market by End-user:
- Residential
- Commercial
- Buildings
- District Heating and Cooling
- Data Centers
- Industrial
- CHPCs
Heavy Duty Heat Pump Market by Region:
- North American Heavy Duty Heat Pump Market
- Latin America Heavy Duty Heat Pump Market
- Europe Heavy Duty Heat Pump Market
- Asia Pacific Heavy Duty Heat Pump Market
- Middle East and Africa Heavy Duty Heat Pump Market
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