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.
As per FMI, 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.
| Data Points | Key Statistics |
|---|---|
| Heavy Duty Heat Pump Market Size Value in 2023 | USD 3.2 billion |
| Heavy Duty Heat Pump Market Forecast Value in 2033 | USD 4.8 billion |
| Global Growth Rate | 4.3% |
| Forecast Period | 2023 to 2033 |
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| Historical CAGR (2018 to 2022) | 4.1% |
|---|---|
| Forecasted CAGR (2023 to 2033) | 4.3 % |
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.
The district heating and cooling industry, which comes under the commercial sector, is considered to be one of the key end users of hybrid as well as ground-source heavy-duty heat pumps. District heating and cooling will reduce excess carbon emissions as a result of employing high-efficiency and low-carbon heavy-duty heat pumps for the purpose of heating and cooling.
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. According to Future Market Insights, the global market value is estimated to reach USD 4.8 billion by 2033.
The Growing Demand for Energy Efficient Systems for Heating and Cooling to Propel the Heavy Duty Heat Pump Market
Heavy-duty heat pumps are mostly used in residencies’ commercial and industrial industries. It also finds application in CHPCs for ensuring a seamless uninterrupted supply of heating and cooling.
The increasing concerns regarding environmental sustainability & energy security with the shifting trend for bio-based infrastructure will boost heavy-duty heat pump industry growth.
With the increasing demand for renewable energy sources, the use of heavy-duty heat pumps has become more widespread. Heavy-duty heat pumps offer significant cost saving over the traditional heating and cooling system in industries with high energy demand.
Increasing Urbanization to Propel the Growth of the Heavy-Duty Heat Pump Market
Changing climatic conditions, rapid urbanization, and demographic transformation lead to increased adoption of energy-efficient heat pumps, complementing the demand for the heavy-duty heat pump market during the forecast period. Heavy-duty heat pumps meet all the demands for heating and cooling for different industrial sectors.
Increasing demand for eco-friendly and technologically advanced devices for heating and cooling application is driving the demand for heavy-duty heat pumps. Increasing demand for heavy-duty heat pumps in different industry verticals such as the commercial sector due to their capacity to deliver constant heating supply.
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Increased Application of Energy-Efficient Systems to Drive the Growth of the Heavy-Duty Heat Pump Market in the United States
North America’s heavy-duty heat pump market is expected to accumulate a market share of 42% in 2022 and the trend is forecast to continue over the assessment period. The United States is considered to be the target market for heavy-duty heat pumps market due to the continuously growing construction industry in the region.
The increasing implementation of strict new regulations for buildings by the government drives market growth in the region. Additionally, the presence of a leading heavy-duty heat pump manufacturer in the region boosts the growth of the market.
Increased Demand for Renewable Energy Sources Drives the Market Growth
The German heavy-duty heat pump market will witness appreciable growth on account of increasing demand for renewable energy & reliable sturdy and energy-efficient system which can reduce the electricity bill across the residential & commercial sectors. The main reason for this sudden rise in demand for the most efficient process for providing electricity.
Volatile fossil fuel prices along with growing concern about reducing the dependence on conventional heating sources for reducing carbon emissions are also key reasons for the growing demand for renewable energy
Increased Demand from Data Centres in The Country Boosts the Market Growth
FMI has projected China to remain one of the most lucrative markets throughout the forecast period. The market is anticipated to expand at a CAGR of 4.1% over the forecast period. Forces such as urbanization, rapid economic expansion, and population growth in China are driving the demand for heating and cooling from data centers and district heating and cooling.
China is witnessing interest from international investors in the space for data centers and infrastructure. Heating and cooling are a must for industrial and commercial sectors which also need to use their residual heat to overcome frequent changes in temperature. Some districts in China suffer from extreme heat & cold, so to overcome this the use of heavy-duty heat pumps has become essential.
Commercial Segment Remain Prominent During the Forecast Period
Based on the end-use sector the heavy-duty heat pump market is segmented into residential, commercial, Industrial, and CHPCs. The market accounted for by the heavy-duty heat pumps in the commercial end-use sector is higher as compared to other end-users.
The commercial sector accounts for over 40% of the total market share. This is followed by the residential & industrial end-use sectors which combined have a share of over 43% and lastly by CHPC
Gas-Driven Heat Pump Segments Generate High Revenue
The gas-driven heat pump in the power source segment currently holds a higher value share than electric sources because electric technology will take ample time to be adapted by end-users in heavy-duty heat pump applications.
The electric source pumps have a higher CAGR whereas the conventional gas source heat pumps have moderate growth over the forecast period. The electric source segment is expected to account for a market share of 30.5% over the forecast period.
Ground Source Heat Pump Segment to Drive Market
Ground source heat pumps are highly sought after in the heavy-duty heat pump market. The segment is expected to cover nearly 30% of the global market by 2033.
The increasing use of these heat pumps in central building heating or Cooling system will drive sales in the category. Ground source heat pumps can be installed in the backyard of homes located nearly anywhere around the world. This is one of the chief attributes driving the sales in the category.
New players in the heavy-duty heat pump market are heavy-duty hydro,
among others, which are adopting various marketing strategies such as new product launches, geographical expansion, mergers and acquisitions, partnerships, and collaboration to identify the interest of potential buyers and create a larger customer base. For instance
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.
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 4.3% from 2023 to 2033 |
| Market Value in 2022 | USD 3.2 billion |
| Market Value in 2032 | USD 4.8 billion |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD Million and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered |
Type, Power Source, System Type, Refrigent Type, End-user, Region |
| Regions Covered | North America; Latin America; Europe; Asia Pacific; Middle East and Africa |
| Key Countries Profiled |
United States, Canada, Brazil, Mexico, Germany, United Kingdom, France, Spain, Italy, China, Japan, South Korea, Singapore, Thailand, Indonesia, Australia, New Zealand, GCC, South Africa, Israel |
| Key Companies Profiled | 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 |
The United States, Germany and China dominate the global market.
The market is forecast to register a CAGR of 4.3% through 2033.
From 2018 to 2022, the market grew at a CAGR of 4.1%.
Rising demand for safe energy storage systems disrupts the current market trends.
The global market size is to reach USD 4.8 billion by 2033.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Type 5.1. Air-water Heat Pump 5.2. Air-air Heat Pump 5.3. Ground Source Heat Pump 5.4. Hybrid Heat Pump 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Power Source 6.1. Electric 6.2. Gas Driven 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By System Type 7.1. Air Source Heat Pump 7.2. Geothermal Heat Pump 7.3. Absorption Heat Pump 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Refrigerant Type 8.1. HFC 8.2. CO2 8.3. Ammonia 8.4. Hydrocarbons 8.5. Others 9. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Power Range 9.1. 5 to 10MW 9.2. 10 to 20MW 9.3. 20 to 40MW 10. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End User 10.1. Residential 10.2. Commercial 10.2.1. Buildings 10.2.2. District Heating and Cooling 10.2.3. Data Centers 10.3. Industrial 10.4. CHPCs 11. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 11.1. North America 11.2. Latin America 11.3. Europe 11.4. Asia Pacific 11.5. MEA 12. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Asia Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 16. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 17. Key Countries Market Analysis 18. Market Structure Analysis 19. Competition Analysis 19.1. Thermax Ltd 19.2. Star Refrigeration 19.3. GEA Group 19.4. MAN Energy Solutions 19.5. Oilon OY 19.6. Siemens Energy 19.7. Johnson Controls 19.8. Friotherm AG 19.9. Engie Refrigeration GmbH 19.10. Daikin Industries 19.11. Enertech AB 19.12. Mitsubishi Heavy Industries 20. Assumptions & Acronyms Used 21. Research Methodology
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Heavy Duty Heat Pump Market
