Global heavy duty heat pump sales are set to be valued at US$ 454.9 Mn in 2021, with a stable long-term projection, according to latest insights from Future Market Insights (FMI), an ESOMAR-certified research and consulting firm. The report estimates the global heavy duty heat pump market to grow at nearly 2.9% during 2021-2031. The report offers analysis in 20+ high-growth markets, providing detailed insights on how the heavy duty heat pump market will evolve in the next decade.
Demand for heavy duty heat pumps was moderate in 2020 due to COVID scenario. However, considering the possibility of a stimulus in many countries, the long-term outlook on the market remains positive. The commercial sector currently accounts for the leading share of the market. Growth will continue as applications increase in data centers, district heating and cooling, and buildings.
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The research report analyzes the demand for heavy duty heat pumps. The global heavy duty heat pump market has been analyzed in terms of COVID-19 impact, macroeconomic factors, market trends & market background. As per FMI’s research scope, the market has been analyzed on the basis of various segments, consumer interests, & regions. The report gives qualitative and quantitative information on various players in this market. Also, this report tracks the market from both supply side and demand side.
Key Takeaways
- Heavy duty heat pumps market is expected to surpass a valuation of US$ 450 Mn by 2021, as demand continues to increase in commercial, industrial, and residential sectors
- Backed by increasing application of district heating and cooling, the U.S. will account for over 68% of sales in North America in 2021
- Despite significant drop in demand amid pandemic, the year 2021 will be positive, allowing the U.K. market to register 2.9% y-o-y growth in 2021
- Expansion of construction sector will be a boon for the market in China and Japan
- Rising construction of commercial space in India, will create a conducive environment for the expansion of the heavy duty heat pumps market
“Surge in demand for imperishable and green energy solutions is expected to provide an impetus to heavy duty heat pump sales. The substantial increase in the demand from the supplier side and from end-use industries across the globe is propelling the heavy duty heat pump market growth. The use of heavy duty heat pumps for replacing conventional heating systems in the commercial, industrial and other sectors for heating and cooling is rising.” says an FMI analyst.
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The heavy duty heat pump market is likely to grow at a moderate pace during 2021-2031. However, as it is a matured market, companies are expected to concentrate further on research and development activities to develop more in the field of commercial and industrial requirements. Collaboration with local players and developing new technology in the form of advanced heavy duty heat pumps is a prime strategy expected to flourish in the forecast period.
Competitive Landscape
The market is fragmented, with key players accounting for approximately one fifth of the market share. These players are likely to invest in new technology developments and expansion of their networks in order to maintain their market share. Some of the key players in the market 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, and others.
Valuable Insights into Heavy Duty Heat Pumps Market Study
Future Market Insights brings the comprehensive research report of the latest industry trends in affecting growth in the global heavy duty heat pumps market. The market has been segmented in terms of type, power source, power type, refrigeration type, power range, and end use to offer a comprehensive overview. The study provides in-depth analysis of the key factors enabling growth in these segments across six key regions.
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