The Heavy-Duty Heat Pump Market is anticipated to reach a value of US$3.1 billion. The market is expanding as businesses offer technologically advanced tritium light sources with numerous integrated technologies. With a CAGR of 4.3% from 2023 to 2033, the market is anticipated to reach US$ 3.2 billion in value in 2023. The market is anticipated to generate US$ 4.8 billion in 2033.
In the upcoming years, the market for heavy-duty heat is anticipated to expand, primarily due to rising yearly demand for heating and cooling. For large-scale applications, such as residential parks, commercial buildings, such as district heating and cooling, data centres, and other industrial CHPCs, heavy-duty heat pumps provide heating and cooling. Air-source, geothermal, and absorption heat pumps are all examples of heavy-duty 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 is 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 pumps. 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.
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Key players
- 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
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