The global Heavy-Duty Heat Pump Market is expected to be worth US$ 3.1 billion. As companies provide technologically improved tritium light sources with various integrated technologies, the sector is gaining traction. The market is expected to be worth US$ 3.2 billion in 2023, with a CAGR of 4.3% from 2023 to 2033. In 2033, the market is expected to generate US$ 4.8 billion.
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 centers, 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 is an opportunistic market, expected to capture a CAGR of 4.1% during the forecast period.
Competitive landscape
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
Leading players operating in the global heavy-duty heat pump market are focusing on intensive research and development to launch innovative products and services in the market.
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Heat Pumps Market by Category
By Product Type:
- Air-water heat pump
- Air-air heat pump
- Ground Source heat pump
- Hybrid heat pump
By End Users:
- Residential
- Commercial
- Industrial
By Power Source:
- Electric
- Others(Gas Driven)
By Refrigerants:
- HFC
- CO2
- Ammonia
- Hydrocarbon
- Others
By System Type:
- Air-source heat pumps
- Ductless mini-split heat pumps
- Geothermal heat pumps
- Absorption heat pumps
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific Excluding Japan
- Middle East and Africa(MEA)
- Japan
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