The global heavy-duty heat pump market is anticipated at US$ 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 US$ 3.2 billion in 2023, recording a CAGR of 4.3% from 2023 to 2033. The market is likely to secure US$ 4.8 billion in 2033.
Key Factors Shaping the Demand Outlook of the Heavy Duty Heat Pump Industry
· Increasing demand for heat pumps in developing nations like India & China
· Increasing investment in the construction and residential sector
· The rapidly growing demand for renewable energy sources heat pumps
· Advancements in heavy-duty heat pumps, particularly the development of new and more efficient heat pump technologies.
· Opportunities in the Heavy-Duty Heat Pump Industry
· Growing demand for heavy-duty heat pumps in the industrial sector
· Opportunities for research and development to improve efficiency and affordability
· Increased use of cost-effective manufacturing techniques and advanced raw material
· Increased demand for safer energy storage systems in different industry vertices
Which Drivers Underpin Tritium Light Source Industry Expansion?
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.
Which Drivers Underpin Heavy Duty Heat Pump Market Expansion?
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.
Heavy Duty Heat Pump Market Country-wise Insights
Why is the Demand Rising in the United States Heavy Duty Heat Pump Market?
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.
Who are the Leading Players in the Heavy Duty Heat Pump Market?
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.
