The global heavy duty heat pump market report by ESOMAR-certified consulting firm Future Market Insights projects an impressive growth for the forecast period of 2021-2031. The market is projected to witness an increase in demand due to the surging demand for district cooling heating system within commercial sector.
Surging demand for ground source heating pumps in the central building of heating and cooling systems within commercial sector is expected to spur the sales. Sustainability concerns, worsening climatic conditions and need for cooling & heating systems have accelerated the demand of heavy duty heat pumps in commercial as well as residential sector.
According to FMI, growth in commercial space across developed as well as developing countries such as India, China, the U.S., Germany and UK have increased the application of district heating and cooling systems. Thereby, fostering the sales of heavy duty heat pumps.
The market is anticipated to post some lucrative gains, surpassing a valuation of US$ 450 million by 2021, as demand for heavy duty heat pumps continues to gain traction within the commercial & residential sector.
Furthermore, factors such as reduced emission of carbon dioxide, energy efficient, improved infrastructure and expansion of commercial spaces across the globe have increased the need for heating and cooling systems, which is propelling the demand of heavy duty heat pumps.
On the back of these increasing demand, the heavy duty heat pump market is slated to increase at a CAGR of over 2.9% during the forecast period of 2021-2031.
"Soaring demand for sustainable solution in heating and cooling systems and increasing research & development activities are providing lucrative opportunities for manufacturing new products to match the requirements from end-users" says the FMI analyst
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In terms of end-user, commercial sector accounts for over 40% of the total market share
Ground source heat pumps are expected to cover nearly 30% of global market by 2031-end
Air source and absorption heavy duty heat pumps collectively account for approximately 50% of global market share
Increased application of heavy duty heat pumps with power range between 10-20 MW are highly sought after in district heating & cooling industrial facilities
The U.S. is expected to account for nearly 68% of sales in North America through 2021
Increasing demand of heavy duty heat pumps from commercial & residential sectors across Germany will spur sales
Surging demand for district cooling and heating in GCC countries will spur the sales of heavy duty heat pumps in the region
Leading manufacturers are aiming at strategic collaborations and partnerships with regional distributors and top companies to gain a string foothold in the industry. Also, with the market being highly competitive, key players are expanding their product portfolios by launching their new products coupled with new innovations to expand their customer base. Through this the key players aim to gain a competitive edge in the industry.
On 13th May 2021, Mitsubishi Heavy Industries Thermal Systems Ltd., a part of Mitsubishi Heavy Industries Group redesigned all its 17 models in its KXZ series of building-use inverter multi-split air conditioners for its worldwide launch.
In October 2020, Honeywell's Solstice N15 (R515B) refrigerant designed for R134a and R124 in chillers and heat pumps, was chosen by Philip Doyle Manufacturing, a Canadian-based producer of severe duty air conditioning systems.
Johnson Controls, a global solutions provider for smart and sustainable buildings, in October 2020, offered a high efficiency pleated air filter that provides an affordable solution instead of costly HEPA filtration upgrades.
Some of the prominent heavy duty heat pump manufacturers profiled by FMI are:
MAN Energy Solutions
Engie Refrigeration GmbH
Mitsubishi Heavy Industries
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More Insights on the Global Heavy Duty Heat Pump Market
In its latest report, Future Market Insights offers an in-depth analysis on the global heavy duty heat pump market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the heavy duty heat pump market with a detailed segmentation on the basis of:
Air-water Heat Pump
Air-air Heat Pump
Ground Source Heat Pump
Hybrid Heat Pump
Air Source Heat Pump
Geothermal Heat Pump
Absorption Heat Pump
5 to 10MW
10 to 20MW
20 to 40MW
District Heating and Cooling
South Asia & Pacific
Middle East & Africa
Key Questions Covered in the Report
Which are the top-selling heavy duty heat pumps?
Which are some of the top manufacturers operating in heavy duty pump market?
What are the key trends that will impact the demand of heavy duty heat pumps?
Which region will remain the most lucrative throughout the forecast period?
What is the impact of Covid-19 on heavy duty heat pump market?
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Name: Abhishek Budholiya
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Organization: Future Market Insights
Release ID: 89031898