Ground Source Heat Pump Compressors Market Size - By Type (Reciprocating, Scroll, Rotary, Screw, Centrifugal), Regional Outlook & Forecast, 2024 - 2032

Ground Source Heat Pump Compressors Market Size

Ground Source Heat Pump Compressors Market was valued at USD 1 billion in 2023 and is set to grow at CAGR of 4.6% from 2024 to 2032.
 

Increasing adoption of energy-efficient HVAC systems and growing inclination toward enhancing overall energy efficiency will complement the business landscape. Favorable initiatives including financial rebates, tax benefits, and subsidies for adopting heat pumps are encouraging more consumers and businesses to invest in these technologies. Moreover, increasing demand for space heating and cooling has accelerated the adoption of low-carbon technologies will further proliferate the industry outlook.
 

Ground Source Heat Pump Compressors Market Trends

Ground source heat pump compressors industry is set to witness significant growth owing to rising adoption of energy-efficient heating and cooling systems coupled with increasing inclination toward reducing carbon. Continuous technological advancements and R&D efforts to launch heat pump units with enhanced operational capabilities will further bolster the industry's landscape. Moreover, stringent standards and mandates for energy efficiency in buildings, coupled with paradigm shift towards replacing existing heating systems, will positively influence the industry's landscape.
 

Ground Source Heat Pump Compressors Market Analysis

Scroll segment is anticipated to cross over USD 620 million by 2032. Rising energy costs, increased environmental awareness, government incentives, and technological advancements across ground source heat pumps will complement the industry landscape. Paradigm shift towards integrating smart technologies with heat pumps and a focus on decarbonizing buildings, will boost the business dynamics. These compressors are reliable and quiet, while GSHPs use stable underground temperatures for efficient heating and cooling, reducing energy consumption and carbon footprint which will further positively influence the scroll heat pump compressors business dynamics.
 

Reciprocating heat pump compressors across ground source heat pump systems is set to gain momentum on account of increasing adoption of advanced heat pump technologies driven by the rising demand for reliable and efficient heating & cooling solutions. Ongoing integration of smart technologies to optimize energy efficiency and enable precise temperature regulation, energy consumption monitoring, and predictive maintenance, which collectively contribute to improved system performance and reliability.
 

The rotary heat pump compressors industry is set to observe significant growth, driven by the demand for energy-efficient solutions, expansion of the construction sector, and the increasing adoption of ground source heat pumps across industrial applications. Favorable regulatory frameworks aimed at promoting sustainability and energy efficiency and increasing construction of commercial and residential establishments is set to accelerate the deployment of GSHP systems, further complementing the industry growth.
 

Europe ground source heat pump compressors market is projected to surpass USD 470 million by 2032. Variations in climatic conditions across various geographies, along with increasing demand for efficient space heating & cooling solutions has positively influenced the industry landscape. Government support, including grants, subsidies, and tax benefits, has played a pivotal role in accelerating their adoption. Moreover, increasing penetration of commercial & residential building infrastructure driven by increasing urbanization accelerating product deployment, further complementing the heat pump industry growth.
 

Ground Source Heat Pump Compressors Market Share

The ground source heat pump compressors industry has witnessed significant efforts from local, regional, and global players of all sizes. Companies are competing for an edge, focusing on diverse factors such as product quality, reliability, energy efficiency, innovation, and customer service. Furthermore, continuous technological advancements, and diversification of product offerings will shape the industry dynamics.
 

Ground Source Heat Pump Compressors Market Companies

Key industry players operating across industry include:

• BITZER Group
• Carrier
• CAREL INDUSTRIES S.p.A.
• Copeland LP
• Danfoss
• DAIKIN APPLIED
• LG Electronics
• Midea Group Co., Ltd
• Mitsubishi Electric Corporation
• Panasonic Industry
• Tecumseh Products Company LLC
• Trane
   

Ground Source Heat Pump Compressors Industry News

• In May 2024, Copeland has finalized an investment of over USD 25 million in its Cookstown, Northern Ireland facility to boost production of low-carbon heat pumps, addressing European demand and climate change. The expansion, including a 3,500 square meter building and new production lines, will be completed by September 2024. This investment aims to boost production capacity to cater to the European demand for sustainable low-carbon heat pumps.
   
• In September 2023, MRCOOL launched its GeoCool Geothermal Inverter Series, an innovative ground-source HVAC solution featuring DC inverter compressors. This product debut aligns with the introduction of geothermal tax credits and rebates under the Inflation Reduction Act, which offers homeowners a 30% tax credit on the installation costs of geothermal systems. The unit comes in two configurations: a closed loop and an open loop system, while both configurations offer distinct advantages, the open loop system stands out with an impressive 70 EER.
   

This ground source heat pump compressors market research report includes in-depth coverage of the industry with estimates & forecast in terms of “’000 Units” and “USD Million” from 2021 to 2032 for the following segments:

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Market, By Type

• Reciprocating
• Scroll
• Rotary
• Screw
• Centrifugal

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Austria
  • Norway
  • Denmark
  • Finland
  • France
  • Germany
  • Italy
  • Switzerland
  • Spain
  • Sweden
  • UK
  • Netherlands
• Asia Pacific
  • China
  • Japan
  • Australia
  • South Korea
• Middle East & Africa
  • Saudi Arabia
  • Türkiye
  • South Africa
• Latin America
  • Brazil
  • Mexico
  • Argentina