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Heat Pump Compressors Market Size
Heat Pump Compressors Market was valued at USD 13.9 billion in 2023 and is projected to witness about 13.7% CAGR between 2024 and 2032. The rise in demand for space heating & cooling across diverse sectors is driving the adoption of low carbon heating & cooling technologies shaping the industry landscape.
Moreover, industry leaders are intensifying the research & development efforts, aiming to roll out cutting-edge heat pump systems with enhanced operational efficiency adding to the business dynamics. For instance, in August 2023, the U.S. Department of Energy allocated USD 46 million Buildings Energy Efficiency Frontiers & Innovation Technologies (BENEFIT) funding initiative accelerating research across various technologies including heat pumps for residential & commercial spaces.
| Report Attributes | Details |
|---|---|
| Base Year: | 2023 |
| Market Size in 2023: | USD 13.9 Billion |
| Forecast Period: | 2024 to 2032 |
| Forecast Period 2024 to 2032 CAGR: | 13.7% |
| 2032 Value Projection: | USD 44.2 Billion |
| Historical Data for: | 2021 - 2023 |
| No. of Pages: | 125 |
| Tables, Charts & Figures: | 40 |
| Segments covered: | Product, Type, and Region |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Heat Pump Compressors Market Trends
The heat pump compressor sector is poised for substantial growth, driven by strategic initiatives from major regulatory bodies. These initiatives aim to replace traditional heating systems with cleaner, more sustainable alternatives, particularly heat pumps. In addition, financial incentives like tax rebates, grants, and increased investments from key industry players are further fueling the shipment of heat pump systems, thereby augmenting the industry growth trajectory.
Heat Pump Compressors Market Analysis
Based on product, the market can be primarily trifurcated into air source, ground source, and water source. Air source heat pump compressor industry is set to surpass USD 42 billion by 2032 owing the growing emphasis on decarbonization coupled with the increasing demand for innovative compressor units offering high COP ratings. Moreover, introduction of advanced ASHP units with innovative components offering improved operational capabilities will further boost the air source heat pump compressor market growth.
With respect to type, the industry can be majorly categorized into screw, scroll, rotary, centrifugal, and reciprocating. Scroll compressor segment is projected to observe a CAGR of over 15.5% through 2032, owing to the ongoing research & development by the major compressor manufacturers. In addition, wide range of augmented operational characteristics including smooth operations, higher efficiency, and growing shift towards using environmentally-friendly refrigerants, are some of the major factors augmenting the scroll heat pump compressor industry.
Asia Pacific heat pump compressors market is set to cross over USD 14 billion by 2032. Flourishing investments for the development of energy efficient residential, commercial and industrial establishments along with focus on reducing emission will complement the business landscape. Moreover, rapid rate of urbanization, increasing construction of residential, commercial, & industrial buildings, fast paced population expansion, and growing heating & cooling demand are among the key factors augmenting the Asia Pacific heat pump compressor industry.
Heat Pump Compressors Market Share
Leading industry participants have been consistently restructuring their research & development investments to expand and enhance product portfolios along with fresh investments to incorporate a sustainable technological platform positively catering to the industry growth. Moreover, the major companies including Danfoss, Emerson Electric Co., Carrier, and DAIKIN INDUSTRIES Ltd., among others experience a strong market position owing to their expanding production facilities, strategic partnerships & collaborations, and continuous advancements with durable & smart compressors.
Heat Pump Compressors Market Companies
The major key players that are actively participating across the industry include:
- ATLAS COPCO AB
- BITZER
- CAREL INDUSTRIES S.p.A
- Carrier
- DAIKIN INDUSTRIES Ltd.
- Danfoss
- Dorin S.p.A.
- Emerson Electric Co.
- GEA Group Aktiengesellschaft
- GMCC COMPANY
- Gree Electric Appliances, Inc.
- Johnson Controls
- Kulthorn Group
- LG Electronics
- Mitsubishi Electric Corporation
- Panasonic Corporation
- RECHI PRECISION CO., LTD
Heat Pump Compressors Industry News
- In July 2024, Danfoss introduced a couple of new compressors designed specifically for the North American market. The first product enlisted is a semi-hermetic reciprocating compressor called BOCK HGX56 CO2 T with 6-cylinder design and intended for large industrial heat pump application. Additionally, the launch also includes the PSH scroll compressor, suitable for hydronic systems and reversible rooftop units operating across the cold climates. The new addition aims at strengthening the company’s position across residential, commercial, and industrial heating systems.
- In March 2024, Copeland, a subsidiary of Emerson Electric Co., launched the Copeland YHV119 variable-speed scroll compressor, fabricated to serve the commercial heating requirements. This new product marks a significant expansion of the company’s R-290 (propane) compatible compressor lineup, which now includes advanced solutions for heat pumps and reversible chillers targeting to help meet the European Union's strict environmental rules and sustainability goals.
This 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 Product
- Air Source
- Reciprocating
- Scroll
- Rotary
- Screw
- Centrifugal
- Ground Source
- Reciprocating
- Scroll
- Rotary
- Screw
- Centrifugal
- Water Source
- Reciprocating
- Scroll
- Rotary
- Screw
- Centrifugal
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
- Turkey
- South Africa
- Latin America
- Brazil
- Mexico
- Argentina
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