Hydronic Heat Pump Compressors Market Size – By End Use, By Speed, By Refrigerant, By Technology, Analysis, Share, Growth Forecast, 2024 – 2032

Hydronic Heat Pump Compressors Market Size

The global hydronic heat pump compressors market size was evaluated at USD 8.7 billion in 2023 and is set to grow at CAGR of 16% from 2024 to 2032.
 

The rapid growth of urbanization, demographic expansion, and enhanced sustainable development of structures will increase the demand for energy-saving cooling & heating systems which will subsequently increase the market size. The stringent restrictions put in place to limit emissions will increase the deployment of heat pumps. For example, in 2024, tax credits are set to be instituted to the users willing to purchase and install an efficient heat pump. Deductions of up to USD 2,000 per year are provided for up to 30 percent of both the heat pump and installation costs.

Hydronic Heat Pump Compressors Market Trends

The increasing demand for hot water and space heating along with the rising use of energy-efficient technology in private and public buildings is set to propel the sales of hydronic heat pump compressors. The business growth is further enhanced as different companies allocate substantial funds for the improvement of their technological system across the production facilities. For example, Mitsubishi Electric US is set to expand its production base in Maysville, Kentucky. This expansion, set for August 2024, is backed by an investment of USD 143.5 million. Stringent regulations implemented by respective authorities to curb emissions, and with supportive initiatives promoting heat pump deployment will augment the industry outlook.
 

Hydronic Heat Pump Compressors Market Analysis

The space heating segment is set to cross over USD 14.8 billion by 2032, owing to increased adoption of effective and reliable heating options in residential and commercial structures. There is a growing need for additional resources set towards producing energy-efficient systems as opposed to traditional ways of heating and more refined technologies in compressors. Along with increased awareness among buyers regarding energy consumption and government support in reducing carbon emissions, there is stronger consumer demand which will further enable the purchase of these innovative products.
 

The rotary heat pump compressors is set to grow at a CAGR of over 14.5% through 2032, primarily supported by the increased use of modern heat pump equipment and the migration towards energy efficient heating and cooling systems. Stringent energy efficiency regulations coupled with generous subsidies in areas of heat pump system use will further enhance the market dynamics. Concerns over the environment and carbon emission reduction, energy efficiency, innovative technology adoption, and the need to lessen the expenditure on energy and operational expenses are driving the deployment of the product.
 

Europe hydronic heat pump compressors market is anticipated to grow at USD 18.9 billion by 2032. Varying climatic conditions, increasing demand for ambient space heating and hot water solutions and increasing adoption of energy efficient systems, complementing the industry landscape. Authorities have implemented stringent standards to reduce carbon emissions, favorable grants, financial subsidies, and tax benefits to promote the heat pump adoption will augment the demand for advanced technology compressors.
 

Moreover, the ongoing research and development activities targeted at improving heat pump system operational reliability and efficiency through advanced compressor technologies will further drive growth. For instance, in July 2024, Dorin’s new innovative compressor design will expand the application of CO2 (R744) ATW heat pumps in dealing with low ambient temperature operational challenges. The new design enhances thermal insulation, lowers discharge temperatures enabling heat pumps to operate efficiently in cold environments. In addition, the shifts towards better energy efficiency and building infrastructure reworking will further influence the dynamics of the Europe heat pump compressor industry.
 

Hydronic Heat Pump Compressors Market Share

Major companies consisting of Carrier, Panasonic, Daikin, SAMSUNG, LG Electronics, and Danfoss have expanded their market share in the hydronic heat pump compressors industry and are experiencing stiff competition, compliance, and innovation. They are focused on mergers, partnerships, acquisitions, and the development of products with better price and energy efficiency delivering them a competitive edge.
 

Hydronic Heat Pump Compressors Market Companies

Key industry players operating across industry include:

• BITZER
• Carrier
• Carel Industries
• Copeland
• Daikin
• Danfoss
• Frascold
• Johnson Controls - Hitachi Air Conditioning Company
• LG Electronics
• Mayekawa
• Midea Group (GMCC & Welling)
• Panasonic
• Samsung
• Tecumseh Products
• Trane
   

Hydronic Heat Pump Compressors Industry News

• In July 2024, Danfoss introduced two new low-GWP and natural refrigerant compressors to their North American market. The range includes a new PSH line of scroll compressors for hydronic heat pumps and reversible rooftop AC units intended for colder environments. The BOCK HGX56 CO2 T semi-hermetic reciprocating compressor was designed for high-capacity industrial heat pump applications. The PSH scroll compressor was designed with strong discharge capacity and higher discharge gas temperature limits so that hydronic heat pump systems and reversible rooftop units can observe significant advantages.
   
• In November 2023, the U.S. Department of Energy allocated a grant to Mitsubishi Electric US in the amount of USD 50 million, to support the establishment of a factory in Kentucky focused on the production of variable capacity compressors for all-climate heat pumps. This grant is a part of a larger investment package worth USD 169 million, which was announced by the DoE. The package is aimed towards assistance for the heat pump manufacturing business programs for nine different companies at fifteen locations across the country.
   

The hydronic 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:

Click here to Buy Section of this Report

Market, By End Use

• Space heating
• Domestic hot water
• General use water heating
• Others

Market, By Speed

• Single speed
• Variable speed

Market, By Refrigerant

• R410A
• R134A
• R744
• R290
• R32
• Others

Market, By Technology

• Reciprocating
  • Cooling capacity
    • ≤ 5 kW
    • > 5 - ≤ 10 kW
    • > 10 - ≤ 20 kW
    • > 20 - ≤ 30 kW
    • > 30 kW
  • Refrigerant
    • R410A
    • R134A
    • R744
    • R290
    • R32
    • Others 
• Rotary
  • Cooling capacity
    • ≤ 5 kW
    • > 5 - ≤ 10 kW
    • > 10 - ≤ 20 kW
    • > 20 - ≤ 30 kW
    • > 30 kW
  • Refrigerant
    • R410A
    • R134A
    • R744
    • R290
    • R32
    • Others
• Scroll
  • Cooling capacity
    • ≤ 5 kW
    • > 5 - ≤ 10 kW
    • > 10 - ≤ 20 kW
    • > 20 - ≤ 30 kW
    • > 30 kW
  • Refrigerant
    • R410A
    • R134A
    • R744
    • R290
    • R32
    • Others

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

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