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Reciprocating Heat Pump Compressors Market Size

Report ID: GMI5750
Published Date: Oct 2024
Report Format: PDF

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Reciprocating Heat Pump Compressors Market Size

The global reciprocating heat pump compressors market was valued at USD 4.7 billion in 2023 and is set to grow at CAGR of 12.3% from 2024 to 2032. Growing demand for effective cooling & heating solutions, coupled with the accelerating adoption of advanced heat pump systems will complement the industry landscape. The growing need for energy-efficient units in both residential and commercial sectors, along with the ongoing replacement of existing heating systems to reduce carbon emissions, is set to augment the industry growth.

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Varying changes in climatic conditions along with authorities implementing various policies to reduce emissions and support the transition to renewable energy alternatives across various sectors will positively influence the business dynamics. For instance, in September 2024, the European Commission has endorsed Portugal's USD 1.07 billion initiative to accelerate green technology production. This scheme, supporting the Green Deal Industrial Plan, will provide grants to manufacturers of eco-friendly equipment including heat pump and components vital for achieving net-zero emissions. Furthermore, ongoing deployment of energy-efficient systems along with stringent energy efficiency norms for building infrastructures will augment the product deployment.

Reciprocating Heat Pump Compressors Market Report Attributes
Report Attribute	Details
Base Year:	2023
Reciprocating Heat Pump Compressors Market Size in 2023:	USD 4.7 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	12.3%
2032 Value Projection:	USD 13.4 Billion
Historical Data for:	2021 - 2023
No. of Pages:	90
Tables, Charts & Figures:	30
Segments covered:	Application and Region
Growth Drivers:	Growing demand for space heating & cooling Favorable regulatory environment for the deployment of energy efficient technologies Availability of financial incentive programs for heat pump deployment
Pitfalls & Challenges:	Innovations across alternative compressor technologies

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Authors: Ankit Gupta, Manish Dhiman

Frequently Asked Questions (FAQ) :

The global market for reciprocating heat pump compressors was reached USD 4.7 billion in 2023 and is set to grow at a CAGR of 12.3% from 2024 to 2032, driven by the growing demand for effective cooling and heating solutions.

The air source segment is projected to exceed USD 12.5 billion by 2032, propelled by the rising demand for reliable and efficient heating, cooling, and hot water systems.

The U.S. market for reciprocating heat pump compressors is predicted to hit USD 1.5 billion by 2032, led by increasing demand for efficient space heating and cooling solutions and supportive government policies.

Key industry players include BITZER, Carrier, CAREL Industries, Copeland, Daikin, Danfoss, Frascold, GEA Group, Johnson Controls, M&M Carnot, Mayekawa, Midea Group, Secop, SRM Italy, and Tecumseh.