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Asia Pacific Heat Pump Compressors Market Size

Report ID: GMI6520
Published Date: Aug 2023
Report Format: PDF

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Asia Pacific Heat Pump Compressors Market Size

Asia Pacific Heat Pump Compressors Market size was valued at over USD 5.6 billion in 2022 and will exhibit a growth rate of over 10.4% from 2023 to 2032. The introduction of new small- and large-scale heating & cooling projects with renewable energy sources to cater to the rising demand for increasing space heating and cooling across various verticals will augment the industry landscape. Various national and regional regulatory authorities are working aggressively to formulate various strategic reforms on replacing conventional heating systems with clean & sustainable heating solutions including heat pumps positively adding to the business dynamics.

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A heat pump compressor is the key component of heat pump unit that is integrated to pump refrigerant from low temperature & pressure to high temperatures & pressures with an aim to meet the heating & cooling requirements. The compressor unit consists of a wide range of equipment and acts as the primary factor in determining the energy efficiency of the heat pump system. Moreover, the introduction of similar reforms & measures with encouraging financial supports including tax rebate schemes and financial grants will proliferate the heat pump systems shipment, thereby augmenting the industry landscape.

Asia Pacific Heat Pump Compressors Market Report Attributes
Report Attribute	Details
Base Year:	2022
Asia Pacific Heat Pump Compressors Market Size in 2022:	USD 5.6 Billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	10.4%
2032 Value Projection:	USD 14.8 Billion
Historical Data for:	2019 to 2022
No. of Pages:	240
Tables, Charts & Figures:	316
Segments covered:	Product, Type, and Country
Growth Drivers:	Growing demand for energy-efficient alternatives Positive outlook for low carbon heating & cooling systems Rapidly mounting energy consumption for space & water heating operations Increasing measures to mitigate the greenhouse gas emissions
Pitfalls & Challenges:	Prevalence of conventional heating technologies

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Authors: Ankit Gupta, Divyendu Sharma

Frequently Asked Questions (FAQ) :

The market size for heat pump compressors in Asia Pacific surpassed USD 5.6 billion in 2022 and is set to expand at 10.4% CAGR from 2023 to 2032, attributed to the increasing demand for space heating and cooling across various verticals.

The air source heat pump systems segment is estimated to record substantial growth through 2032, owing to the increasing adoption of efficient technological units across various verticals including residential and commercial.

China heat pump compressors market accounted for more than USD 3 billion in 2022 and is anticipated to witness substantial growth through 2032, driven by the positive regulatory scenario and rising government initiatives towards the deployment of efficient and reliable technologies.

Some major companies in the Asia Pacific heat pump compressors market are BITZER, Emerson Electric Co, Panasonic, LG Electronics, JOHNSON CONTROLS - HITACHI AIR CONDITIONING COMPANY, Secop GmbH, Bock GmbH, Carrier, and Gree Electric Appliances, Inc.,