Ground Source Heat Pump Compressors Market
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The global ground source heat pump compressors market size was valued at USD 1 billion in 2023 and is set to grow at CAGR of 4.6% through 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.
For example, in January 2024, Energize Connecticut, for the first time, issued a residential GSHP incentive of up to USD 15,000. Heat pump incentives, set by size of the system, are applied after the installation is done. Furthermore, demand for space heating and cooling systems has already started increasing the deployment of new low-carbon technologies which will further enhance the market outlook.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Ground Source Heat Pump Compressors Market size in 2023: | USD 1 Billion |
| Forecast Period: | 2024 – 2032 |
| Forecast Period 2023 - 2032 CAGR: | 4.6 |
| 2023 Value Projection: | USD 1.6 Billion |
| Historical Data for: | 2021-2023 |
| No of Pages: | 75 |
| Tables, Charts & Figures: | 26 |
| Segments Covered: | Type and Region |
| Growth Drivers: |
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| Pitfalls Challenges: |
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Ground source heat pump compressors will see significant growth as the usage of energy-saving heating and cooling systems increases combined with the growing emphasis on carbon savings. Continuous upgradation in terms of technology with R&D to establish heat pump unit products with improved functioning capabilities will favor the industry expansion. In addition, the increase in building energy efficiency standards and system replacement policies will have a positive impact on the industry.
The scroll segment is anticipated to reach 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 segment will observe substantial expansion owing to the benefits of an effective and reliable heating or cooling solution alongside the increasing demand for the advanced technologies. The ongoing and increasing adoption of modernized heat pumps along with integration of smart technology capable of temperature regulation allows for better will augment system performance and reliability.
The rotary heat pump compressors market is poised to witness growth based on energy efficiency requirements, increased construction activities, and the expanding application of ground source heat pumps across heavy operations. Favorable policy initiatives encouraging sustainable and efficient usage of energy coupled with higher construction activities related to commercial and residential buildings will expedite the use of GSHP systems further to support the industry's growth.
Europe ground source heat pump compressors market size is predicted 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. Subsidies and tax benefits granted by the government has contributed greatly to speed up the rate of adoption. Furthermore, growth in commercialization and residential building infrastructure due to growing urbanization, is further driving product deployment acceleration.
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.
Key industry players operating across industry include:
Market, By Type
The above information has been provided for the following regions and countries:
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, and Trane, are some of the major ground source heat pump compressors companies worldwide.
Europe ground source heat pump compressors industry is expected to reach over USD 470 million by 2032, due to variations in climatic conditions across various geographies, along with increasing demand for efficient space heating & cooling solutions in the region.
Ground source heat pump compressors industry from the scroll segment is predicted to hit USD 620 million by 2032, due to rising energy costs, increased environmental awareness, government incentives, and technological advancements across ground source heat pumps.
The market size of ground source heat pump compressors was worth USD 1 billion in 2023 and is expected to register 4.6% CAGR from 2024 to 2032, due to the increasing adoption of energy-efficient HVAC systems and growing inclination toward enhancing overall energy efficiency worldwide.