Heat Pump Compressors Market Size By Product (Air Source, Ground Source), By Type (Reciprocating, Scroll, Rotary, Screw, Centrifugal) & Global Forecast, 2023 – 2032

Heat Pump Compressors Market Size

Heat Pump Compressors Market size surpassed USD 12.5 billion in 2022 and is expected to grow at 12% CAGR from 2023 to 2032 owing to the growing demand for renewable space heating and cooling solutions globally.
 

As per the U.S. EPA, space heating makes up nearly 42% of energy use in U.S. residences while 36% of energy use is attributed to the country's commercial buildings. To cater to the growing demand amid a rapid clean energy transition, governments across the world are investing heavily in renewable heating systems, which may increase the heat pump compressors market demand.  
 

The widespread availability of low-cost conventional heating and cooling systems such as gas boilers and others may affect product adoption. Moreover, gas boiler technology has gained high popularity owing to its low cost of fuel, ease of availability, and economic viability. Additionally, volatile prices of raw materials used for manufacturing heat pump compressors also add to the final cost of the product, which may shift consumer interest towards low-cost alternatives.
 

COVID-19 Impact

The COVID-19 pandemic may have impacted heat pump compressors market dynamics on account of upheavals in supply chains and industry closures. Additionally, the energy crisis in Europe further impacted demand for heat pumps, which was already hit by the COVID-19 pandemic. However, with a gradual lift in COVID-19 restrictions, the industry witnessed a substantial rebound from the decline observed in 2020. According to the European Environment Agency, Europe’s final energy usage reported a spike of 5% between 2020 and 2021. This may have improved demand for heating solutions such as heat pumps.
 

Heat Pump Compressors Market Analysis

Air source heat pump compressors industry share is anticipated to witness 13% growth during 2023-2032. Increasing customer inclination towards sustainable cooling and heating systems is creating a favorable environment for segment growth. As per the IEA, in 2021, air-source heat pumps made up a majority of sales globally, with over 60% market share. Moreover, changing living standards of people together with growing demand for compact cooling and heating technologies will foster the market growth.
 

The scroll heat pump compressors market crossed a valuation of USD 5 billion in 2022. These compressors demonstrate optimized operational characteristics including high efficiency, seamless operation, and others that favor their usage in a wide range of applications. Given their high efficiency and reliability, these systems have also gained popularity across large-capacity chillers and heat pumps. Several compressor manufacturers are also investing heavily in research to promote the development of advanced scroll compressors.
 

Asia Pacific heat pump compressors industry size is estimated to amass USD 14.5 billion by 2032. Growing government spending on energy-efficient systems has increased the demand for heat pump compressors in the region. As per IEA, as part of the third supplementary budget to the country’s 2021 budget, the government of Japan awarded over USD 348 million to promote the adoption of high-efficiency heat pumps. Europe heat pump industry is likely to cross USD 78 billion by 2032.

Heat Pump Compressors Market Share

Major heat pump compressors market companies are:

• Panasonic Corporation
• LG Electronic
• ATLAS COPCO AB
• BITZER
• CAREL INDUSTRIES S.p.A
• GMCC COMPANY
• Kulthorn Group
• Emerson Electric Co
   

Heat Pump Compressors Industry News

• In August 2022, Atlas Copco, a Swedish multinational industrial firm, launched its in-house compressor controller Elektronikon Nano. It features the smart application G-series which supports its remote operation and is regarded as the first-ever compressor to allow over-the-air updates for users and provide online updates through a wireless network.
   
• In February 2023, Danfoss, a Danish multinational company, announced its intent to construct a new compressor and sensor facility in Apodaca, Mexico to cater to growing demands in North America. The new facility will produce pressure sensors for HVAC/R, medium and large scroll compressors, and other products for commercial and residential air conditioning.
   

This market research report on heat pump compressors includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million & Units from 2018 to 2032, for the following segments:

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Market, By Product

• Air Source
  • By type
    • Reciprocating
    • Scroll
    • Rotary
    • Screw
    • Centrifugal
• Ground Source
  • By type
    • Reciprocating
    • Scroll
    • Rotary
    • Screw
    • Centrifugal
• Water Source
  • By type
    • 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