Hydronic Heat Pump Compressors Market
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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.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Hydronic Heat Pump Compressors Market size in 2023: | USD 8.7 Billion |
| Forecast Period: | 2024 - 2032 |
| Forecast Period 2023 - 2032 CAGR: | 16 |
| 2023 Value Projection: | USD 33.3 Billion |
| Historical Data for: | 2021 - 2023 |
| No of Pages: | 110 |
| Tables, Charts & Figures: | 34 |
| Segments Covered: | End Use, Speed, Refrigerant, Technology, and Region |
| Growth Drivers: |
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| Pitfalls Challenges: |
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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.
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.
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.
Key industry players operating across industry include:
Market, By End Use
Market, By Speed
Market, By Refrigerant
Market, By Technology
The above information has been provided for the following regions and countries:
BITZER, Carrier, Carel Industries, Copeland, Daikin, Danfoss, Frascold, Johnson Controls - Hitachi Air Conditioning Company, LG Electronics, Mayekawa, Midea Group (GMCC & Welling), and Panasonic
Europe hydronic heat pump compressors market is anticipated to reach USD 18.9 billion by 2032, backed by the varying climatic conditions.
The space heating segment in the hydronic heat pump compressors market is set to cross over USD 14.8 billion by 2032, owing to the rising adoption of reliable and efficient space heating solutions.
The market size of hydronic heat pump compressors was worth over USD 8.7 billion in 2023 and is set to grow at 16% CAGR through 2032, due to the rise of sustainable buildings.