Reciprocating Heat Pump Compressors Market Size - By Application (Air Source Ground Source, Water Source), COVID-19 Impact Analysis & Forecast Report, 2023 - 2032

Reciprocating Heat Pump Compressors Market Size

Reciprocating Heat Pump Compressors Market size surpassed USD 4.4 billion in 2022 and anticipated to grow at 11% from 2023 to 2032 owing to the increasing demand for efficient heating and cooling along with the accelerating adoption of enhanced technology heat pump systems. The ability of these units to offer wide range of operational advantages including reliable operations, cost-effectiveness, high efficiency, and compact size will further accelerate the product demand. The rising demand for energy efficient units across residential and commercial sector along with ongoing replacement of prevailing heating systems to limit carbon emissions will augment the industry growth.
 

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The market for heat pump compressors is likely to hit USD 42.5 billion by 2032. Several regions and countries have observed a significant variation in the climatic conditions attributed by the elevating pollution levels along with increasing global warming levels. The respective governments have rolled out several policies to support the transition towards renewable energy alternatives across a wide range of verticals and combat the climate change. Deployment of energy efficient HVAC systems have been a vital factor across the residential, commercial, and industrial infrastructures serving the heating & cooling requirements by utilizing low carbon sources further influencing the business landscape.
 

COVID-19 Impact

The COVID- 19 outbreak has impacted the market size owing to a decline in the process of manufacturing and shutdown of facilities along with labor shortages, limited product deployment and disruptions in supply chain network. However, the companies have unveiled new measures to curb the prevailing restrictions and maintain the production outputs, positively catering to the reciprocating heat pump compressors market growth. Moreover, favorable government norms along with accelerating investments for the development of advance technological systems is set to recover the industry landscape. Several administrations have also introduced positive targets to uptake the low pollution ‘green wave’ caused by the pandemic with supporting programs for renewable technologies counterbalancing the heat pump industry landscape.
 

Reciprocating Heat Pump Compressors Industry Trends

The reciprocating heat pump industry is driven by variety of factors, including continuously increasing demand for energy-efficient heating and cooling solutions, developing construction industry, and the accelerating use of heat pumps across residential and commercial establishments. In addition, the growing espousal of heat pumps in industrial processes will also contribute to industry growth as these units can operate over a wide range of temperatures and pressures, which makes them suitable for use in a variety of heat pump systems. Favorable government regulations, grants and incentives promoting the use of energy-efficient technologies, are also anticipated to boost the market growth.
 

Reciprocating Heat Pump Compressors Market Analysis

The air source heat pump systems with reciprocating compressors accounted for over 90% share in 2022 and is projected to observe significant expansion due to their wide integration for heating and cooling operations across various verticals. The ability of these units to provide both heating and cooling from a single system along with simple installation, cost-effectiveness and versatile operations across various applications is set to augment the reciprocating heat pump compressor market outlook. However, ongoing technological advancements by the key manufacturers along with investments by the respective authorities to introduce efficient heating and cooling systems will further propel the business landscape. The wide adoption of as these units across variety of temperatures and processes to offer ambient heating and temperatures will further augment the product deployment.
 

Ground source heat pumps using reciprocating compressors is anticipated to witness a significant upsurge on account of the rising adoption of these systems to offer ambient space heating and cooling across residential, commercial, and industrial applications. Minimal disturbance to the existing environment, enhanced efficiency, and ability to deliver sufficient heat across residential and commercial establishments will stimulate the product penetration. In addition, introduction of favorable reforms and grants by the respective governments across several geographies will further accelerate the business development.
 

Furthermore, the minimal disruption to the existing landscape makes these systems an ideal choice for retrofit applications across residential, commercial, and industrial establishments, in line with growing concerns about emissions reductions will increase the demand for clean and energy-efficient technologies, further augmenting the reciprocating heat pump compressors market landscape.
 

Water source heat pumps is anticipated to witness a significant turnaround owing to the increasing awareness about the impact of HVAC systems on energy consumption and greenhouse gas emissions.. Several manufacturers are focusing on R&D and advancements in technology including variable speed compressors, inverter technology, and smart controls, which further enhances the performance of these systems will proliferate the business potential. Furthermore, growing popularity of these systems across commercial buildings including offices, schools, and hospitals owing to their enhanced energy efficiency, low operating costs, and ease of maintenance will further complement the industry dynamics.
 

The Asia Pacific reciprocating heat pump compressors market crossed a valuation of USD 1.9 billion in 2022. The industry is set to witness an appreciable momentum owing to the growing population, increasing urbanization rate, and elevating demand for efficient space heating & cooling solutions at various emerging economies across the region. Moreover, respective governments have introduced numerous beneficial policies to promote the adoption of energy efficiency technologies and growing disposable incomes will spur the industry outlook. Moreover, the growing penetration of residential and commercial building structures across urban and sub urban areas have led to a significant increase in the deployment of heat pumps, further increasing the product demand.
 

Reciprocating Heat Pump Compressors Market Share

Major players operating across the reciprocating heat pump compressors market are: making strategic alliances and partnerships to introduce new technological innovations along with focusing on mergers and acquisitions to strengthen their industry presence. The advanced product is equipped with the company’s Grasso V XHP reciprocating compressor to deliver output temperature of up to 95 °C. Key manufacturers in the industry include :

• GEA group Aktiengesellschaft
• Danfoss
• Johnson Controls
• BITZER
• MAYEKAWA MFG. CO., LTD
• Daikin
• CAREL INDUSTRIES S.p.A.
• FRASCOLD SPA
• LG Electronics
• SRM Italy S.r.l
• Secop GmbH
• Samsung
   

Reciprocating Heat Pump Compressors Industry News

• In February 2023, BITZER showcased reciprocating compressors ECOLINE+ at the EuroShop 2023 held in Düsseldorf, Germany. The product is equipped with 4-cylinder and is energy efficient with versatility for trans critical CO? applications. These units were made with permanent magnet motors, further having the ability to achieve a SEPR (seasonal energy performance ratio) of up to 14% higher. The product offers high refrigerating capacity as it is optimized for carbon dioxide (R744) as a natural refrigerant, with minimum energy requirements.
   
• In March 2023, Danfoss acquired BOCK GmbH, a manufacturer of CO2 compressors from NORD Holding GmbH. The company added BOCK’s condensing units and semi-hermetic reciprocating compressors to its existing portfolio. It further added that this acquisition enabled them to offer energy added cooling and heating solutions and accelerate decarbonization. This acquisition enhanced the company’s market presence across the reciprocating heat pump compressors market and strengthened its product spectrum.
   

This reciprocating heat pump compressors market research report includes in-depth coverage of the industry with estimates & forecast in terms of “’000 Units” & “USD Million” from 2019 to 2032 for the following segments:

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Market, By Application

• Air source
• Ground source
• Water source

The above information has been provided for the following 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