Reciprocating Heat Pump Compressors Market Size – By Application, Analysis, Share, Growth Forecast, 2024 – 2032

Reciprocating Heat Pump Compressors Market Size

The global reciprocating heat pump compressors market was valued at USD 4.7 billion in 2023 and is set to grow at CAGR of 12.3% from 2024 to 2032. Growing demand for effective cooling & heating solutions, coupled with the accelerating adoption of advanced heat pump systems will complement the industry landscape. The growing need for energy-efficient units in both residential and commercial sectors, along with the ongoing replacement of existing heating systems to reduce carbon emissions, is set to augment the industry growth.
 

Varying changes in climatic conditions along with authorities implementing various policies to reduce emissions and support the transition to renewable energy alternatives across various sectors will positively influence the business dynamics. For instance, in September 2024, the European Commission has endorsed Portugal's USD 1.07 billion initiative to accelerate green technology production. This scheme, supporting the Green Deal Industrial Plan, will provide grants to manufacturers of eco-friendly equipment including heat pump and components vital for achieving net-zero emissions. Furthermore, ongoing deployment of energy-efficient systems along with stringent energy efficiency norms for building infrastructures will augment the product deployment.
 

Reciprocating Heat Pump Compressors Market Trends

The reciprocating heat pump compressors industry is experiencing growth owing to increasing demand for energy-efficient heating and cooling solutions across various sectors along with expansion of the construction industry and focus on reducing emissions. Rising heat pump installations backed by government policies, supportive regulations, financial incentives, and grants aimed at promoting energy-efficient technologies are expected to stimulate industry growth.
 

For instance, in May 2024, the Danish Energy Agency implemented new subsidy program to promote the adoption of residential heat pumps, offering grants exceeding USD 4,000 for liquid-to-water HP systems and USD 2,500 for air-to-water heat pumps. Implementation of strict environmental standards and ongoing R&D investments in heat pump technology will complement the industry growth.
 

Reciprocating Heat Pump Compressors Market Analysis

The air source segment is set to cross over USD 12.5 billion by 2032. Increasing requirements for reliable and efficient heating, cooling, and hot water systems in both residential and commercial sectors and shifting inclination on energy conservation and reducing carbon footprint. Ongoing technological advancements coupled with investments from authorities, are driving the introduction of efficient heating and cooling systems, will further propel the industry growth. The wide adoption of these units across various temperatures and processes to provide indoor temperatures and ambient comfort will augment air source heat pump deployment.
 

Ground source heat pumps is set to grow driven by increasing use in providing efficient space heating and cooling solutions across residential, commercial, and industrial applications. These systems are gaining popularity due to their minimal environmental impact, high efficiency, and capacity to deliver adequate heating for diverse building types. Government initiatives, including favorable policies and financial incentives, will augment the industry outlook. Shifting focus on reducing carbon emissions, and rising demand for environmentally friendly and energy-efficient technologies further driving the industry growth.
 

U.S. reciprocating heat pump compressors market is predicted to hit USD 1.5 billion by 2032. The increasing demand for efficient space heating and cooling solutions has prompted governments to introduce beneficial policies promoting energy-efficient technologies complementing the industry landscape. Furthermore, the expansion of residential and commercial buildings has led to a significant increase in heat pump installations, further boosting the industry landscape.
 

Reciprocating Heat Pump Compressors Market Share

Key manufacturers in the industry are recalibrating their research and development strategies and expanding their product portfolio, also integrating advanced, sustainable technologies. Major players in the reciprocating heat pump compressors industry are navigating through strict competition, technological advancements, and stringent regulatory compliance. Key manufacturers including, Danfoss, BITZER, GEA Group, Copeland, Johnson Controls, and Midea Group holds majority of the market share and aiming to develop cost-effective and reliable solutions.
 

Reciprocating Heat Pump Compressors Market Companies

Key industry players operating across industry include:

• BITZER
• Carrier
• CAREL Industries
• Copeland
• Daikin
• Danfoss
• Frascold
• GEA Group
• Johnson Controls
• M&M Carnot
• Mayekawa
• Midea Group
• Secop
• SRM Italy
• Tecumseh
   

Reciprocating Heat Pump Compressors Industry News

• In October 2024, GEA unveiled an updated version of its Grasso V series compressors at Chillventa 2024, showcasing advancements in industrial cooling technology. The new lineup includes both single-stage and two-stage piston compressor units, offering a wide range of capacities to suit various cooling needs. The company also enhanced its heat pump compressor, adapting it to use standard refrigeration oil, which may streamline cooling system designs.
   
• In June 2024, Danfoss introduced two new compressors for the North America market, addressing the growing demand for sustainable heating solutions. The BOCK HGX56 CO2 T, a semi-hermetic reciprocating compressor for industrial heat pumps, and the PSH scroll compressor for cold climate applications, expand Danfoss's portfolio of natural and low-GWP refrigerant solutions. These additions aim to support OEMs in developing eco-friendly heating systems, aligning with the industry's shift towards decarbonization and energy efficiency.
   

This reciprocating heat pump compressors market research report includes in-depth coverage of the industry with estimates & forecast in terms of “‘000 Units” and “USD Million” from 2021 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 region 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