Heat Pump Compressors Market Size
The market for heat pump compressors was worth $13.9 billion in 2023 and is expected to grow at a rate of roughly 13.7% each year until 2032. The growing need for heating and cooling in different industries is pushing the use of low-carbon heating and cooling technologies, which are changing the way the industry works.
Also, industry leaders are putting more money into research and development to create cutting-edge heat pump systems that work better, which will change the way businesses work. For example, in August 2023, the U.S. Department of Energy set aside $46 million for the Buildings Energy Efficiency Frontiers & Innovation Technologies (BENEFIT) financing program, which speeds up research on a number of technologies, such as heat pumps for homes and businesses.
| Report Attribute | Details |
|---|---|
| Base Year | 2023 |
| Heat Pump Compressors Market Size in 2023 | USD 13.9 Billion |
| Forecast Period | 2024 to 2032 |
| Forecast Period 2024 to 2032 CAGR | 13.7% |
| 2032 Value Projection | USD 44.2 Billion |
| Historical Data for | 2021 - 2023 |
| No. of Pages | 125 |
| Tables, Charts & Figures | 40 |
| Segments covered | Product, Type, and Region |
| Growth Drivers |
|
| Pitfalls & Challenges |
|
Heat Pump Compressors Market Trends
The heat pump compressor market is going to develop a lot, according to plans by important regulatory organizations. These projects want to replace old heating systems with cleaner, more environmentally friendly ones, especially heat pumps. Also, financial incentives like tax breaks, subsidies, and more money from important industry participants are making it easier to ship heat pump equipment, which is helping the business grow even faster.
Heat Pump Compressors Market Analysis
There are three main types of products on the marketair source, ground source, and water source. By 2032, the air source heat pump compressor sector will be worth more than $42 billion. This is because there is a growing focus on reducing carbon emissions and a rising demand for new compressor units with high COP ratings. Also, the launch of new ASHP units with cutting-edge parts that improve their ability to work would help the air source heat pump compressor market grow even more.
The industry can be mostly divided into five typesscrew, scroll, rotary, centrifugal, and reciprocating. The scroll compressor segment is expected to grow at a rate of more than 15.5% per year until 2032, thanks to the continued research and development by the biggest compressor companies. The scroll heat pump compressor sector is also developing because of a lot of new operating features, such as smoother operations, more efficiency, and a growing shift toward using refrigerants that are better for the environment.
By 2032, the market for heat pump compressors in the Asia Pacific region will be worth more than $14 billion. The business environment will be better with more investments in building energy-efficient homes, businesses, and factories, as well as a focus on lowering emissions. The Asia Pacific heat pump compressor sector is also rising because cities are growing quickly, more homes, businesses, and factories are being built, the population is growing quickly, and there is a growing need for heating and cooling.
Heat Pump Compressors Market Share
Leading companies in the sector have been continually reconfiguring their research and development efforts to grow and improve their product lines. They have also made new investments to create a long-lasting technical platform that supports industry growth. In addition, big companies like Danfoss, Emerson Electric Co., Carrier, and DAIKIN INDUSTRIES Ltd. have a strong market position because they are building more factories, forming strategic partnerships and collaborations, and making progress with durable and smart compressors all the time.
Heat Pump Compressors Market Companies
The major key players that are actively participating across the industry include
- ATLAS COPCO AB
- BITZER
- CAREL INDUSTRIES S.p.A
- Carrier
- DAIKIN INDUSTRIES Ltd.
- Danfoss
- Dorin S.p.A.
- Emerson Electric Co.
- GEA Group Aktiengesellschaft
- GMCC COMPANY
- Gree Electric Appliances, Inc.
- Johnson Controls
- Kulthorn Group
- LG Electronics
- Mitsubishi Electric Corporation
- Panasonic Corporation
- RECHI PRECISION CO., LTD
Heat Pump Compressors Industry News
- In July 2024, Danfoss introduced a couple of new compressors designed specifically for the North American market. The first product enlisted is a semi-hermetic reciprocating compressor called BOCK HGX56 CO2 T with 6-cylinder design and intended for large industrial heat pump application. Additionally, the launch also includes the PSH scroll compressor, suitable for hydronic systems and reversible rooftop units operating across the cold climates. The new addition aims at strengthening the company’s position across residential, commercial, and industrial heating systems.
- In March 2024, Copeland, a subsidiary of Emerson Electric Co., launched the Copeland YHV119 variable-speed scroll compressor, fabricated to serve the commercial heating requirements. This new product marks a significant expansion of the company’s R-290 (propane) compatible compressor lineup, which now includes advanced solutions for heat pumps and reversible chillers targeting to help meet the European Union's strict environmental rules and sustainability goals.
This 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
Market, By Product
- Air Source
- Reciprocating
- Scroll
- Rotary
- Screw
- Centrifugal
- Ground Source
- Reciprocating
- Scroll
- Rotary
- Screw
- Centrifugal
- Water Source
- 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
- Türkiye
- South Africa
- Latin America
- Brazil
- Mexico
- Argentina
Related Reports
FAQ'S
For a single, multi and corporate client license, the report will be available in PDF format. Sample report would be given you in excel format. For more questions please contact:
Within 24 to 48 hrs.
You can contact Sales team (sales@marketinsightsresearch.com) and they will direct you on email
You can order a report by selecting payment methods, which is bank wire or online payment through any Debit/Credit card, Razor pay or PayPal.
Discounts are available.
Hard Copy