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

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

Asia Pacific Heat Pump Compressors Market Size

Asia Pacific Heat Pump Compressors Market size was valued at over USD 5.6 billion in 2022 and will exhibit a growth rate of over 10.4% from 2023 to 2032. The introduction of new small- and large-scale heating & cooling projects with renewable energy sources to cater to the rising demand for increasing space heating and cooling across various verticals will augment the industry landscape. Various national and regional regulatory authorities are working aggressively to formulate various strategic reforms on replacing conventional heating systems with clean & sustainable heating solutions including heat pumps positively adding to the business dynamics.

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A heat pump compressor is the key component of heat pump unit that is integrated to pump refrigerant from low temperature & pressure to high temperatures & pressures with an aim to meet the heating & cooling requirements. The compressor unit consists of a wide range of equipment and acts as the primary factor in determining the energy efficiency of the heat pump system. Moreover, the introduction of similar reforms & measures with encouraging financial supports including tax rebate schemes and financial grants will proliferate the heat pump systems shipment, thereby augmenting the industry landscape.
 

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COVID-19 Impact

The COVID- 19 pandemic had several potential impacts on the Asia Pacific heat pump compressors market influenced by a wide range of factors including limited cross-border trades of products & commodities, constrained consumer spending abilities, and supply chain disruptions, among others. The sudden outbreak of the deadly virus has significantly impacted the manufacturing capabilities across various industries including heat pumps and their components attributed to the delays in the transportation of raw materials, components, and finished products.

Similarly, economic uncertainties resulting from the pandemic have influenced consumer spending behavior, impacting the overall demand for HVAC systems and related components. The continuous adoption of cost saving & energy efficient technologies coupled with the presence of green recovery strategies promoting renewable technologies to mitigate climate change will counterbalance the demand for heat pump systems.

Asia Pacific Heat Pump Compressors Market Trends

Asia Pacific heat pump compressors market is likely to expand substantial growth on account of rising population and urbanization rate along with the increasing demand for efficient space heating & cooling solutions across emerging economies. The respective governments across the region have introduced various encouraging policies to propel the deployment of various energy efficiency technologies coupled with growing disposable incomes will accelerate the industry growth. Moreover, the growing penetration of residential and commercial building structures coupled with new research & development initiatives to boost the heat pump operational capabilities will positively cater to the product demand.

Asia Pacific Heat Pump Compressors Market Analysis

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Air source heat pump systems have witnessed a significant momentum owing to the increasing adoption of efficient technological units across various verticals including residential and commercial, rising living standards of population along with the upsurging demand for efficient and compact heating & cooling technologies. These units have observed strong deployment on account of their ability to provide space cooling as well as water heating solutions, which will positively impact Asia Pacific heat pump compressors market demand.

Ground source or geothermal heat pump are gaining wide acceptance across residential & commercial verticals owing to the accelerating investments in the green building infrastructure across single and multiple housing units. Environmentally friendly attribute, reliability, reduction in heat losses, and humidity control features are some of the key features to ground source or geothermal heat pump units. Additionally, minimal disturbance to the existing landscape makes it an ideal choice for retrofit applications across residential, commercial, and industrial buildings coupled with growing concerns to mitigate the harmful greenhouse gas emissions will add to the requirement for low carbon technologies, thus proliferating the Asia Pacific heat pump compressors market outlook.

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Asia Pacific reciprocating compressors market have observed significant adoption rate owing to their effective deployment potential across various applications along with adoption of advanced technological systems across these verticals. The systems provide a wide range of operational features including smooth operations, cost-effectiveness, high efficiency, and ambient comfort. Similarly, the manufacturers are incorporating smart and connected features to deliver enhanced control, optimized monitoring, and efficiency optimization, augmenting their adoption rate.

Scroll heat pump compressors industry across the region is set to register a substantial upsurge owing to the enhanced operational capabilities along with ongoing research & development by the major compressor manufacturers to promote enhanced technological systems. These units are becoming more popular for their utilization across large capacity chillers and heat pumps while offering enhanced reliability and efficiency. Furthermore, optimized operational characteristics including higher efficiency, smooth operations, and comfort across wide range of applications, are some of the major factors augment the Asia Pacific heat pump compressors market outlook.

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The China heat pump compressors industry was worth around USD 3 billion in 2022 and is anticipated to witness substantial growth on account of the rising demand for efficient space heating & cooling technologies, positive regulatory scenario towards heat pump systems, and initiatives by the government toward the deployment of efficient and reliable technologies. However, the increasing investment toward the expansion of real estate sector along with adoption of advanced technological systems with low environmental footprint will further stimulate a favorable business scenario. Industry participants are emphasizing on introducing new research & development initiatives to enhance the compressors efficiency ratings and deployment potential across new verticals proliferating the industry landscape.

Asia Pacific Heat Pump Compressors Market Share

The paradigm shift towards more efficient and environmentally friendly heating & cooling solutions has resulted in operation of various small and large-scale manufacturers across the Asia Pacific heat pump compressors market. Ongoing research and development efforts focused on optimizing compressor design, improving efficiency, and integrating advanced features coupled with the new strategic collaboration & partnerships have been a focal point of the industry competition.

The key participants actively participating across the Asia Pacific heat pump compressors business consist of

• BITZER
• Emerson Electric Co
• Panasonic
• LG Electronics
• JOHNSON CONTROLS - HITACHI AIR CONDITIONING COMPANY
• Secop GmbH
• Bock GmbH
• Carrier
• Gree Electric Appliances, Inc.
• MAYEKAWA MFG. CO., LTD.
• GEA Group Aktiengesellschaft
• Danfoss
• Siam Compressor Industry Co., Ltd.
• DAIKIN INDUSTRIES, Ltd.
• RECHI PRECISION CO., LTD.

Asia Pacific Heat Pump Compressors Market News

• In June 2023, Toshiba Carrier Corp, based in Japan and a subsidiary of the renowned Carrier company, has been honored with the prestigious National Invention Awards of Japan 2023. This recognition is attributed to their groundbreaking work on a cutting-edge exhaust port structure across the multi-cylinder rotary piston heat pump compressor. The compressor showcases a new design without overheating, diminished compression loss, discharge pulsation, and other problems to support enhanced capacity & efficiency of the system.
   
• In May 2023, Danfoss announced to inaugurate a dedicated compressor research & development facility in Wuqing, Tianjin, China. The new center initiated with an investment of about USD 20 million is adjacent to the company’s compressor factory at the location. The facility is aimed at enhancing the company’s presence in the Asia Pacific countries and perform various tasks including the testing and R&D of commercial compressor frequency conversion technology for industrial & heat pump applications along with the integration of low carbon refrigerant alternatives across heat pump units.

This Asia Pacific 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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By Product

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

By Capacity

• Reciprocating
• Scroll
• Rotary
• Screw
• Centrifugal

The above information has been provided for the following countries

• China
• Japan
• Australia
• South Korea