Heating the Future: Worldwide Heavy Duty Heat Pump Market Forecasted to Attain $4.8 Billion by 2033, Riding a Steady 4.3% CAGR, According to Future Market Insights, Inc.

The global Heavy-Duty Heat Pump Market is expected to be worth US$ 3.1 billion. As companies provide technologically improved tritium light sources with various integrated technologies, the sector is gaining traction. The market is expected to be worth US$ 3.2 billion in 2023, with a CAGR of 4.3% from 2023 to 2033. In 2033, the market is expected to generate US$ 4.8 billion.

The heavy-duty heat market is expected to grow in the coming years driven primarily by increased demand for heating and cooling each year. Heavy-duty heat pumps provide heating and cooling for large-scale purposes such as residential parks, commercial buildings, such as district heating and cooling, data center, and other industrial CHPCs. Heavy-duty heat pumps can be air-source heat pumps, geothermal heat pumps, and absorption heat pumps.

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The increasing demand for heavy-duty heat pumps in different industries around the globe is creating high growth virtues for the growth in demand for heavy-duty heat pumps over the forecast period. The increasing concerns regarding environmental sustainability & energy security with the shifting trend for bio-based infrastructure will boost heavy-duty heat pump industry growth.

Key Takeaways from the Market Study
• From 2018 to 2022, the market demand expanded at a CAGR of %
• Based on the power source, the gas-driven heat pump segment accumulates a market share of 30.5% in 2023
• By end-user, the commercial segment dominates the market with a share of 40%
• North America to emerge as a promising market, capturing nearly 42% of the global market share in 2023
• Asia Pacific is an opportunistic market, expected to capture a CAGR of 4.1% during the forecast period.

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Competitive landscape
Key players
• Thermax Ltd
• Star Refrigeration
• GEA Group
• MAN Energy Solutions
• Oilon OY
• Siemens Energy
• Johnson Controls
• Friotherm AG
• Engie Refrigeration GmbH
• Daikin Industries
• Enertech AB
• Mitsubishi Heavy Industries

Leading players operating in the global heavy-duty heat pump market are focusing on intensive research and development for launching innovative products and services in the market.

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Product innovation is the key strategy adopted by market players. Brand consciousness and aggressive marketing by top players however make it challenging for new entrants in this market.

The market players are also emphasizing offering heavy-duty heat pumps with high reliability and high performance. The market is benefiting from partnerships with a high focus on innovation.
• In April 2022 - Daikin Industries, Ltd. announced the acquisition of Duplomatic MS S.p.A. The acquisition price is 220 million euros Acquisition is scheduled for completion in June 2022 when Daikin is expected to obtain all shares from Alcedo Sgr S.p.A., an Italian private equity firm, and the management of Duplomatic, after concluding all necessary procedures for acquisition
• In February 2023- Fonterra and MAN Energy Solutions are entering a strategic partnership to reduce CO2 emissions in dairy production using climate-friendly heat pump technology for steam generation.
• CTC has two types of air-to-water heat pumps. Variable-speed heat pumps and those with a start-and-stop function. The CTC EcoAir 600 series consists of newly-developed heat pumps with a variable-speed compressor and they adapt to the building's output needs. When more heat or hot water is required, the output of the heat pump increases. When less output is required, the pump operates at a lower speed.

Know More about What the Heavy Duty Heat Pump Market Report Covers
Future Market Insights offers an unbiased analysis of the global heavy-duty heat pump market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the heavy-duty heat pump market, the market is segmented based on type, power source, system type, refringent type, and end-user across five major regions.

Key Segments Covered in the Heavy-Duty Heat Pump Industry Analysis
By Type:
• Air-water Heat Pump
• Air-air Heat Pump
• Ground Source Heat Pump
• Hybrid Heat Pump

By Power Source:
• Electric
• Gas Drive

By System Type:
• Air Source Heat Pump
• Geothermal Heat Pump
• Absorption Heat Pump

By Refrigerant Type:
• HFC
• CO2
• Ammonia
• Hydrocarbons
• Others

By Power Range:
• 5 to 10MW
• 10 to 20MW
• 20 to 40MW

By End-user:
• Residential
• Commercial
o Buildings
o District Heating and Cooling
o Data Centers
• Industrial
• CHPCs

By Region:
• North American Heavy Duty Heat Pump Market
• Latin America Heavy Duty Heat Pump Market
• Europe Heavy Duty Heat Pump Market
• Asia Pacific Heavy Duty Heat Pump Market
• Middle East and Africa Heavy Duty Heat Pump Market

Explore This Report From Different Publications:
1) https://www.accesswire.com/752924/Global-Heavy-Duty-Heat-Pump-Market-to-Reach-US-48-billion-by-2033-rising-at-a-CAGR-of-43-Future-Market-Insights-Inc-Report

2) https://finance.yahoo.com/news/global-heavy-duty-heat-pump-123000953.html

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Future Market Insights (ESOMAR-certified market research organization and a member of the Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel, and End Use over the next 10 years.

This release was published on openPR.