Large-scale Natural Refrigerant Heat Pump Market predicted to grow $9.1 billion by 2027 | Siemens Energy, Johnson Controls, Emerson Electric Co

According to a new market research report, the global large-scale natural refrigerant heat pump market is projected to reach USD 9.1 billion by 2027 from an estimated market size of USD 5.8 billion in 2022, at a CAGR of 9.4% during the forecast period. Increasing visibility of contribution of heat pump technology in reducing carbon footprint and growing focus on improving operational efficiency in industrial sector are the key factors driving market growth.

The global large-scale natural refrigerant heat pump market is dominated by a few globally established players such as Siemens Energy (Germany), Johnson Controls (Ireland), Emerson Electric Co. (US), GEA Group Aktiengesellschaft (Germany), and Mitsubishi Electric Corporation (Japan). These players have adopted various growth strategies such as partnerships, agreements, collaborations, and new product launches to increase their presence in the global market.

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This research report categorizes the large-scale natural refrigerant heat pumps market by natural refrigerants, capacity, end use, and region.
On the basis of by capacity, the large-scale natural refrigerant heat pumps market has been segmented as follows:

20-200 kW
200-500 kW
500-1,000 kW
Above 1,000 kW

On the basis of by natural refrigerants, the large-scale natural refrigerant heat pumps market has been segmented as follows:

Ammonia (R-717)
Carbon Dioxide (R-744)
Hydrocarbons
Other refrigerants

On the basis of by end use, the large-scale natural refrigerant heat pumps market has been segmented as follows:

Commercial
Industrial

On the basis of region, the large-scale natural refrigerant heat pumps market has been segmented as follows:

North America
South America
Europe
Asia Pacific
Middle East & Africa

North America is expected to dominate the global large-scale natural refrigerant heat pump market

The North America region is estimated to be the largest market for the large-scale natural refrigerant heat pump market, followed by Asia Pacific. The North America region is projected to be the fastest-growing market during the forecast period. The growth of the North American large-scale natural refrigerant heat pump market is expected to be driven by government-led initiatives to reduce air pollution caused by the conventional sources of energy used for heating in the commercial, and industrial sectors.

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Recent Developments

In March 2021, Siemens Energy signed an agreement with Vattenfall to demonstrate its high-temperature high-scale heat pump in Berlin. They tested this new technology for the first time to generate green district heating using waste heat and electricity.
In November 2019, Johnson Controls acquired Synchrony, a part of Siemens' Gas and Power business. After this acquisition, Synchrony's technology will play a vital role in the manufacturing and supply chain of Johnson Controls.
In October 2018, GEA Group Aktiengesellschaft launched a new series of heat pumps-GEA RedGenium. It is a combination of potential heat pump technology with natural refrigerant.

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