Surge in the Demand for District Heating and Cooling Systems Will Drive Heavy Duty Heat Pump Market: Study

May 17,2021 | Industrial Automation

Global heavy duty heat pump sales are set to be valued at US$ 454.9 Mn in 2021, with a stable long-term projection, according to latest insights from Future Market Insights (FMI), an ESOMAR-certified research and consulting firm. The report estimates the global heavy duty heat pump market to grow at nearly 2.9% during 2021-2031. The report offers analysis in 20+ high-growth markets, providing detailed insights on how the heavy duty heat pump market will evolve in the next decade.

Heavy Duty Heat Pump Market

The recent market study published by FMI on the heavy duty heat pump market includes globa...

Heavy Duty Heat Pump Market

Demand for heavy duty heat pumps was moderate in 2020 due to COVID scenario. However, considering the possibility of a stimulus in many countries, the long-term outlook on the market remains positive. The commercial sector currently accounts for the leading share of the market. Growth will continue as applications increase in data centers, district heating and cooling, and buildings.

The research report analyzes the demand for heavy duty heat pumps. The global heavy duty heat pump market has been analyzed in terms of COVID-19 impact, macroeconomic factors, market trends & market background. As per FMI’s research scope, the market has been analyzed on the basis of various segments, consumer interests, & regions. The report gives qualitative and quantitative information on various players in this market. Also, this report tracks the market from both supply side and demand side.

Key Takeaways

  • Heavy duty heat pumps market is expected to surpass a valuation of US$ 450 Mn by 2021, as demand continues to increase in commercial, industrial, and residential sectors
  • Backed by increasing application of district heating and cooling, the U.S. will account for over 68% of sales in North America in 2021
  • Despite significant drop in demand amid pandemic, the year 2021 will be positive, allowing the U.K. market to register 2.9% y-o-y growth in 2021
  • Expansion of construction sector will be a boon for the market in China and Japan
  • Rising construction of commercial space in India, will create a conducive environment for the expansion of the heavy duty heat pumps market

“Surge in demand for imperishable and green energy solutions is expected to provide an impetus to heavy duty heat pump sales. The substantial increase in the demand from the supplier side and from end-use industries across the globe is propelling the heavy duty heat pump market growth. The use of heavy duty heat pumps for replacing conventional heating systems in the commercial, industrial and other sectors for heating and cooling is rising.” says an FMI analyst.

The heavy duty heat pump market is likely to grow at a moderate pace during 2021-2031. However, as it is a matured market, companies are expected to concentrate further on research and development activities to develop more in the field of commercial and industrial requirements. Collaboration with local players and developing new technology in the form of advanced heavy duty heat pumps is a prime strategy expected to flourish in the forecast period.

Competitive Landscape

The market is fragmented, with key players accounting for approximately one fifth of the market share. These players are likely to invest in new technology developments and expansion of their networks in order to maintain their market share. Some of the key players in the market are 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, and others.

Valuable Insights into Heavy Duty Heat Pumps Market Study

Future Market Insights brings the comprehensive research report of the latest industry trends in affecting growth in the global heavy duty heat pumps market. The market has been segmented in terms of type, power source, power type, refrigeration type, power range, and end use to offer a comprehensive overview. The study provides in-depth analysis of the key factors enabling growth in these segments across six key regions.

About Industrial Automation Division at Future Market Insights

The Industrial Automation & Equipment division at FMI adopts a novel approach and innovative perspective in analyzing the global machinery and industrial automation market. A range of FMI’s market research reports offer comprehensive coverage of capital, portable, process, construction, industrial, and special purpose machinery used across manufacturing sector. The team also conducts distinctive analysis about installed base, consumables, replacement, and USP-feature application matrix, making us a prominent voice of authority in the industry. We are associates of choice for established as well as budding industry

About Future Market Insights (FMI)

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.