Global Heavy Duty Heat Pump Market To Grow At A 2.3% CAGR Through 2031|FMI

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. 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 demand for heavy-duty heat pumps is investigated in this study. COVID-19 impact, macroeconomic factors, market trends, and market background have all been investigated in the global heavy duty heat pump market. The market has been examined based on numerous segments, consumer interests, and geographies, according to FMI’s study scope. The study includes both qualitative and quantitative data on the market’s main competitors. This paper also examines the market from both a supply and demand perspective.

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 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.

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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.

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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.

Heavy-duty heat pumps are mostly used in residential, commercial, and industrial industries. It also finds application in CHPCs for ensuring seamless uninterrupted supply of heating and cooling. Moreover, establishing sales and service facilities in emerging countries, coupled with long-term partnerships with regional distributors, also paves the way for the expansion of channel reach.

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.