The Large-scale Natural Refrigerant Heat Pump Market is segmented By Capacity (20–200 KW, 200–500 KW, 500–1,000 KW, Above 1,000 KW), By Natural Refrigerants (Ammonia (R-717), Carbon Dioxide (R-744), Hydrocarbons, Other Refrigerants), By End Use (Commercial, Industrial) and By Country (U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa)
The Large-scale Natural Refrigerant Heat Pump Market was estimated at US$ 5.8 Billion in 2022 and is expected to reach US$ 9.14 Billion by the end of 2032 with a CAGR of 9.4% during the forecast period.
A heat pump is a device that uses electricity or mechanical means to transfer heat from one location to another. Heat pumps can be used to heat and cool. Heat pump technologies include phase change, thermoelectric, thermoacoustic, and magnetic coolers. HVAC and phase change cooling is employed as mechanical cooling systems. To achieve phase shift, a volatile gas (a refrigerant) is physically compressed to a liquid with low energy and then pumped through a loop. When a refrigerant evaporates near a heat source, it absorbs heat. It then radiates heat from the system at another location before returning to the compressor. Natural and environmentally friendly refrigerants with low GWP, such as hydrocarbons, water, ammonia, and carbon dioxide (CO2), have recently gained a lot of attention as a strategy to minimise greenhouse gas emissions from refrigeration, air conditioning, and heat pumping systems. TRI-HP is developing and testing novel heat pumps that utilise natural refrigerants in this vein (propane and carbon dioxide).
Greater Awareness of the Role of Heat Pump Technology in Decreasing Carbon Footprint to Augment Market Growth
Heat pump technology has the potential to reduce greenhouse gas emissions. Closed-cycle mechanical heat pumps, open-cycle mechanical vapour compression (MVC) heat pumps, open-cycle thermocompression heat pumps, and closed-cycle absorption heat pumps are examples of large-scale heat pumps that provide energy-efficient heating and cooling in commercial and industrial applications. When utilised in heating, ventilation, and air conditioning (HVAC) systems, heat pumps are frequently recognised as renewable energy technology. Large-scale heat pumps with a coefficient of performance (COP) of 3 are estimated to produce 520 TWh each year. They will be able to better utilise alternate heat sources such as ground-source thermal heat and waste heat from data centres as a result of the rise. They can both use intermittent renewable electricity. Growing awareness of the effectiveness of large-scale natural refrigerant heat pumps in decreasing carbon footprint has resulted in increased adoption of these systems throughout both the industrial and commercial sectors.
Levy of Carbon Tax in Several Countries
Enabling heat pump technologies to compete with gas for heat supply in the European energy market, gas and electricity taxes must be more evenly distributed. According to the European Heat Pump Association (EHPA), electricity tariffs and taxes in Europe are currently unjustifiably higher than those applied to gas and other fossil fuels, resulting in higher heat pump operating costs. Swedens household energy use has decreased by 2.1% since the implementation of the carbon tax, along with the phase-out of fuel oil, which has been replaced up to 75% by district heating and 25% by heat pumps. Electricity rates in the UK are five times higher than gas prices, stifling the use of electric heat pumps. Europe is moving more quickly to phase out fossil fuels and decarbonize its heating industry because carbon pricing can reduce the cost difference between renewable and fossil fuel-based alternatives. In Europe, the combined usage of heat pumps and rooftop photovoltaic generation might be encouraged by replacing present subsidies with a carbon tax policy and lower electricity taxes. This has raised the demand for Large-scale Natural Refrigerant Heat Pumps around the globe.
Lack of Awareness about the Benefits of Heat Pumps and Heat Pump Standards will Impede Market Growth
Various end users have low awareness of the energy efficiency, cost efficiency, and environmental benefits connected with heat pumps, as well as technical know-how. According to a United Nations Environment Program study, contractors are unaware of standards and certificates issued by the International Organization for Standardization (ISO). Furthermore, there are few examples of best practices for large-scale natural refrigerant heat pump systems, limiting market expansion. Furthermore, the general public is perplexed by the categorisation of heat pumps by industries and certain public awareness websites. which may further impede market growth.
North America and Asia Pacific Witness an Uproar in the Large-scale Natural Refrigerant Heat Pump Market
North America is expected to be the fastest-growing market throughout the projection period. Government-led attempts to reduce air pollution produced by conventional sources of energy used for heating in the commercial and industrial sectors are likely to boost the expansion of the North American large-scale natural refrigerant heat pump industry. Asia-Pacific is expected to grow during the forecast period due to the rising level of disposable income and well-developed healthcare infrastructure in this region. Also, growing emphasis on lowering carbon emissions, as well as the expansion of the industrial sector, would generate attractive growth chances for the Asia-Pacific Large-scale Natural Refrigerant Heat Pump Market.
Top Companies and Recent Strategic Developments
Key players including Johnson Controls, Siemens Energy, Emerson Electric Co., GEA Group Aktiengesellschaft and Mitsubishi Electric Corporation have consolidated the global market. The companies operating in the large-scale natural refrigerant heat pump market have used a variety of growth strategies, including signing contracts and agreements, investing in and growing their businesses, and developing alliances, partnerships, and joint ventures. The introduction of new items and the updating of existing features have expanded the product profile and opened up fresh growth opportunities for the global market.
• In December 2022, Emerson announced that PETRONAS and Emerson will collaborate on digital transformation and decarbonisation initiatives.
• In February 2022, Clade increases the capacity for large CO2 heat pumps and guarantees an increase in HVAC jobs.
• In March 2021, Siemens Energy has engaged in a collaboration arrangement with Vattenfall to exhibit its high-temperature high-scale heat pump in Berlin. The company put this unique technique to the test in order to create green district heating using waste electricity and heat.
• In February 2021, BASF and Siemens Energy plan to accelerate the introduction of new technology aimed at decreasing greenhouse gas emissions. BASF plans to strengthen its position as a leader in reducing CO2 emissions in chemical manufacturing by combining its technological expertise with Siemens Energys unique product and service portfolio.
• In May 2021, Johnson Controls pledges to use R-454B as the main low Global Warming Potential (GWP) refrigerant in its ducted residential and commercial unitary products and air-cooled scroll chillers in North America.
• In May 2021, Johnson Controls successfully acquires Silent-Aire. With its cutting-edge cooling technology and modular data centre solutions, the acquisition positions Johnson Controls as a market leader in the fast-growing hyperscale data centre sector.
Years considered for this report
• Historical Years: 2019-2021
• Base Year: 2021
• Forecast Period: 2022-2032
Large-scale Natural Refrigerant Heat Pump Market Research Report Analysis Highlights
• Historical data available (as per request)
• Estimation/ projections/ forecast for revenue and unit sales (2022 - 2032)
• Data breakdown for application Industries (2022 - 2032)
• Integration and collaboration analysis of companies
• Capacity analysis with application sector breakdown
• Business trend and expansion analysis
• Import and export analysis
• Competition analysis/market share
• Supply chain analysis
• Client list and case studies
• Market entry strategies adopted by emerging companies
Industry Segmentation and Revenue Breakdown
Capacity Analysis (Revenue, USD Billion, 2022 - 2032)
• 20–200 KW
• 200–500 KW
• 500–1,000 KW
• Above 1,000 KW
Application Analysis (Revenue, USD Billion, 2022 - 2032)
• Ammonia (R-717)
• Carbon Dioxide (R-744)
• Other Refrigerants
End User Analysis (Revenue, USD Billion, 2022 - 2032)
Region Type Analysis (Revenue, USD Billion, 2022 - 2032)
• North America (United States, Mexico, and Canada)
• Latin America (Brazil & Mexico)
• Europe (Germany, United Kingdom, France, Italy, Spain, Russia, Netherlands, and others)
• Middle East & Africa
• Asia Pacific (China, India, South Korea, Indonesia, Australia, Vietnam, and others)
• AGO GmbH Energie + Anlagen
• MAN Energy Solutions SE
• Guangdong PHNIX Eco-energy Solution Ltd.
• Siemens Energy
• Johnson Controls
• Emerson Electric Co.
• GEA Group Aktiengesellschaft
• Mitsubishi Electric Corporation
• Star Refrigeration
• Emicon AC S.p.a.
• Clade Engineering Systems Ltd
Available Versions of Large-scale Natural Refrigerant Heat Pump Market Report:
United States Large-scale Natural Refrigerant Heat Pump Market Research Report
Europe Large-scale Natural Refrigerant Heat Pump Market Research Report
Asia Pacific Large-scale Natural Refrigerant Heat Pump Market Research Report
India Large-scale Natural Refrigerant Heat Pump Market Research Report
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