Selbyville, Delaware, May 17, 2023 (GLOBE NEWSWIRE) —
Heat Pump Compressors Market size exceeded USD 42.5 billion by 2032, according to the recent research report by Global Market Insights Inc.
As per the report, increasing R&D initiatives for new product development is a key driver for market growth. Many government and non-government authorities are consistently working toward enhancing the operational performance of different heat pump technologies. For instance, in June 2021, Franscold, an Italian manufacturer of compressors upgraded its propane (R290) and CO2 compressor test laboratory for the development of enhanced semi-hermetic compressors. This will help OEMs meet emissions standards globally. Moreover, rising spending on green infrastructure is further set to positively affect industry landscape.
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Eco-friendliness of ground source heat pumps to favor their adoption
Ground source heat pump compressors market will surpass USD 1.5 billion by 2032. High reliability, eco-friendliness, reduced heat loss, and humidity control features of these pumps are working in favor of their adoption. Moreover, rising concerns about emission control are further increasing product uptake. The U.S. government aims to achieve a carbon pollution-free power sector by 2035. Such developments could boost product demand.
High efficiency of reciprocating compressors
Reciprocating heat pump compressors industry size will grow at over 11% CAGR during 2023 and 2032. High efficiency, cost-effectiveness, ambient comfort, and dependable operation of these compressors support their adoption across light commercial, industrial, and residential applications. Growing advancements in reciprocating compressor technology will further strengthen segment outlook. In fact, in February 2023, BITZER, a manufacturer of air conditioning technology unveiled its reciprocating compressors ECOLINE+ at the EuroShop 2023 organized in Düsseldorf, Germany.
Europe to serve as major revenue pocket for heat pump compressors
Europe heat pump compressors market will record over 18% growth through 2032. Tightening emission targets have increased the demand for energy-efficient heat pump compressors in the region. In fact, Germany aims to become greenhouse gas neutral by 2045. Moreover, various industry leaders in the region are collaborating with government authorities for new R&D initiatives to enhance compressor efficiency ratings.
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Heat Pump Compressors Industry Players
Panasonic Corporation, Danfoss, Emerson Electric Co., Carrier, GEA Group Aktiengesellschaft, Mitsubishi Electric Corporation, and DAIKIN INDUSTRIES Ltd., among others.
Heat Pump Compressors Market News:
- In October 2022, Emerson Electric Co., an American multinational corporation, unveiled its new Copeland™ low sound scroll compressors for quiet operations which makes them suitable for residential applications. Their latest portfolio of four compressors has capacities in the range of 29 cc (5 kW) to 94 cc (20 kW).
- In March 2023, Danfoss, a Denmark-based energy company, launched a new range of scroll compressors for light commercial R290 heat pumps in the range of 20 kW – 200 kW. These compressors cover a condensing temperature of 50°C and an evaporating temperature of -7°C with heating capacities in the range of 25 kW – 68 kW. The company has also announced to provide an option of vapor injection for very low ambient conditions.
Partial Table of Contents (ToC) of the report:
Chapter 2 Executive Summary
2.1 Global heat pump compressors industry 3600 synopsis, 2019 – 2032
2.1.1 Business trends
2.1.2 Product trends
2.1.3 Type trends
2.1.4 Regional trends
Chapter 3 Global Heat Pump Compressors Industry Insights
3.1 Industry ecosystem analysis
3.2 Regulatory Landscape
3.3 COVID- 19 impact on the industry outlook
3.4 Industry impact forces
3.4.1 Growth drivers
3.4.1.1 Rising demand for space heating & cooling
3.4.1.2 Encouraging regulatory scenario for heat pump deployment
3.4.1.3 Growing research and development initiatives
3.4.1.4 Variations in climatic conditions
3.4.2 Industry pitfalls & challenges
3.4.2.1 Availability of conventional heating & cooling systems
3.5 Growth potential analysis
3.6 Porter’s analysis
3.7 PESTEL Analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.