Large-Scale Natural Refrigerant Heat Pump Global Market Report 2024

The global large-scale natural refrigerant heat pump market has grown strongly in recent years. It will grow from $5.73 billion in 2023 to $6.3 billion in 2024 at a compound annual growth rate (CAGR) of 9.9%. The growth observed in the historical period can be credited to several key drivers within the business landscape such as the global shift towards renewable energy sources, heightened public awareness prompting increased consumer demand for sustainable products, competitive market dynamics encouraging innovation, the expansion of urban areas leading to growth in the construction and infrastructure sectors, and the influential role played by demonstration projects and pilot studies in showcasing the viability of new technologies and approaches.

The global large-scale natural refrigerant heat pump market is expected to see strong growth in the next few years. It will grow to $9.12 billion in 2028 at a compound annual growth rate (CAGR) of 9.7%. The anticipated growth in the upcoming period can be linked to several factors, including the implementation of stricter environmental regulations, the swift phasing out of synthetic refrigerants, an increasing global awareness regarding environmental issues, heightened demands for improved energy efficiency, and the integration of renewable energy sources. Key trends expected during this forecasted period encompass a strong emphasis on environmental sustainability, notable shifts in regulations, a heightened focus on energy efficiency, intensified competition in the global market, the continued impact of urbanization, and growing demands for enhanced infrastructure, alongside the pivotal role of demonstration projects in driving innovation and adoption.

Government initiatives aimed at boosting energy efficiency within industries are steering the market growth for large-scale natural refrigerant heat pumps. Energy efficiency involves using less energy to accomplish the same tasks, resulting in reduced energy expenses and decreased environmental impact. The utilization of natural refrigerants, like hydrocarbons, in these heat pumps significantly reduces their ecological footprint, offering a sustainable and energy-efficient alternative to conventional models. Notably, as per a November 2021 article by the International Energy Agency, countries like Australia, Indonesia, Japan, and Nigeria have recently joined the COP26, Product Efficiency Call to Action, an initiative aimed at doubling the efficiency of globally traded goods by 2030. Such governmental efforts to enhance energy efficiency are poised to drive the market for large-scale natural refrigerant heat pumps.

The rise in energy efficiency standards is expected to propel the expansion of the large-scale natural refrigerant heat pump market. Enhancing energy efficiency involves optimizing energy conversion and usage processes to minimize wastage. Natural refrigerant heat pump systems, designed for efficiency, result in reduced energy consumption, leading to lowered operational costs for businesses and industries adopting these systems. For instance, in December 2022, the European Union pledged advancements in energy efficiency, aiming for a 20% improvement by 2020 and setting a minimum target of 32.5% by 2030. This increased emphasis on energy efficiency is forecasted to drive growth in the large-scale natural refrigerant heat pump market.

Technological advancements stand out as a prominent trend driving the large-scale natural refrigerant heat pump market. Key players in this market are actively developing innovative, renewable, and sustainable products and technologies, thus bolstering the demand for these heat pumps. An illustration of this trend occurred in 2021 when E. ON SE, a European electric utility company, utilized GEA heat pump technology to transform sewage into a valuable energy resource. This innovative approach allowed for the reduction of greenhouse gas emissions by efficiently utilizing heat pumps for heating in a Swedish city. GEA, a Germany-based technology company specializing in heat pump manufacturing, played a pivotal role in this initiative.

Leading companies in the large-scale natural refrigerant heat pump sector are prioritizing product innovation to fortify their market positions. An exemplary innovation in this realm is the ZIRAN Pro KWR series, a line of reversible air-to-water heat pumps designed for commercial and industrial applications, offering a heating capacity spanning from 40 kW to 270 kW. For instance, in July 2023, Keyter, a Spanish conglomerate specializing in system design and manufacturing, introduced the ZIRAN Pro KWR. This heat pump utilizes natural gas R290 (propane) as a refrigerant, ensuring environmental friendliness and energy efficiency. Its features include Full-Inverter technology, reduced refrigerant charge, leak detection, and superior performance, contributing to exceptional energy savings. Designed for high-temperature water production, this pump operates quietly and incorporates intelligent regulation for optimal defrost processes.

In April 2023, Carrier, a prominent US company specializing in heating, ventilation, air conditioning, refrigeration, and fire and security equipment, completed the acquisition of Viessmann Groups for €12 billion ($13 billion). This strategic move involves acquiring Viessmann Climate Solutions while planning to divest from its Fire and Security as well as Commercial Refrigeration segments. Carrier aims to refine its portfolio, focusing on smart climate and energy solutions, accelerating its pursuit to emerge as the foremost global leader in this sector. Viessmann Group, based in Germany, is renowned for its expertise in manufacturing heat pumps and associated technologies.

Major companies operating in the large-scale natural refrigerant heat pump market report are Siemens Energy AG, Johnson Controls, Guangdong Phnix Eco-Energy Solution Ltd., Gea Group Aktiengesellschaft, Mitsubishi Electric Corporation, Man Energy Solutions SE, Star Refrigeration, Emicon, Clade Engineering Systems Ltd., Ago GmbH Energie + Anlagen, Araner, Lync, Skadec GmbH, Bundgaard Refrigeration, Mayekawa Mfg. Co. Ltd., Fenagy A/S, Pure Thermal, TEKO Gesellschaft für Kältetechnik MbH, Enerblue Srl, Emerson Electric Co., Danfoss A/S, Bitzer SE, Baltimore Aircoil Company, Alfa Laval AB, Carrier Corporation, Trane Technologies PLC, Thermowave GmbH, LU-VE Group, Swegon Group AB, Güntner GmbH & Co. KG

North America was the largest region in the large-scale natural refrigerant heat pump market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the large-scale natural refrigerant heat pump market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the large-scale natural refrigerant heat pump market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Large-scale natural refrigerant heat pumps come in various capacities such as 20-200 kW, 200-500 kW, 500-1,000 kW, and exceeding 1,000 kW. The 20-200 kW range generates an output (heat) within the specified range and finds application in refrigeration units, air conditioning systems, freezers, and similar devices. These systems employ refrigerants like ammonia (R-717), carbon dioxide (R-744), and hydrocarbons, tailored for use in commercial and industrial sectors.

This report provides large scale natural refrigerant heat pump market statistics, including large scale natural refrigerant heat pump industry global market size, regional shares, competitors with a large scale natural refrigerant heat pump market share, detailed large scale natural refrigerant heat pump market segments, market trends and opportunities, and any further data you may need to thrive in the large scale natural refrigerant heat pump industry. This large-scale natural refrigerant heat pump market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future

The large-scale natural refrigerant heat pump market consists of sales of refrigerants and heat pumps. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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