Commercial Heat Pump Market Size - By Product (Air Source, Ground Source, Water Source), By Application (Educational Institutes, Healthcare, Retail, Logistics & Transportation, Offices, Hospitality), Growth Opportunities & Global Forecast, 2024 - 2032
Published on: 2024-07-30 | No of Pages : 240 | Industry : Industrial-Machinery
Publisher : MIR | Format : PDF&Excel
Commercial Heat Pump Market Size - By Product (Air Source, Ground Source, Water Source), By Application (Educational Institutes, Healthcare, Retail, Logistics & Transportation, Offices, Hospitality), Growth Opportunities & Global Forecast, 2024 - 2032
Commercial Heat Pump Market Size
Commercial Heat Pump Market size was evaluated at USD 15.2 billion in 2023 and is set to grow at a rate of 12.3% between 2024 and 2032, owing to the including increasing awareness of the environmental impacts of traditional heating and cooling systems, rising energy costs, and government regulations promoting energy efficiency and carbon reduction. Growing demand for energy-efficient HVAC solutions in commercial sectors such as offices, retail spaces, hotels, hospitals, schools will further increase the product demand. Moreover, the ability of these systems to offer various operational benefits including reliable operations, high efficiency, and cost-effectiveness will augment the product deployment.
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A commercial heat pump is a heating and cooling system designed specifically for commercial or large-scale buildings. It operates on the same principles as a residential heat pump but is engineered to meet the higher demands and high capacity heating & cooling requirements of commercial spaces. The devices are designed to provide efficient heating and cooling by extracting heat from the outdoor air, water, or the ground and transferring it indoors. They utilize a refrigeration cycle that involves compressing and expanding refrigerant to transfer heat energy. This allows them to provide both heating and cooling capabilities, making them versatile and energy-efficient solutions for commercial spaces.
Report Attribute | Details |
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Base Year | 2023 |
Commercial Heat Pump Market Size in 2023 | USD 15.2 Billion |
Forecast Period | 2024 to 2032 |
Forecast Period 2024 to 2032 CAGR | 12.3% |
2032 Value Projection | USD 43.3 Billion |
Historical Data for | 2019 to 2023 |
No. of Pages | 410 |
Tables, Charts & Figures | 572 |
Segments covered | Product, Application, and Region |
Growth Drivers |
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Pitfalls & Challenges |
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COVID- 19 Impact
Disruptions across the supply chain networks, shutdown of industrial & commercial facilities, and shortage of workforce across heat pump installation activities, are among the key factors impacting the commercial heat pump market amid the COVID-19 pandemic. Moreover, intermittent decline in the manufacturing operations have propelled the industry participants in attaining new measures to reduce the pandemic induced interruptions and maintain production outputs. Moreover, positive outlook by respective governments to uptake the ‘green wave’ caused by the halting of operations with the rapid deployment of low carbon technologies across various verticals will counterbalance the heat pump industry dynamics.
Commercial Heat Pump Market Trends
The commercial heat pump industry is driven by variety of factors, including ongoing demand for energy-efficient cooling and heating solutions along with accelerating deployment of these units across several establishments including schools, hospitals, shopping malls, offices. Respective government agencies across different regions have introduced stringent building energy performance standards to keep a check on the overall carbon footprint. Growing measures to limit the harmful greenhouse gas emissions will further proliferate the business scenario. Moreover, growing construction expenditure coupled with rising disposable incomes across emerging as well as developed economies will garner new opportunities across the commercial heat pump market landscape.
Commercial Heat Pump Market Analysis
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The air source pump systems widely adopted in commercial applications for heating and cooling purposes. The market for commercial air source heat pumps has been growing rapidly in recent years and is driven by several factors including increasing awareness of the environmental impact of traditional heating and cooling systems, along with government initiatives and regulations promoting energy efficiency and carbon reduction. Continuous advancements in technology, leading to more efficient and sophisticated systems. Innovations such as variable refrigerant flow (VRF) systems, heat recovery systems, and hybrid heat pump solutions are expanding the capabilities and applications of these units.
The commercial water source heat pump industry is anticipated to witness remarkable growth through 2032, owing to the increasing focus on developing environmentally friendly building infrastructure. The ability of these systems to offer long-lasting heating and cooling solutions with low operating costs compared to combustion-based heating systems, will further boost the commercial heat pump market demand across variety of applications. Furthermore, industry players are investing in expanding their production capabilities and introducing innovative solutions, which will drive market growth.
For instance, in March 2022, Danfoss introduced of a new electric expansion valve. designed to enhance the efficiency of heat pumps and IT cooling systems. This advanced capabilities such as linear stable flow control, Low Opening Degree (DO), and dedicated flow curves for heat pumps and modular chillers. The growing demand for energy-efficient water source heat pumps, coupled with ongoing product development efforts, will further propel the industry landscape.
The ground source heat pump market across commercial applications is poised to see massive growth till 2032, owing to their eco-friendly features, humidity control capabilities, and minimal heat losses. The continuous advancements in geothermal technology have opened up new opportunities for utilizing ground source heat pumps in large commercial buildings, such as schools, hospitals and colleges. These heat pumps are increasingly favored for their sustainable characteristics and retrofit applications. Furthermore, accelerating investments in technological enhancements for ground source heat pumps together with the growing emphasis on green building infrastructure, which will drive the commercial heat pump market demand.
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Commercial heat pumps market across hospitality applications will gain remarkable momentum during the forecast timeline, attributed to the rising demand for efficient heating and cooling solutions for hotels, resorts, restaurants, and other hospitality establishments. These units also offer quiet operation, which play a vital role in the hospitality industry where guest comfort and experience are paramount. Moreover, these units may deliver precise temperature control and zoning capabilities, allowing different areas of a hospitality establishments to be heated or cooled separately and ensuring optimal comfort while also maximizing energy efficiency. Rising focus toward energy efficiency and utilization of renewable energy sources to provide heating and cooling along with significant reduction of energy consumption & operating costs across hospitality sector will boost the product deployment.
The rising demand for energy-efficient and eco-friendly solutions, coupled with the growth of the real estate sector, is expected to drive the adoption of heat pump systems in offices by 2032. Growing recognition of the benefits offered by these systems, particularly in meeting the heating and cooling requirements of large office buildings and structures will augment the commercial heat pump market size. The increasing need for zoning heating and cooling control will further enhance the installation of heat pumps in these establishments. HVAC professionals are actively offering and promoting these units, making them more readily available and accessible to several commercial applications which will contribute to the industry growth.
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The North America commercial heat pump market is projected to observe a growth rate of over 8% through 2032. Local, state, and federal administrations have unveiled favorable regulatory policies to support the paradigm transition towards green energy alternatives. In addition, new research & development initiatives by major industry participants along with new strategic organic & inorganic growth ventures to boost manufacturing capabilities will stimulate the heat pump product demand across commercial establishments. The market for heat pumps in the U.S. will reach USD 29.6 billion by 2032.
For instance, in April 2023, Canada based heat pump manufacturer called Transom announced to introduce a new line of air-to-water hot-water heat pump with CO2 refrigerant specifically for commercial applications across North American industry. The product line is set to have a capacity range between 14 to 205 kW with variable pump & fan speed to deliver optimized operations. Moreover, the introduction of various scale financial support policies including loans, subsidies, tax credits, and rebates to assist customers in installing heat pump alternatives will favor the commercial heat pump market landscape. The European market for heat pump is set to showcase around 8% CAGR during the forecast timeframe.
Commercial Heat Pump Market Share
Major players operating across the commercial heat pump market are making strategic alliances and partnerships to strengthen their market presence and are focusing on mergers and acquisitions to hold a competitive edge over the others. Key manufacturers in the industry include
- Rheem Manufacturing Company
- Daikin
- SAMSUNG
- Carrier
- Mitsubishi Electric Corporation
- Bosch Thermotechnology Corp.
- Trane
- FUJITSU GENERAL
- GREE Commercial
- LG Electronics
- Swegon Ltd
- Finn Geotherm UK Limited
- OCHSNER
- MESTEK, INC.
- Rinnai UK Ltd.
Commercial Heat Pump Industry News
- In April 2023, Carrier announced its plan to acquire Viessmann Climate Solutions for USD 13.27 billion (€12 billion) deal, including Viessmann's heat pump business. This move aims to increase Carrier's presence in the expanding heat pump market, making it one of the leading companies primarily across the North America and European industry.
- In November 2022, Mitsubishi Electric Corporation launched the air source heat pump, Ecodan CAHV-R, a new series of cascaded ASHP, designed specifically for commercial use. This product line offers a wide heating capacity range from 7.8 kW to 640 kW, making it suitable for various applications, including hospitals and schools. With its introduction, the company aims to provide efficient heating solutions for commercial infrastructures.
This commercial heat pump market research report includes in-depth coverage of the industry with estimates & forecast in terms of “’000 Units” & “USD Million” from 2019 to 2032 for the following segments
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Market, By Product
- Air source
- Ground source
- Water source
Market, By Application
- Educational institutes
- Healthcare
- Retail
- Logistics & transportation
- Offices
- Hospitality
- Others
The above information has been provided for the following regions and countries
- North America
- U.S.
- Canada
- Europe
- Austria
- Norway
- Denmark
- Finland
- France
- Germany
- Italy
- Switzerland
- Spain
- Sweden
- UK
- Netherlands
- Asia Pacific
- China
- Japan
- Australia
- South Korea
- Middle East & Africa
- Saudi Arabia
- Turkey
- South Africa
- Latin America
- Brazil
- Mexico
- Argentina
Table of Content
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To get a detailed Table of content/ Table of Figures/ Methodology Please contact our sales person at ( chris@marketinsightsresearch.com )