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 Date: July - 2024 | Publisher: MIR | No of Pages: 240 | Industry: Industrial-Machinery | Format: Report available in PDF / Excel Format

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Commercial Heat Pump Market Size

Hey there! In 2023, the market for heat pumps used in businesses was estimated to be worth about 15.2 billion dollars. And guess what? It's predicted to keep growing like crazy! By 2032, it's expected to be worth around $37 billion. Why is this happening? Well, for starters, more and more people are realizing how bad traditional heating and cooling systems are for the environment. Plus, energy costs are going up, and governments are getting stricter with regulations about energy efficiency and reducing carbon emissions. Businesses are also jumping on the heat pump bandwagon because they're energy-efficient and a lot cheaper to run than regular HVAC systems. They're also reliable, efficient, and cost-effective, which makes them a great choice for offices, stores, hotels, hospitals, and schools.

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Imagine a super-sized air conditioner that can warm and cool your massive office building or shopping mall. That's what a commercial heat pump is! Just like your home heat pump, it uses the same nifty tricktaking heat from the outside and bringing it inside to keep you cozy warm in winter. But commercial heat pumps are like bodybuilders compared to their residential counterparts. They're specially designed to handle the huge heating and cooling needs of big commercial spaces. These powerhouses use a smart system that involves a special fluid called a refrigerant. By squeezing and expanding this refrigerant, they can magically move heat around. That means you get both heating and cooling in one brilliant package. So, whether you need to escape the summer heat or chase away the winter blues, a commercial heat pump has got you covered.

Commercial Heat Pump Market Report Attributes
Report Attribute Details
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
  • Growing inclination towards energy-efficient heating & cooling technologies
  • Rapidly mounting investments across construction of commercial establishments
  • Positive regulatory framework to keep a check on carbon emissions
  • Stern building regulatory framework to propel green infrastructure
Pitfalls & Challenges
  • High significant cost coupled with growing adoption across residential spaces

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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

Heat pumps are becoming increasingly popular for commercial buildings because they offer energy-efficient heating and cooling solutions. Schools, hospitals, shopping malls, and offices are all installing heat pumps to save money on their energy bills. Governments around the world are also implementing stricter building energy performance standards, which is driving demand for heat pumps even further. Heat pumps help buildings reduce their carbon footprint, which is important for combating climate change. The growing construction industry and rising disposable incomes in both developed and emerging economies are also creating new opportunities for the commercial heat pump market. As more and more people move into new homes and businesses, the need for energy-efficient heating and cooling solutions will continue to grow. All of these factors are driving the growth of the commercial heat pump industry. Heat pumps are becoming an increasingly important part of the global energy landscape, and their popularity is only going to continue to grow in the years to come.

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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Hotels, resorts, and restaurants are increasingly turning to heat pumps as a smart solution for their heating and cooling needs. These units run quietly, which is crucial in hospitality settings where guest comfort takes top priority. Heat pumps also offer precise temperature control and zoning capabilities, meaning different areas of a hotel or restaurant can be heated or cooled separately. This not only ensures guest comfort but also helps save energy. Furthermore, heat pumps are aligning with the hospitality industry's focus on energy efficiency and renewable energy. They significantly reduce energy consumption and operating costs, making them a financially savvy choice for businesses in the sector.

With people becoming more aware of the importance of energy efficiency and protecting the environment, there's a growing demand for solutions that align with these values. In the real estate sector, especially in offices, we're seeing a surge in the use of heat pump systems, and this trend is expected to continue until 2032. Heat pumps offer a lot of advantages, especially for big office buildings. They can both heat and cool spaces, which is very convenient. They also help save on energy, which can reduce costs for businesses. Another advantage is that heat pumps allow you to control the temperature in different areas of the office, which is great for keeping everyone comfortable. HVAC professionals are also playing a big role in making heat pumps more accessible to businesses. They're actively promoting these systems, which is making them more widely available. As a result, we can expect to see even more heat pumps in offices in the years to come.

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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.

Hey there! In April 2023, I heard some exciting news. Transom, a Canadian company that makes heat pumps, is launching a brand-new line of heat pumps specifically designed for big buildings and businesses across North America. These heat pumps will use CO2 to heat water, which is better for the environment than other options. They'll come in different sizes, from 14 to 205 kilowatts, and have special features like variable speed pumps and fans to make them run more efficiently. What's even cooler is that many governments are offering help to businesses that want to install heat pumps. They're giving out loans, subsidies, tax breaks, and rebates to make it easier to switch to more eco-friendly heating and cooling systems. This is great news for the heat pump industry, and it's expected to grow by about 8% in Europe alone over the next few years.

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

 

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