The global large-scale natural refrigerant heat pump market is projected to reach USD 9.1 Billion by 2027 from an estimated market size of USD 5.8 Billion in 2022, at a CAGR of 9.4% during the forecast period. The market has a promising growth potential due to several factors, including the role of large-scale natural refrigerant heat pumps playing in carbon emission reduction and government incentives and regulations to improve energy efficiency.
Carbon dioxide (R-744) natural refrigerant heat pump: The fastest-growing segment of large-scale natural refrigerant heat pump market, by natural refrigerants
Carbon dioxide (R-744) occurs naturally and can be produced on-site and can be used as both a secondary fluid with phase change and as a refrigerant in different heating and cooling applications. It is one of the best refrigerants used in industries for low-temperature applications. Carbon dioxide (R-744) can be used along with other natural refrigerants, such as hydrocarbon and ammonia. It is non-flammable and nontoxic in nature; hence, it is ideal for heat pumps used in the commercial as well as industrial sectors.200-500 kW: The fastest-growing segment of large-scale natural refrigerant heat pump market, by capacity
200-500 kW segment of the large-scale natural refrigerant heat pump market will be the fastest-growing segment during the forecast period. 200-500 kW segment majorly caters end users like commercial end-use such as hotel, malls, and retail stores. Growing educational infrastructure and hospitality spaces is propelling the demand for large-scale natural refrigerant heat pump.North America: The fastest-growing region in the large-scale natural refrigerant heat pump market
The North America region is projected to be the fastest-growing market during the forecast period. The growth of the North American large-scale natural refrigerant heat pump market is expected to be driven by government-led initiatives to reduce air pollution caused by the conventional sources of energy used for heating in the commercial, and industrial sectors.Breakdown of Primaries:
The study contains insights from various industry experts, ranging from component suppliers to Tier 1 companies and OEMs. The break-up of the primaries is as follows:- By Company Type: Tier I-65%, Tier II-24%, and Tier III-11%
- By Designation: C-Level-30%, Director Level-25%, and Others-45%
- By Region: Asia Pacific-34%, North America-27%, Europe-20%, South America-12%, Middle East & Africa-7%
The large-scale natural refrigerant heat pumps market is dominated by a few globally established players such as Siemens Energy (Germany), Johnson Controls (Ireland), Emerson Electric Co. (US), GEA Group Aktiengesellschaft (Germany), and Mitsubishi Electric Corporation (Japan).
Research Coverage:
The report segments the large-scale natural refrigerant heat pump market and forecasts its size, based on region (Asia Pacific, Europe, North America, South America, and Middle East & Africa), Natural Refrigerants (Ammonia (R717), Carbon dioxide (R-744), Hydrocarbons, Other Refrigerants), Capacity (20-200 kW, 200-500 kW, 500-1,000 kW, Above 1,000 kW), End Use (Commercial, Industrial).The report also provides a comprehensive review of market drivers, restraints, opportunities, and challenges in the large-scale natural refrigerant heat pump market. The report also covers qualitative aspects in addition to the quantitative aspects of these markets.
Read More
