NEWARK, Del, July 09, 2024 (GLOBE NEWSWIRE) -- The large scale natural refrigerant heat pump market is predicted to be valued at US$ 8.4 billion in 2024 and US$ 23.5 billion by 2034. Over the projection period, the large scale natural refrigerant heat pump market is expected to surge at a CAGR of 10.8%.
A prominent driver in the large scale natural refrigerant heat pump market is the growing focus on circular economy principles. The industry players now understand the benefits of closed loop systems, where natural refrigerants are recycled and environmental impact and waste are minimized. This comprehensive approach aligns with the sustainability goals, positioning natural refrigerant heat pumps as the linchpin of the ecofriendly HVAC solutions.
Innovations in material science also play a crucial role. The development of trailblazing materials augments the durability and efficiency of heat pump components, promoting the overall performance of the system. Nanotechnologies, for instance, help create more effective heat exchangers and insulation materials, pushing the limits of large scale applications.
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Stringent regulations are another pivotal driver. Governments worldwide are imposing strict environmental standards, promoting the adoption of natural refrigerant heat pumps as a greener alternative. These regulations drive market players to invest in research and development, promoting continuous innovation to meet the ever changing standards.
Industry collaborations are also propelling market growth. Collaborations between industry players, research institutions, and environmental organizations promote knowledge exchange and joint efforts to address the challenges. These collaborations encourage technological breakthroughs, augmenting the prospects of the large scale natural refrigerant heat pump market.
Key Takeaways from the Large Scale Natural Refrigerant Heat Pump Market Report:
- South Korea leads the large scale natural refrigerant heat pump market, expecting a 12.7% CAGR by 2034.
- The United Kingdom anticipates a 12.0% CAGR by 2034.
- The United States is expected to surge with a 10.4% CAGR until 2034.
- The 20–200 KW segment is anticipated to surge at a 10.5% CAGR until 2024.
- FMI forecasts the ammonia (R-717) segment to augment at a CAGR of 10.3% by the end of the projection period.
“Sustainability and technological advancements are the keys to the future growth of the large scale natural refrigerant heat pump market,” opines Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
Market Dynamics of the Large-scale Natural Refrigerant Heat Pump Market:
Driver: Rising Awareness of Heat Pump Technology's Role in Reducing Carbon Footprint:
Heating accounts for nearly half of the total energy consumption in many countries, making it the largest energy end use. Consequently, major economies are striving to reduce reliance on non-renewable energy sources and are gradually shifting toward renewable alternatives to curb greenhouse gas emissions.
Heat pump technology presents a viable solution for lowering greenhouse gas emissions. Various types of large-scale heat pumps—such as closed-cycle mechanical heat pumps, open-cycle mechanical vapor compression (MVC) heat pumps, open-cycle thermocompression heat pumps, and closed-cycle absorption heat pumps—provide an energy-efficient method for heating and cooling in commercial and industrial settings. When used in heating, ventilation, and air conditioning (HVAC) systems, heat pumps are often considered a renewable energy technology.
With a coefficient of performance (COP) of 3, large-scale heat pumps are projected to generate 520 TWh (terawatt-hours) per year. This increased efficiency will enable better utilization of alternative heat sources, including ground-source thermal heat and waste heat from data centers, while also leveraging intermittent renewable electricity. The growing recognition of large-scale natural refrigerant heat pumps' effectiveness in reducing carbon footprints has driven their adoption in both industrial and commercial sectors.
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Restraint: Limited Awareness of Heat Pump Benefits and Standards Among Vendors:
Heat pumps are technically complex equipment, and awareness of their energy efficiency, cost-effectiveness, and environmental benefits, as well as the technical expertise required to use them, is limited among various end users.
A report by the United Nations Environment Program indicates that many contractors are unaware of standards and certifications, such as those issued by the International Organization for Standardization (ISO). Additionally, there is a lack of best practice examples for large-scale natural refrigerant heat pump applications, which hampers market growth. Furthermore, the classification of heat pumps by industries and certain public awareness resources can be confusing for the general public, limiting broader understanding and adoption.
How are vital players revolutionizing the Large Scale Natural Refrigerant Heat Pump Market?
Key players are leading the transformation in the large scale natural refrigerant heat pump market. Market players are remolding the prospects of heating and cooling solutions. These players opt for natural refrigerants such as ammonia and CO2, which mitigate environmental impact and boost energy efficiency.
By capitalizing on advanced engineering and adopting ecofriendly practices, they are pushing the market towards greener future. These players focus on reliability and scalability, which sets the seal on worldwide adoption over various markets, ranging from commercial to industrial sectors. These players are leading towards an ecofriendly future with their commitment to sustainability and performance.
Top Key Players in the Large Scale Natural Refrigerant Heat Pump Market:
- AGO GmbH Energy + Systems
- ARANER
- Clade Engineering Systems Ltd
- Emerson Electric Co
- Enerblue srl
- GEA Group Aktiengesellschaft
- Guangdong PHNIX Eco-energy Solution Ltd.
- Johnson Controls
- Kühllösungen für jeden Bedarf
- MAYEKAWA MFG. CO. LTD
Recent Developments:
- In March 2024, Emerson Electric Co, a global automation technology leader launched the Rosemount 9195 Wedge Flow Meter, which delivers accurate measurement in challenging applications.
- In February 2024, Mitsubishi Electric Corporation stated that it had struck a deal with Dispel LLC, a developer and distributor of secure remote access and operational management solutions, to grow their operational technology (OT) security business through marketing and technological development.
More Insights Available:
Future Market Insights offers an unbiased analysis of the large scale natural refrigerant heat pump market, providing historical data from 2019 to 2023 and forecast statistics from 2024 to 2034.
To understand opportunities in the Large Scale Natural Refrigerant Heat Pump market, the report is segmented on the basis of Capacity (20–200 KW, 200–500 KW, 500–1,000 KW and Above 1,000 KW (Natural Refrigerants, Ammonia (R-717), Carbon Dioxide (R-744), Hydrocarbons and Other Refrigerants), End Use (Commercial and Industrial), across 7 major regions (North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, and the Middle East & Africa).
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Segmentation Analysis of the Large Scale Natural Refrigerant Heat Pump Industry
By Capacity:
- 20-200 KW
- 200-500 KW
- 500-1,000 KW
- Above 1,000 KW
By Natural Refrigerants:
- Ammonia (R-717)
- Carbon Dioxide (R-744)
- Hydrocarbons
- Other Refrigerants
By End Use:
- Commercial
- Industrial
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia & Pacific
- East Asia
- The Middle East & Africa
Authored by:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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