Heat Pump Compressors Market Size By Product (Air Source, Ground Source), By Type (Reciprocating, Scroll, Rotary, Screw, Centrifugal) & Global Forecast, 2023 - 2032
Global Heat Pump Compressors Market size will grow substantially over 2023-2032. Favorable regulatory scenario for heat pump deployment is a key driver behind the market growth. Many regulatory bodies across the globe are focusing on replacing traditional inefficient heating systems with sustainable energy systems such as heat pumps. In November 2022, the U.S. government announced an investment of more than USD 250 million from the Inflation Reduction Act for domestic heat pump manufacturing.
Leading industry players in this vertical are emphasizing product innovations to reinforce their industry standing. Citing an instance, in February 2023, DAIKIN INDUSTRIES Ltd., a Japanese multinational conglomerate company, announced the launch of its second generation of cooling-only chiller range with R32 scroll compressors. The innovative features in new chillers help achieve optimized performance. Moreover, this new range incorporates fully integrated hydronic-free cooling, which makes it suitable for data centers.
The overall heat pump compressors market is divided in terms of product, type, and region.
The water source heat pump compressors industry could exhibit a modest CAGR through 2032. Water source heat pump compressors offer design flexibility, making them suitable for various building types and configurations. Additionally, these compressors are designed to maximize energy efficiency by utilizing the temperature difference between the water source and the desired indoor temperature. This results in reduced energy consumption compared to traditional heating and cooling systems, leading to lower utility bills and operational costs.
In terms of type, the centrifugal heat pump compressors industry amassed more than 9.5% market share in 2022. High energy efficiency, enhanced cooling capacity, and space efficiency of centrifugal heat pump compressors favor their adoption. Additionally, they are designed with noise reduction features, such as sound insulation materials and vibration dampening systems, to minimize noise levels. These features make them suitable for applications where noise control is of utmost significance, such as office buildings, hospitals, or residential complexes.
Regionally speaking, North America heat pump compressors industry share will grow at a considerable CAGR from 2023 to 2032. Growing demand for efficient space heating and cooling solutions is shaping the regional landscape. Moreover, the regional government is also providing financial benefits to homeowners to promote the deployment of these systems. The presence of key industry players such as Emerson Electric Co. and others emphasizing product innovations as a growth strategy is further contributing to regional growth.
Chapter 1 Methodology & Scope
1.1 Market scope and definitions
1.2 Base estimates & calculations
1.3 Forecast calculations
1.4 Data sources
1.4.1 Primary
1.4.2 Secondary
1.4.2.1 Paid sources
1.4.2.2 Public sources
Chapter 2 Executive Summary
2.1 Global heat pump compressors industry 360 degree synopsis, 2019 - 2032
2.1.1 Business trends
2.1.2 Product trends
2.1.3 Type trends
2.1.4 Regional trends
Chapter 3 Global Heat Pump Compressors Industry Insights
3.1 Industry ecosystem analysis
3.1.1 Vendor matrix
3.2 Regulatory Landscape
3.2.1 International Organization for Standardization
3.2.2 North America
3.2.2.1 U.S.
3.2.2.1.1 Inflation Reduction Act (IRA)
3.2.2.1.1.1 Energy Efficient Home Improvement Credit
3.2.2.1.1.2 High-Efficiency Electric Home Rebate Program
3.2.2.1.2 Upcoming Changes to Efficiency Standards for AC Units and Heat Pumps
3.2.2.1.3 California Energy Commission: New Building Code, 2021
3.2.2.1.4 Bipartisan Infrastructure Deal, 2021
3.2.2.1.5 Bipartisan Budget Act of 2018
3.2.2.1.6 Energy Improvement and Extension Act of 2008 (EIEA2008)
3.2.2.1.7 Air-Source Heat Pump Program
3.2.2.1.8 Residential Air Source Heat Pump Schedules and Product Codes
3.2.2.1.9 Federal Energy Management Program
3.2.2.1.10 Renewable Heat Incentives for residential, business, commercial, and industrial segments.
3.2.2.1.11 Cold Climate Air Source Heat Pump (ccASHP) Product List and Specifications