Heat Pump Market Forecasted to Attain US$ 4.8 Billion by 2033, Riding a Steady 4.3% CAGR, According to Future Market Ins

The heavy-duty heat market is expected to grow in the coming years driven primarily by increased demand for heating and cooling each year. Heavy-duty heat pumps provide heating and cooling for large-scale purposes such as residential parks, commercial buildings, such as district heating and cooling, data centers, and other industrial CHPCs. Heavy-duty heat pumps can be air-source heat pumps, geothermal heat pumps, and absorption heat pumps.

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The increasing demand for heavy-duty heat pumps in different industries around the globe is creating high growth virtues for the growth in demand for heavy-duty heat pumps over the forecast period. The increasing concerns regarding environmental sustainability energy security with the shifting trend for bio-based infrastructure will boost heavy-duty heat pump industry growth.

Key Takeaways from the Market Study
• From 2018 to 2022, the market demand expanded at a CAGR of %
• Based on the power source, the gas-driven heat pump segment accumulates a market share of 30.5% in 2023
• By end-user, the commercial segment dominates the market with a share of 40%
• North America to emerge as a promising market, capturing nearly 42% of the global market share in 2023
• Asia Pacific is an opportunistic market, expected to capture a CAGR of 4.1% during the forecast period.

Competitive landscape
Key players
• Thermax Ltd
• Star Refrigeration
• GEA Group
• MAN Energy Solutions
• Oilon OY
• Siemens Energy
• Johnson Controls
• Friotherm AG
• Engie Refrigeration GmbH
• Daikin Industries
• Enertech AB
• Mitsubishi Heavy Industries

Leading players operating in the global heavy-duty heat pump market are focusing on intensive research and development to launch innovative products and services in the market.

Heat Pumps Market by Category

By Product Type: