Top Large-scale Natural Refrigerant Heat Pump Companies

The global large scale natural refrigerant heat pump market is projected to reach USD 14.90 billion by 2030 from an estimated market size of USD 7.28 billion in 2025, at a CAGR of 15.4% during the forecast period. Increasing visibility of contribution of heat pump technology in reducing carbon footprint and growing focus on improving operational efficiency in the industrial sector are the key factors driving market growth. Major global and regional players are expanding their product capabilities and portfolios to maintain competitiveness in the evolving commercial and industrial landscape.

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Major players in the large scale natural refrigerant heat pump market include Siemens Energy (Germany), Johnson Controls (Ireland), Panasonic Holdings Corporation (Japan), GEA Group Aktiengesellschaft (Germany), and Mitsubishi Electric Corporation (Japan). These global firms employ growth strategies to improve their market position, including product launches, agreements, and contracts, enhancing the capabilities of large scale natural refrigerant heat pumps.  For example, in March 2025, Panasonic Holdings Corporation (Japan) entered into a capital and business agreement with tado GmbH (Germany), a smart home energy management firm, by investing USD 32.82 million and joining its board. The agreement focuses on integrating Panasonic’s Aquarea heat pumps with tado’s smart thermostats to enhance efficiency and reduce energy consumption, driving the growth of large scale natural refrigerant heat pumps.  In another instance, in February 2024, GEA Group Aktiengesellschaft (Germany) signed a supply contract with Stadtwerke Lemgo (Germany) to deliver two large scale heat pumps for the city’s wastewater-to-heat district heating project in Lemgo, Germany. Further, in February 2024, Panasonic Holdings Corporation (Japan) launched the ECOi-W Aqua-G Blue, a new air-to-water reversible heat pump using propane (R290), suitable for commercial, industrial, and multi-residential buildings. This new product features a rated power ranging from 50 kW to 80 kW.  This system uses software to control industrial processes and combines computer technology with factory operations.

Siemens Energy (Germany) is in the energy business, specializing in industrial applications, generation, transmission, and renewables. The company operates its business through four segments: Gas Services, Grid Technologies, Transformation of Industry, and Siemens Gamesa. The company produces and distributes large scale natural refrigerant heat pumps through the Gas Services segment.

The Gas Services segment offers solutions related to gas and steam turbines, large generators, heat pumps, and control technology. It serves a broad range of customers, like utilities, industrial clients, oil and gas companies, and data centers. The division supports clean energy goals by enabling turbines to use hydrogen and other low-emission fuels. In recent years, Siemens Energy has made several strategic decisions, such as agreements and contracts, to position itself for growth in the large scale natural refrigerant heat pump market. For example, in October 2023, Siemens Energy received a contract from MVV GmbH to supply and integrate a 20 MWth river-source heat pump into Mannheim’s district heating network. The system uses Rhine River water and renewable electricity to deliver heat up to 99 °C, serving around 3,500 households and reducing ~10,000 tons of CO2 annually. Siemens Energy operates in more than 90 countries and has its geographic presence in regions like Europe, the Middle East, C.I.S, Africa, the Americas, Asia, and Australia.

Johnson Controls (Ireland) is a globally diversified company specializing in engineering, manufacturing operations, sales, building automation, fire & hazard protection, industrial refrigeration, HVAC, security, and sustainability. The company operates through four business segments: Building Solutions North America, Building Solutions EMEA/LA, Building Solutions Asia Pacific, and Global Products. The company provides deeper insights into building health, sustainability, and performance using AI and data-driven solutions. In recent years, Johnson Controls has made several strategic decisions, such as expanding to position itself for growth in the large scale natural refrigerant heat pump market. For example, in Mar 2024, Johnson Controls expanded its heat pump and chiller facility in Nantes, France, doubling its production space. The upgraded site, now fully operational, is the company’s primary manufacturing hub in Europe for York-branded “extra-large” heat pumps and chillers. The expansion includes two new buildings, advanced tools for assembly, and enhanced production efficiency. The company offers intelligent building solutions, efficient energy solutions, integrated infrastructure, and next-generation transportation systems with a geographical presence in North America, the Asia Pacific, Europe, and other regions.

Market Ranking

The large scale natural refrigerant heat pump market is highly competitive, with a limited number of major engineering, procurement, and construction (EPC) players performing most of the projects in the market. The collective market share of Siemens Energy (Germany), Johnson Controls (Ireland), Panasonic Holdings Corporation (Japan), GEA Group Aktiengesellschaft (Germany), and Mitsubishi Electric Corporation (Japan) is 22–28% of the total large scale natural refrigerant heat pump market. Johnson Controls has built a strong place in the large scale natural refrigerant heat pump market through its vast product portfolio and experience and knowledge of large scale natural refrigerant heat pumps. Siemens Energy continues to be a strong player in heat pumps, with a strong global presence in the large scale natural refrigerant heat pump market through its ability to execute projects globally and deliver turnkey large scale natural refrigerant heat pumps safely and efficiently. It has established significant shares in the large scale natural refrigerant heat pump market. Its large scale industrial heat pumps serve the commercial and industrial sectors, with output temperatures up to 140°C and heating capacities ranging from several hundred kilowatts to multi-megawatt scale. Mitsubishi positioned itself as a prominent player in the large scale natural refrigerant heat pump market, with various industries offering heat pumps with technologies such as air-to-air heat pumps and air-to-water heat pumps. Competitive relationships are changing fast based on who is actively investing in R&D and focusing exclusively on natural refrigerant technologies.

Related Reports:

Large-scale Natural Refrigerant Heat Pump Market by Refrigerant (Ammonia (R717), Carbon Dioxide (R744), Hydrocarbons), by Capacity (20–200 kW, 201–500 kW, 501–1,000 kW, Above 1,000 kW), by End Use (Commercial and Industrial), and by Region - Global Forecast to 2030

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