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. Increasing visibility of contribution of heat pump technology in reducing carbon footprint and growing focus on improving operational efficiency in industrial sector are the key factors driving market growth.
The global large-scale natural refrigerant heat pump 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). These players have adopted various growth strategies such as partnerships, agreements, collaborations, and new product launches to increase their presence in the global market.
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Siemens Energy (Germany) held the majority of the global large-scale natural refrigerant heat pump market share in 2020. Siemens Energy is increasing its market presence and is in process of making a strong foothold across the global large-scale natural refrigerant heat pump market. Johnson Controls (Ireland), followed in second place in the large-scale natural refrigerant heat pump market. The company has been consistently showcasing an increase in its annual revenue over the last few years, due continuous expansion in its product portfolio. Emerson Electric Co. (US) is considered to have the third largest share in the global large-scale natural refrigerant heat pump market. The company continuous to invest considerable in the R&D activities. The company has a strong presence across the globe.
Siemens Energy (Germany) is a global leader in the energy business. It follows four trends of the energy world: growth, decarbonization, decentralization, and digitalization. The company operates its business through two business segments, namely, Gas and Power and Siemens Gamesa Renewable Energy (SGRE). In March 2021, Siemens Energy signed an agreement with Vattenfall to demonstrate its high-temperature high-scale heat pump in Berlin. They tested this new technology for the first time to generate green district heating using waste heat and electricity.
Another important player in the automotive airbags & seatbelts market is Johnson Controls (Ireland). Johnson Controls is a major provider of building products, technologies, software, and related services. The company operates through four business segments providing building solutions, namely, Building Solutions North America, Building Solutions EMEA/LA, Building Solutions Asia Pacific, and Global Product. In November 2019, Johnson Controls acquired Synchrony, a part of Siemens’ Gas and Power business. After this acquisition, Synchrony’s technology will play a vital role in the manufacturing and supply chain of Johnson Controls.
Large-scale Natural Refrigerant Heat Pump Market by Refrigerants (Ammonia (R717), Carbon Dioxide (R744), Hydrocarbons), Capacity (20-200 kW, 200-500 kW, 500-1,000 kW, Above 1,000 kW), End Use (Commercial, Industrial), Region - Global Forecast to 2027
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