Global $9+ Billion Large-scale Natural Refrigerant Heat Pump Markets to 2027 with Opportunities in the Imposition of Carbon Tax in Multiple Countries

DUBLIN, June 28, 2022 /PRNewswire/ -- The "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" report has been added to ResearchAndMarkets.com's offering.

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%

The market has a promising growth potential due to several factors, including the role of large-scale natural refrigerant heat pumps playing in carbon emission reduction and government incentives and regulations to improve energy efficiency.

Carbon dioxide (R-744) natural refrigerant heat pump: The fastest-growing segment of large-scale natural refrigerant heat pump market, by natural refrigerants

Carbon dioxide (R-744) occurs naturally and can be produced on-site and can be used as both a secondary fluid with phase change and as a refrigerant in different heating and cooling applications.

It is one of the best refrigerants used in industries for low-temperature applications. Carbon dioxide (R-744) can be used along with other natural refrigerants, such as hydrocarbon and ammonia. It is non-flammable and nontoxic in nature; hence, it is ideal for heat pumps used in the commercial as well as industrial sectors.

200 - 500 kW: The fastest-growing segment of large-scale natural refrigerant heat pump market, by capacity

200-500 kW segment of the large-scale natural refrigerant heat pump market will be the fastest-growing segment during the forecast period. 200-500 kW segment majorly caters end users like commercial end-use such as hotel, malls, and retail stores. Growing educational infrastructure and hospitality spaces is propelling the demand for large-scale natural refrigerant heat pump. 

North America: The fastest-growing region in the large-scale natural refrigerant heat pump market

The North America region is projected to be the fastest-growing market during the forecast period. The growth of the North American large-scale natural refrigerant heat pump market is expected to be driven by government-led initiatives to reduce air pollution caused by the conventional sources of energy used for heating in the commercial, and industrial sectors.

Competitive landscape

The large-scale natural refrigerant heat pumps 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).

Premium Insights

• Contribution of Heat Pump Technology in Reducing Carbon Footprint to Boost Market Growth from 2022 to 2027
• North America Large-Scale Natural Refrigerant Heat Pump Market to Exhibit Highest CAGR During Forecast Period
• Industrial End-Use and Us Held Largest Shares of Large-Scale Natural Refrigerant Heat Pump Market in North America in 2021
• Carbon Dioxide (R-744) to Account for Largest Market Share, by Natural Refrigerant, in 2027
• 20-200 Kw Segment to Hold Largest Market Share, by Capacity, in 2027
• Industrial Segment to Dominate Large-Scale Natural Refrigerant Heat Pump Market, by End-Use, in 2027

Market Dynamics

Drivers

• Increasing Visibility of Contribution of Heat Pump Technology in Reducing Carbon Footprint
• Growing Focus on Improving Operational Efficiency in Industrial Sector

Restraints

• Lack of Awareness Regarding Benefits of Heat Pumps and Heat Pump Standards Among System Vendors

Opportunities

• Imposition of Carbon Tax in Multiple Countries

Challenges

• Availability of Low-Cost Fossil Energy-Based Alternative Technologies
• Impact of COVID 19 on Large-Scale Natural Refrigerant Heat Pump Market

Case Study Analysis

• Drammen District Heating: World's Largest Low Gwp Refrigerant Heat Pump

Company Profiles

Key Players

• Siemens Energy
• Johnson Controls
• Emerson Electric Co.
• Gea Group Aktiengesellschaft
• Mitsubishi Electric Corporation
• Man Energy Solutions Se
• Guangdong Phnix Eco-Energy Solution Ltd.
• Araner
• Star Refrigeration
• Emicon Ac S.P.A.
• Clade Engineering Systems Ltd
• Ago GmbH Energie + Anlagen
• Lync
• Skadec GmbH
• Bundgaard Refrigeration

Other Players

• Mayekawa Mfg. Co. Ltd.
• Fenagy A/S
• Pure Thermal
• Teko GmbH
• Enerblue Sr

For more information about this report visit https://www.researchandmarkets.com/r/mj2nza

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SOURCE Research and Markets