The factors driving the growth for large-scale natural refrigerant heat pump market is increasing visibility of contribution of heat pump technology in reducing carbon footprint
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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Carbon dioxide (R-744) natural refrigerant is estimated to be the largest and the fastest growing in the natural refrigerants segment.
The large-scale natural refrigerant heat pump market, by natural refrigerant, is segmented into Ammonia (R717), Carbon Dioxide (R744), Hydrocarbons, and other refrigerants such air, water. The Carbon Dioxide (R744) natural refrigerant is estimated to have the largest market share and is expected to grow at the highest rate during the forecast period.
The higher growth rate of this segment is due to high heat carrying capacity and non toxic chemical property.
The Industrial segment is expected to be the most significant large-scale natural refrigerant heat pump market, by end use
The large-scale natural refrigerant heat pump market, by end use, is segmented into commercial, and industrial. The industrial segment accounted for the largest share of 56.2% of the large-scale natural refrigerant heat pump market in 2021.
Increasing Government initiatives to enhance energy efficiency in the industrial sector is expected to drive the industrial segment during the forecast period.
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Carbon dioxide (R-744) natural refrigerant is estimated to be the largest and the fastest growing in the natural refrigerants segment.
The large-scale natural refrigerant heat pump market, by natural refrigerant, is segmented into Ammonia (R717), Carbon Dioxide (R744), Hydrocarbons, and other refrigerants such air, water. The Carbon Dioxide (R744) natural refrigerant is estimated to have the largest market share and is expected to grow at the highest rate during the forecast period.
The higher growth rate of this segment is due to high heat carrying capacity and non toxic chemical property.
The Industrial segment is expected to be the most significant large-scale natural refrigerant heat pump market, by end use
The large-scale natural refrigerant heat pump market, by end use, is segmented into commercial, and industrial. The industrial segment accounted for the largest share of 56.2% of the large-scale natural refrigerant heat pump market in 2021.
Increasing Government initiatives to enhance energy efficiency in the industrial sector is expected to drive the industrial segment during the forecast period.
North America is expected to dominate the global large-scale natural refrigerant heat pump market
The North America region is estimated to be the largest market for the large-scale natural refrigerant heat pump market, followed by Asia Pacific. 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
North America is expected to dominate the global large-scale natural refrigerant heat pump market
The North America region is estimated to be the largest market for the large-scale natural refrigerant heat pump market, followed by Asia Pacific. 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
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