Global Large-Scale Natural Refrigerant Heat Pump Market
Dublin, June 14, 2023 (GLOBE NEWSWIRE) -- The "Large-Scale Natural Refrigerant Heat Pump Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The global large-scale natural refrigerant heat pump market is expected to grow from $5.20 billion in 2022 to $5.72 billion in 2023 at a compound annual growth rate (CAGR) of 10.0%. The large-scale natural refrigerant heat pump market is expected to grow to $8.17 billion in 2027 at a CAGR of 9.3%.
Technological innovations are a key trend gaining the popularity in the large-scale natural refrigerant heat pump market. Major companies operating in large-scale natural refrigerant heat pump market are developing new products or new technologies that are renewable and sustainable, for strengthening the demand for the large-scale natural refrigerant heat pump market. For instance, in2021, E.ON SE, a European electric utility company, transformed sewage into a valuable resource, using GEA heat pump technology. E.ON SE had to adjust its way of thinking in order to employ GEA's energy-efficient heat pumps to reduce greenhouse gas emissions from the heating provided to a city in Sweden. An inventive strategy for converting waste into useable energy was tested on the water, and it was determined that a sewage plant was the greatest source for heating homes. GEA is a Germany-based technology company that manufactures heat pumps.
In February 2020, EVAPCO, a Canada-based company that specializes in natural refrigerants, acquired Systemes LMP for an undisclosed amount. Through this acquisition, EVAPCO will form a subsidiary, Evapco Systems LMP, to drive CO2 market growth throughout North America and beyond. Systemes LMP is a Canada-based refrigerants systems manufacturer.
North America was the largest region in the large-scale natural refrigerant heat pump market in 2022. North America is expected to be the fastest-growing region in the forecast period.
The increasing government initiatives to enhance energy efficiency in the industrial sector are driving the large-scale natural refrigerant heat pump market. To reduce energy use, the governments in various countries are focusing on initiatives that will drive energy efficiency. The large-scale natural refrigerant heat pump is an energy-efficient and sustainable alternative for traditional heat pumps as it utilizes natural refrigerants like hydrocarbons to reduce the harmful environmental impacts.
Major players in the large-scale natural refrigerant heat pump market are Siemens Energy AG, Johnson Controls, Guangdong Phnix Eco-Energy Solution Ltd., Gea Group Aktiengesellschaft, Mitsubishi Electric Corporation, Man Energy Solutions SE, Star Refrigeration, Emicon, Clade Engineering Systems Ltd., Ago GmbH Energie + Anlagen, Araner, Lync, Skadec GmbH, Bundgaard Refrigeration, Mayekawa Mfg. Co. Ltd., Fenagy A/S, Pure Thermal, TEKO Gesellschaft fur Kaltetechnik MbH, and Enerblue Srl.
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