The global natural refrigerant heat pump market is set to reach $US9.1 billion by 2027.
This represents a 9.4 per cent growth rate as the market in 2022 is valued at $US5.8 billion.
According to research published by ReportLinker.com, the market has promising growth potential due to government regulations to reduce carbon emissions and improve energy efficiency.
Carbon dioxide (R-744) refrigerant heat pumps are the fastest growing segment of the market.
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.
The report said it is one of the best refrigerants used in industries for low-temperature applications.
Moreover 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.
The 200 – 500 kW range will be the fastest growing segment during the forecast period as it caters to a wide range of commercial applications such as hotels, shopping centres, retail stores.
The North America region is projected to be the fastest-growing market during the forecast period. This will 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.
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), the report said.