Table of Content

1 INTRODUCTION 28
1.1 STUDY OBJECTIVES 28
1.2 MARKET DEFINITION 28
1.3 STUDY SCOPE 29
1.3.1 MARKETS COVERED AND REGIONAL SCOPE 29
1.3.2 INCLUSIONS AND EXCLUSIONS 30
1.3.3 YEARS CONSIDERED 31
1.4 CURRENCY CONSIDERED 31
1.5 UNIT CONSIDERED 31
1.6 LIMITATIONS 32
1.7 STAKEHOLDERS 32
1.8 SUMMARY OF CHANGES 32
2 RESEARCH METHODOLOGY 33
2.1 RESEARCH DATA 33
2.2 PRIMARY AND SECONDARY DATA 34
2.2.1 SECONDARY DATA 34
2.2.1.1 List of key secondary sources 34
2.2.1.2 Key data from secondary sources 34
2.2.2 PRIMARY DATA 35
2.2.2.1 List of primary interview participants 35
2.2.2.2 Key data from primary sources 36
2.2.2.3 Key industry insights 37
2.2.2.4 Breakdown of primaries 37
2.3 MARKET BREAKDOWN AND DATA TRIANGULATION 38
2.4 MARKET SIZE ESTIMATION 38
2.4.1 BOTTOM-UP APPROACH 39
2.4.2 TOP-DOWN APPROACH 39
2.4.3 DEMAND-SIDE ANALYSIS 41
2.4.3.1 Demand-side assumptions 41
2.4.3.2 Demand-side calculations 41
2.4.4 SUPPLY-SIDE ANALYSIS 42
2.4.4.1 Supply-side assumptions 43
2.4.4.2 Supply-side calculations 43
2.5 GROWTH PROJECTION 44
2.6 RESEARCH LIMITATIONS 45
2.7 RISK ANALYSIS 45
3 EXECUTIVE SUMMARY 46
4 PREMIUM INSIGHTS 50
4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET 50
4.2 LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY REFRIGERANT 50
4.3 LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY CAPACITY 51
4.4 LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY END USE 51
4.5 LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY TECHNOLOGY 52
4.6 LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY REGION 52
5 MARKET OVERVIEW 53
5.1 INTRODUCTION 53
5.2 MARKET DYNAMICS 53
5.2.1 DRIVERS 54
5.2.1.1 Government incentives for sustainable transition 54
5.2.1.2 Increasing emphasis on enhancing operational efficiency across industrial sector 54
5.2.2 RESTRAINTS 55
5.2.2.1 Lack of awareness about heat pump standards and benefits among system vendors 55
5.2.2.2 High upfront costs 55
5.2.3 OPPORTUNITIES 55
5.2.3.1 Cold climate optimization 55
5.2.3.2 Industrial decarbonization initiatives 56
5.2.4 CHALLENGES 57
5.2.4.1 Availability of low-cost fossil energy-based alternative technologies 57
5.2.4.2 Energy source dependency in heat pump efficiency 57
5.3 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS 57
5.4 PRICING ANALYSIS 58
5.4.1 PRICING RANGE OF LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS, BY TECHNOLOGY, 2024 58
5.4.2 AVERAGE SELLING PRICE TREND OF LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS, BY REGION, 2022–2024 59
5.5 SYNTHETIC REFRIGERANT VS. NATURAL REFRIGERANT 60
5.6 SUPPLY CHAIN ANALYSIS 60
5.7 ECOSYSTEM ANALYSIS 62
5.8 TECHNOLOGY ANALYSIS 63
5.8.1 KEY TECHNOLOGIES 63
5.8.1.1 Air-to-air heat pumps 63
5.8.1.2 Air-to-water heat pumps 63
5.8.1.3 Water-source heat pumps 63
5.8.1.4 Hybrid heat pumps 63
5.8.2 COMPLEMENTARY TECHNOLOGIES 64
5.8.2.1 Smart-grid and energy management systems 64
5.8.2.2 Smart controls and automation technologies 64
5.8.3 ADJACENT TECHNOLOGIES 64
5.8.3.1 Heat recovery ventilation systems 64
5.8.3.2 Internet of Things devices 64
5.9 TRADE ANALYSIS 65
5.9.1 EXPORT SCENARIO (841861) 65
5.9.2 IMPORT SCENARIO (841861) 66
5.10 KEY CONFERENCES AND EVENTS, 2025–2026 67
5.11 REGULATORY LANDSCAPE 68
5.11.1 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 68
5.11.2 REGULATIONS 70
5.12 PORTER’S FIVE FORCES ANALYSIS 70
5.12.1 THREAT OF NEW ENTRANTS 71
5.12.2 THREAT OF SUBSTITUTES 71
5.12.3 BARGAINING POWER OF SUPPLIERS 72
5.12.4 BARGAINING POWER OF BUYERS 72
5.12.5 THREAT OF NEW ENTRANTS 72
5.12.6 INTENSITY OF COMPETITIVE RIVALRY 72
5.13 KEY STAKEHOLDERS AND BUYING CRITERIA 73
5.13.1 KEY STAKEHOLDERS IN BUYING PROCESS 73
5.13.2 BUYING CRITERIA 74
5.14 PATENT ANALYSIS 75
5.15 CASE STUDY ANALYSIS 77
5.15.1 ELIMINATION OF FOSSIL-FUEL BOILERS WITH HIGH-EFFICIENCY HEAT PUMP INTEGRATION 77
5.15.2 CARRIER’S AQUAEDGE 19DV CHILLER WITH HEAT RECOVERY INSTALLED TO DRIVE PROCESS INNOVATION AT INDUSTRIAL SITE 77
5.15.3 CUTTING EMISSIONS IN BEER PRODUCTION WITH HIGH-TEMPERATURE HEAT PUMPS 78
5.16 INVESTMENT AND FUNDING SCENARIO 78
5.17 IMPACT OF AI/GEN AI ON LARGE-SCALE NATURAL REFRIGERANT HEAT PUMP MARKET 79
5.17.1 ADOPTION OF AI/GEN AI IN LARGE-SCALE NATURAL REFRIGERANT HEAT PUMP APPLICATIONS 79
5.17.2 IMPACT OF AI/GEN AI ON LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS SUPPLY CHAIN, BY REGION 80
5.18 GLOBAL MACROECONOMIC OUTLOOK 81
5.18.1 INTRODUCTION 81
5.18.2 FOCUS ON LONG-TERM ENERGY SECURITY 81
5.18.3 TECHNOLOGICAL ADVANCEMENTS 81
5.18.4 FINANCING AND GOVERNMENT POLICY SUPPORT 81
5.18.5 HIGH CAPEX AMID INFLATION 81
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5.19 IMPACT OF 2025 US TARIFF ON LARGE-SCALE NATURAL REFRIGERANT HEAT PUMP MARKET 82
5.19.1 INTRODUCTION 82
5.19.2 KEY TARIFF RATES 83
5.19.3 PRICE IMPACT ANALYSIS 84
5.19.4 IMPACT ON COUNTRIES/REGIONS 85
5.19.4.1 US 85
5.19.4.2 Europe 85
5.19.4.3 Asia Pacific 85
5.19.5 IMPACT ON END USE 86
6 LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET,
BY TECHNOLOGY 87
6.1 INTRODUCTION 88
6.2 AIR-TO-AIR HEAT PUMPS 90
6.2.1 LOWER GWP IMPACT AND ENVIRONMENT-FRIENDLY HEATING AND COOLING SOLUTIONS TO DRIVE DEMAND 90
6.3 AIR-TO-WATER HEAT PUMPS 90
6.3.1 GROWING ADOPTION OF AIR-BASED HEATING SOLUTIONS TO DRIVE DEMAND 90
6.4 WATER-SOURCE HEAT PUMPS 91
6.4.1 HIGH OPERATIONAL EFFICIENCY TO BOOST ADOPTION 91
6.5 GROUND-SOURCE (GEOTHERMAL) HEAT PUMPS 91
6.5.1 POLICY MEASURES FOR DEPLOYMENT OF GEOTHERMAL HEAT PUMPS TO DRIVE MARKET 91
6.6 HYBRID HEAT PUMPS 91
6.6.1 SEAMLESS INTEGRATION WITH EXISTING INFRASTRUCTURE TO DRIVE DEMAND 91
7 LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY END USE 93
7.1 INTRODUCTION 94
7.2 COMMERCIAL 95
7.2.1 INVESTMENT IN ENERGY-EFFICIENT HEAT PUMPS FOR LONG-TERM SAVINGS TO DRIVE SEGMENT GROWTH 95
7.2.2 EDUCATIONAL INSTITUTES 97
7.2.2.1 Sustainable learning environments empowered by heat pumps to fuel market growth 97
7.2.3 HOSPITALITY SPACES 98
7.2.3.1 Modern infrastructure in hospitality spaces to drive market growth 98
7.2.4 OTHER COMMERCIAL BUILDINGS 99
7.3 INDUSTRIAL 100
7.3.1 BOOST IN INDUSTRIAL PROCESS EFFICIENCY TO SPUR DEMAND 100
7.3.2 FOOD & BEVERAGES 101
7.3.2.1 Reduction in greenhouse gas emission to fuel market growth 101
7.3.3 PULP & PAPER 102
7.3.3.1 Sustainable heating for growing packaging industry to boost market growth 102
7.3.4 CHEMICALS & PETROCHEMICALS 103
7.3.4.1 Revolutionized high-heat industrial applications to drive market growth 103
7.3.5 OTHER INDUSTRIES 104
8 LARGE-SCALE NATURAL REFRIGERANT HEAT PUMP MARKET,
BY REFRIGERANT 106
8.1 INTRODUCTION 107
8.2 AMMONIA (R-717) 108
8.2.1 HIGH EFFICIENCY OF LOW-CHARGE AMMONIA HEAT PUMPS TO DRIVE MARKET 108
8.3 CARBON DIOXIDE (R-744) 109
8.3.1 REVOLUTIONIZED LOW-TEMPERATURE APPLICATIONS WITH CO? REFRIGERATION TO SPUR DEMAND 109
8.4 HYDROCARBONS 110
8.4.1 ADVANCED COOLING SYSTEMS WITH HIGH LATENT HEAT HYDROCARBONS TO CONTRIBUTE TO SEGMENTAL GROWTH 110
8.5 OTHER REFRIGERANTS 111
9 LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY CAPACITY 113
9.1 INTRODUCTION 114
9.2 20–200 KW 115
9.2.1 SMALL-SCALE COMMERCIAL AND LIGHT INDUSTRIAL DECARBONIZATION TO DRIVE SEGMENT 115
9.3 201–500 KW 116
9.3.1 MID-SCALE COMMERCIAL INTEGRATION TO DRIVE USE 116
9.4 501–1,000 KW 117
9.4.1 WIDELY USED IN LARGE-SCALE COMMERCIAL & INDUSTRIAL PROCESS APPLICATIONS 117
9.5 ABOVE 1,000 KW 118
9.5.1 FOCUS ON UTILITY-SCALE & DISTRICT ENERGY DECARBONIZATION TO DRIVE DEMAND 118
10 LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY REGION 120
10.1 INTRODUCTION 121
10.2 NORTH AMERICA 124
10.2.1 US 128
10.2.1.1 Government focus on cold-climate heat pumps to bolster market growth 128
10.2.2 CANADA 130
10.2.2.1 Focus on reduction of greenhouse gas (GHG) emissions to fuel demand 130
10.2.3 MEXICO 131
10.2.3.1 Increasing focus on regulatory standards and energy-saving initiatives to drive market 131
10.3 ASIA PACIFIC 133
10.3.1 CHINA 137
10.3.1.1 Action plan to advance heat pump industry to fuel demand 137
10.3.2 JAPAN 139
10.3.2.1 EcoCute program under Kyoto protocol framework to augment market growth 139
10.3.3 SOUTH KOREA 140
10.3.3.1 Increasing demand for energy-efficient heating technology to propel market growth 140
10.3.4 REST OF ASIA PACIFIC 142
10.4 EUROPE 143
10.4.1 GERMANY 147
10.4.1.1 Federal incentive and subsidies on use of natural refrigerant products to drive market 147
10.4.2 UK 149
10.4.2.1 Climate-friendly natural refrigerant systems and renewable energy transition to propel demand 149
10.4.3 FRANCE 150
10.4.3.1 Domestic manufacturing and rising utilization of energy-efficient heating systems to boost market growth 150
10.4.4 REST OF EUROPE 152
10.5 SOUTH AMERICA 153
10.5.1 ARGENTINA 157
10.5.1.1 Significant focus on sustainability to drive market growth 157
10.5.2 BRAZIL 159
10.5.2.1 Adoption of renewable energy to fuel market growth 159
10.5.3 REST OF SOUTH AMERICA 160
10.6 MIDDLE EAST & AFRICA 162
10.6.1 GCC COUNTRIES 167
10.6.1.1 Saudi Arabia 167
10.6.1.1.1 Energy efficiency program in industrial & commercial sector to boost market growth 167
10.6.1.2 Other GCC countries 168
10.6.1.2.1 Kigali Amendment and green building frameworks encouraging low-GWP systems lead to market growth 168
10.6.2 SOUTH AFRICA 170
10.6.2.1 Emissions reduction goals to boost market growth 170
10.6.3 REST OF MIDDLE EAST & AFRICA 172
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11 COMPETITIVE LANDSCAPE 174
11.1 OVERVIEW 174
11.2 KEY PLAYER STRATEGIES/RIGHT TO WIN, 2020–2025 174
11.3 MARKET SHARE ANALYSIS, 2024 176
11.4 MARKET EVALUATION FRAMEWORK 178
11.5 REVENUE ANALYSIS, 2020–2024 180
11.6 PRODUCT COMPARISON 181
11.7 COMPANY VALUATION AND FINANCIAL METRICS 182
11.8 COMPANY EVALUATION MATRIX: KEY PLAYERS, 2024 183
11.8.1 STARS 183
11.8.2 EMERGING LEADERS 183
11.8.3 PERVASIVE PLAYERS 183
11.8.4 PARTICIPANTS 183
11.8.5 COMPANY FOOTPRINT: KEY PLAYERS, 2024 185
11.8.5.1 Company footprint 185
11.8.5.2 Region footprint 187
11.8.5.3 Refrigerant footprint 188
11.8.5.4 Capacity footprint 189
11.8.5.5 End-use footprint 190
11.8.5.6 Technology footprint 191
11.9 COMPANY EVALUATION MATRIX: STARTUPS/SMES, 2024 192
11.9.1 PROGRESSIVE COMPANIES 192
11.9.2 RESPONSIVE COMPANIES 192
11.9.3 DYNAMIC COMPANIES 192
11.9.4 STARTING BLOCKS 192
11.9.5 COMPETITIVE BENCHMARKING: STARTUPS/SMES, 2024 194
11.9.5.1 Detailed list of key startups/SMEs 194
11.9.5.2 Competitive benchmarking of key startups/SMEs 194
11.10 COMPETITIVE SCENARIO 195
11.10.1 PRODUCT LAUNCHES 195
11.10.2 DEALS 197
11.10.3 EXPANSIONS 198
11.10.4 OTHER DEVELOPMENTS 199
12 COMPANY PROFILES 201
12.1 KEY PLAYERS 201
12.1.1 SIEMENS ENERGY 201
12.1.1.1 Business overview 201
12.1.1.2 Products/Solutions/Services offered 203
12.1.1.3 Recent developments 203
12.1.1.3.1 Deals 203
12.1.1.3.2 Other developments 204
12.1.1.4 MnM view 204
12.1.1.4.1 Right to win 204
12.1.1.4.2 Strategic choices 204
12.1.1.4.3 Weaknesses & competitive threats 204
12.1.2 MITSUBISHI ELECTRIC CORPORATION 205
12.1.2.1 Business overview 205
12.1.2.2 Products/Solutions/Services offered 206
12.1.2.3 Recent developments 207
12.1.2.3.1 Deals 207
12.1.2.3.2 Other developments 207
12.1.2.4 MnM view 208
12.1.2.4.1 Right to win 208
12.1.2.4.2 Strategic choices 208
12.1.2.4.3 Weaknesses & competitive threats 208
12.1.3 JOHNSON CONTROLS 209
12.1.3.1 Business overview 209
12.1.3.2 Products/Solutions/Services offered 210
12.1.3.3 Recent developments 211
12.1.3.3.1 Expansions 211
12.1.3.3.2 Other developments 212
12.1.3.4 MnM view 213
12.1.3.4.1 Right to win 213
12.1.3.4.2 Strategic choices 213
12.1.3.4.3 Weaknesses & competitive threats 213
12.1.4 PANASONIC HOLDINGS CORPORATION 214
12.1.4.1 Business overview 214
12.1.4.2 Products/Solutions/Services offered 216
12.1.4.3 Recent developments 216
12.1.4.3.1 Product launches 216
12.1.4.3.2 Deals 217
12.1.4.3.3 Expansions 217
12.1.4.3.4 Other developments 218
12.1.4.4 MnM view 218
12.1.4.4.1 Right to win 218
12.1.4.4.2 Strategic choices 218
12.1.4.4.3 Weaknesses & competitive threats 219
12.1.5 GEA GROUP AKTIENGESELLSCHAFT 220
12.1.5.1 Business overview 220
12.1.5.2 Products/Solutions/Services offered 221
12.1.5.3 Recent developments 224
12.1.5.3.1 Deals 224
12.1.5.3.2 Other developments 224
12.1.5.4 MnM view 226
12.1.5.4.1 Right to win 226
12.1.5.4.2 Strategic choices 226
12.1.5.4.3 Weaknesses & competitive threats 226
12.1.6 ALFA LAVAL 227
12.1.6.1 Business overview 227
12.1.6.2 Products/Solutions/Services offered 229
12.1.6.3 Recent developments 229
12.1.6.3.1 Product launches 229
12.1.6.3.2 Deals 230
12.1.7 THERMAX LIMITED 231
12.1.7.1 Business overview 231
12.1.7.2 Products/Solutions/Services offered 233
12.1.8 EVERLLENCE 234
12.1.8.1 Business overview 234
12.1.8.2 Products/Solutions/Services offered 234
12.1.8.3 Recent developments 235
12.1.8.3.1 Deals 235
12.1.8.3.2 Other developments 236
12.1.9 AGO GMBH ENERGIE + ANLAGEN 237
12.1.9.1 Business overview 237
12.1.9.2 Products/Solutions/Services offered 237
12.1.9.3 Recent developments 238
12.1.9.3.1 Expansions 238
12.1.10 COPELAND LP 239
12.1.10.1 Business overview 239
12.1.10.2 Products/Solutions/Services offered 239
12.1.10.3 Recent developments 240
12.1.10.3.1 Product launches 240
12.1.10.3.2 Deals 240
12.1.10.3.3 Expansions 241
12.1.10.3.4 Other developments 241
12.1.11 GUANGDONG PHNIX ECO-ENERGY SOLUTION LTD. 242
12.1.11.1 Business overview 242
12.1.11.2 Products/Solutions/Services offered 242
12.1.11.3 Recent developments 243
12.1.11.3.1 Product launches 243
12.1.12 STAR REFRIGERATION 244
12.1.12.1 Business overview 244
12.1.12.2 Products/Solutions/Services offered 244
12.1.12.3 Recent developments 245
12.1.12.3.1 Deals 245
12.1.12.3.2 Other developments 245
12.1.13 CLADE ENGINEERING SYSTEMS LTD 246
12.1.13.1 Business overview 246
12.1.13.2 Products/Solutions/Services offered 246
12.1.13.3 Recent developments 247
12.1.13.3.1 Product launches 247
12.1.13.3.2 Other developments 248
12.1.14 LYNC 249
12.1.14.1 Business overview 249
12.1.14.2 Products/Solutions/Services offered 249
12.1.15 SKADEC GMBH 250
12.1.15.1 Business overview 250
12.1.15.2 Products/Solutions/Services offered 250
12.2 OTHER PLAYERS 253
12.2.1 NH3 SOLUTIONS 253
12.2.2 ARANER 254
12.2.3 EMICON AC S.P.A. 255
12.2.4 COMPACT K?LTETECHNIK GMBH 255
12.2.5 ECOTECH SOLUTIONS 256
12.2.6 MAYEKAWA MFG. CO., LTD. 257
12.2.7 FENAGY A/S 258
12.2.8 PURE THERMAL 259
12.2.9 TEKO GMBH 260
12.2.10 ENERBLUE SRL 260
13 APPENDIX 261
13.1 INSIGHTS FROM INDUSTRY EXPERTS 261
13.2 DISCUSSION GUIDE 262
13.3 KNOWLEDGESTORE: MARKETSANDMARKETS? SUBSCRIPTION PORTAL 266
13.4 CUSTOMIZATION OPTIONS 268
13.5 RELATED REPORTS 268
13.6 AUTHOR DETAILS 269



List of Figures

FIGURE 1 LARGE-SCALE NATURAL REFRIGERANT HEAT PUMP MARKET SEGMENTATION
AND REGIONAL SCOPE 29
FIGURE 2 LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET: RESEARCH DESIGN 33
FIGURE 3 KEY DATA FROM SECONDARY SOURCES 34
FIGURE 4 KEY DATA FROM PRIMARY SOURCES 36
FIGURE 5 KEY INDUSTRY INSIGHTS 37
FIGURE 6 BREAKDOWN OF PRIMARIES 37
FIGURE 7 LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET:
DATA TRIANGULATION 38
FIGURE 8 LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET:
BOTTOM-UP APPROACH 39
FIGURE 9 LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET:
TOP-DOWN APPROACH 40
FIGURE 10 LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET:
DEMAND-SIDE ANALYSIS 41
FIGURE 11 KEY METRICS CONSIDERED TO ASSESS SUPPLY OF LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS 42
FIGURE 12 LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET:
SUPPLY-SIDE ANALYSIS 43
FIGURE 13 INDUSTRY CONCENTRATION, 2024 44
FIGURE 14 LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET:
RESEARCH LIMITATIONS 45
FIGURE 15 CARBON DIOXIDE (R-744) SEGMENT TO HOLD MAJOR MARKET SIZE IN 2030 47
FIGURE 16 20–200 KW SEGMENT TO DOMINATE, BY CAPACITY, IN 2025 AND 2030 47
FIGURE 17 INDUSTRIAL END USE TO BE LARGEST SEGMENT IN 2030 48
FIGURE 18 AIR-TO-AIR HEAT PUMPS TO HOLD MAJOR MARKET SHARE IN 2025 48
FIGURE 19 ASIA PACIFIC – LARGEST REGIONAL MARKET FOR LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS IN 2024 49
FIGURE 20 RAPID INDUSTRIALIZATION AND URBANIZATION TO CONTRIBUTE TO LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET GROWTH 50
FIGURE 21 CARBON DIOXIDE (R-744) SEGMENT TO ACCOUNT FOR LARGEST MARKET SHARE IN 2030 50
FIGURE 22 201–500KW SEGMENT TO DOMINATE LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET IN 2030 51
FIGURE 23 INDUSTRIAL SEGMENT TO CAPTURE LARGEST MARKET SHARE IN 2030 51
FIGURE 24 AIR-TO-AIR HEAT PUMPS SEGMENT TO HOLD DOMINANT MARKET SHARE IN 2030 52
FIGURE 25 NORTH AMERICA TO EXHIBIT HIGHEST CAGR BETWEEN 2025 AND 2030 52
FIGURE 26 DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES 53
FIGURE 27 HEAT PUMP SALES, BY REGION/COUNTRY 54
FIGURE 28 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS 58
FIGURE 29 AVERAGE SELLING PRICE TREND OF LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS, BY REGION, 2022–2024 (USD) 59
FIGURE 30 SUPPLY CHAIN ANALYSIS 61
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FIGURE 31 LARGE-SCALE NATURAL REFRIGERANT HEAT PUMP ECOSYSTEM 62
FIGURE 32 EXPORT DATA FOR HS CODE 841861-COMPLIANT PRODUCTS FOR
TOP FIVE COUNTRIES, 2022–2024 (USD THOUSAND) 65
FIGURE 33 IMPORT DATA FOR HS CODE 841861-COMPLIANT PRODUCTS FOR
TOP FIVE COUNTRIES, 2022–2024 (USD THOUSAND) 66
FIGURE 34 PORTER’S FIVE FORCES ANALYSIS 71
FIGURE 35 INFLUENCE OF KEY STAKEHOLDERS ON BUYING PROCESS, BY END USE 73
FIGURE 36 KEY BUYING CRITERIA, BY END USE 74
FIGURE 37 PATENT APPLIED AND GRANTED, 2015–2024 75
FIGURE 38 INVESTMENT AND FUNDING SCENARIO 79
FIGURE 39 IMPACT OF AI/GEN AI ON LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS SUPPLY CHAIN, BY REGION 80
FIGURE 40 AIR-TO-AIR HEAT PUMP SEGMENT CAPTURED LARGEST SHARE IN 2024 88
FIGURE 41 INDUSTRIAL SEGMENT HELD LARGEST SHARE IN 2024 94
FIGURE 42 CARBON DIOXIDE HELD DOMINANT SHARE OF MARKET IN 2024 107
FIGURE 43 20–200KW SEGMENT CAPTURED MAJOR MARKET SHARE IN 2024 114
FIGURE 44 LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY REGION, 2024 121
FIGURE 45 NORTH AMERICA TO REGISTER HIGHEST CAGR IN GLOBAL MARKET FROM
2025 TO 2030 122
FIGURE 46 NORTH AMERICA: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET REGIONAL SNAPSHOT 124
FIGURE 47 ASIA PACIFIC: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET SNAPSHOT 133
FIGURE 48 MARKET SHARE ANALYSIS OF COMPANIES OFFERING LARGE-SCALE NATURAL REFRIGERANT HEAT PUMP MARKETS, 2024 177
FIGURE 49 LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET: REVENUE ANALYSIS OF FIVE KEY PLAYERS, 2020–2024 180
FIGURE 50 LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET:
PRODUCT COMPARISON 181
FIGURE 51 LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET:
COMPANY EVALUATION 182
FIGURE 52 LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET: FINANCIAL METRICS 182
FIGURE 53 LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET: COMPANY EVALUATION MATRIX (KEY PLAYERS), 2024 184
FIGURE 54 LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET:
COMPANY FOOTPRINT 185
FIGURE 55 LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET FOOTPRINT 186
FIGURE 56 LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET:
COMPANY EVALUATION MATRIX (STARTUPS/SMES), 2024 193
FIGURE 57 SIEMENS ENERGY: COMPANY SNAPSHOT 202
FIGURE 58 MITSUBISHI ELECTRIC CORPORATION: COMPANY SNAPSHOT 206
FIGURE 59 JOHNSON CONTROLS: COMPANY SNAPSHOT 210
FIGURE 60 PANASONIC HOLDINGS CORPORATION: COMPANY SNAPSHOT 215
FIGURE 61 GEA GROUP AKTIENGESELLSCHAFT: COMPANY SNAPSHOT 221
FIGURE 62 ALFA LAVAL: COMPANY SNAPSHOT 228
FIGURE 63 THERMAX LIMITED: COMPANY SNAPSHOT 232

List of Tables

TABLE 1 LIST OF KEY SECONDARY SOURCES 34
TABLE 2 LIST OF PRIMARY INTERVIEW PARTICIPANTS 35
TABLE 3 LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET: RISK ANALYSIS 45
TABLE 4 LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET SNAPSHOT 46
TABLE 5 REFRIGERANTS AND THEIR COMMON APPLICATIONS 56
TABLE 6 PRICING RANGE OF LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS BY TECHNOLOGY, 2024 (USD) 58
TABLE 7 AVERAGE SELLING PRICE TREND OF LARGE SCALE NATURAL REFRIGERANT HEAT PUMP, BY REGION 2022–2024 (USD) 59
TABLE 8 COMPARISON BETWEEN SYNTHETIC REFRIGERANT AND NATURAL REFRIGERANT 60
TABLE 9 ROLE OF COMPANIES IN LARGE-SCALE NATURAL REFRIGERANT HEAT PUMP ECOSYSTEM 62
TABLE 10 EXPORT DATA FOR HS CODE 841861-COMPLIANT PRODUCTS, BY COUNTRY, 2022–2024 (USD THOUSAND) 65
TABLE 11 IMPORT SCENARIO FOR HS CODE 841861-COMPLIANT PRODUCTS, BY COUNTRY, 2022–2024 (USD THOUSAND) 66
TABLE 12 LARGE-SCALE NATURAL REFRIGERANT HEAT PUMP MARKET: KEY CONFERENCES AND EVENTS, 2025–2026 67
TABLE 13 NORTH AMERICA: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 68
TABLE 14 ASIA PACIFIC: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 68
TABLE 15 EUROPE: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 69
TABLE 16 AFRICA: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 69
TABLE 17 MIDDLE EAST: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 69
TABLE 18 SOUTH AMERICA: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 69
TABLE 19 REGULATIONS 70
TABLE 20 PORTER’S FIVE FORCES ANALYSIS 70
TABLE 21 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS, BY END USE (%) 73
TABLE 22 KEY BUYING CRITERIA, BY END USE 74
TABLE 23 LARGE-SCALE NATURAL REFRIGERANT HEAT PUMP MARKET: KEY PATENTS, 2023–2025 76
TABLE 24 US-ADJUSTED RECIPROCAL TARIFF RATES, 2024 (USD BILLION) 83
TABLE 25 EXPECTED CHANGE IN PRICES AND LIKELY IMPACT ON APPLICATIONS DUE TO TARIFF IMPACT 84
TABLE 26 LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY TECHNOLOGY, 2020–2024 (USD MILLION) 88
TABLE 27 LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY TECHNOLOGY, 2025–2030 (USD MILLION) 89
TABLE 28 LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY TECHNOLOGY, 2020–2024 (THOUSAND UNITS) 89
TABLE 29 LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY TECHNOLOGY, 2025–2030 (THOUSAND UNITS) 89
TABLE 30 LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY END USE 2020–2024 (USD MILLION) 94
TABLE 31 LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY END USE 2025–2030 (USD MILLION) 94
TABLE 32 COMMERCIAL: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET BY REGION, 2020–2024 (USD MILLION) 95
TABLE 33 COMMERCIAL: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET BY REGION, 2025–2030 (USD MILLION) 96
TABLE 34 COMMERCIAL: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET BY TYPE, 2020–2024 (USD MILLION) 96
TABLE 35 COMMERCIAL: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET BY TYPE (USD MILLION) 96
TABLE 36 EDUCATIONAL INSTITUTES: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY REGION, 2020–2024 (USD MILLION) 97
TABLE 37 EDUCATIONAL INSTITUTES: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY REGION, 2025–2030 (USD MILLION) 97
TABLE 38 HOSPITALITY SPACES: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY REGION, 2020–2024 (USD MILLION) 98
TABLE 39 HOSPITALITY SPACES: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY REGION, 2025–2030 (USD MILLION) 98
TABLE 40 OTHER COMMERCIAL BUILDINGS: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY REGION, 2020–2024 (USD MILLION) 99
TABLE 41 OTHER COMMERCIAL BUILDINGS: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY REGION, 2025–2030 (USD MILLION) 99
TABLE 42 INDUSTRIAL: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET BY REGION, 2020–2024 (USD MILLION) 100
TABLE 43 INDUSTRIAL: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET BY REGION, 2025–2030 (USD MILLION) 100
TABLE 44 INDUSTRIAL: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET BY TYPE (USD MILLION) 101
TABLE 45 INDUSTRIAL: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET BY TYPE (USD MILLION) 101
TABLE 46 FOOD & BEVERAGES: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY REGION, 2020–2024 (USD MILLION) 102
TABLE 47 FOOD & BEVERAGES: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY REGION, 2025–2030 (USD MILLION) 102
TABLE 48 PULP & PAPER: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET BY REGION, 2020–2024 (USD MILLION) 103
TABLE 49 PULP & PAPER: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET BY REGION, 2025–2030 (USD MILLION) 103
TABLE 50 CHEMICALS & PETROCHEMICALS: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY REGION, 2020–2024 (USD MILLION) 104
TABLE 51 CHEMICALS & PETROCHEMICALS: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY REGION, 2025–2030 (USD MILLION) 104
TABLE 52 OTHER INDUSTRIES: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY REGION, 2020–2024 (USD MILLION) 105
TABLE 53 OTHER INDUSTRIES: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY REGION, 2025–2030 (USD MILLION) 105
TABLE 54 LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY REFRIGERANT, 2020–2024 (USD MILLION) 107
TABLE 55 LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY REFRIGERANT, 2025–2030 (USD MILLION) 108
TABLE 56 AMMONIA (R-717): LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY REGION, 2020–2024 (USD MILLION) 108
TABLE 57 AMMONIA (R-717): LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY REGION, 2025–2030 (USD MILLION) 109
TABLE 58 CARBON DIOXIDE (R-744): LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY REGION, 2020–2024 (USD MILLION) 110
TABLE 59 CARBON DIOXIDE (R-744): LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY REGION, 2025–2030 (USD MILLION) 110
TABLE 60 HYDROCARBONS: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY REGION, 2020–2024 (USD MILLION) 111
TABLE 61 HYDROCARBONS: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY REGION, 2025–2030 (USD MILLION) 111
TABLE 62 OTHER REFRIGERANTS: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY REGION, 2020–2024 (USD MILLION) 112
TABLE 63 OTHER REFRIGERANTS: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY REGION, 2025–2030 (USD MILLION) 112
TABLE 64 LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY CAPACITY, 2020–2024 (USD MILLION) 114
TABLE 65 LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY CAPACITY, 2025–2030 (USD MILLION) 115
TABLE 66 20–200 KW: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET BY REGION, 2020–2024 (USD MILLION) 115
TABLE 67 20–200 KW: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET BY REGION, 2025–2030 (USD MILLION) 116
TABLE 68 201–500 KW: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET BY REGION, 2020–2024 (USD MILLION) 116
TABLE 69 201–500 KW: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET BY REGION, 2025–2030 (USD MILLION) 117
TABLE 70 501–1,000 KW: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET BY REGION, 2020–2024 (USD MILLION) 117
TABLE 71 501–1,000 KW: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET BY REGION, 2025–2030 (USD MILLION) 118
TABLE 72 ABOVE 1,000 KW: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY REGION, 2020–2024 (USD MILLION) 119
TABLE 73 ABOVE 1,000 KW: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY REGION, 2025–2030 (USD MILLION) 119
TABLE 74 LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY REGION 2020–2024 (USD MILLION) 122
TABLE 75 LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY REGION 2025–2030 (USD MILLION) 123
TABLE 76 LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY REGION 2020–2024 (THOUSAND UNITS) 123
TABLE 77 LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY REGION 2025–2030 (THOUSAND UNITS) 123
TABLE 78 NORTH AMERICA: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY REFRIGERANT, 2020–2024 (USD MILLION) 125
TABLE 79 NORTH AMERICA: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY REFRIGERANT, 2025–2030 (USD MILLION) 125
TABLE 80 NORTH AMERICA: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY CAPACITY, 2020–2024 (USD MILLION) 125
TABLE 81 NORTH AMERICA: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY CAPACITY, 2025–2030 (USD MILLION) 126
TABLE 82 NORTH AMERICA: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY END USE, 2020–2024 (USD MILLION) 126
TABLE 83 NORTH AMERICA: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY END USE, 2025–2030 (USD MILLION) 126
TABLE 84 NORTH AMERICA: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY COMMERCIAL END USE, 2020–2024 (USD MILLION) 126
TABLE 85 NORTH AMERICA: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY COMMERCIAL END USE, 2025–2030 (USD MILLION) 127
TABLE 86 NORTH AMERICA: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY INDUSTRIAL END USE, 2020–2024 (USD MILLION) 127
TABLE 87 NORTH AMERICA: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY INDUSTRIAL END USE, 2025–2030 (USD MILLION) 127
TABLE 88 NORTH AMERICA: COMMERCIAL LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY COUNTRY, 2020–2024 (USD MILLION) 128
TABLE 89 NORTH AMERICA: INDUSTRIAL LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY COUNTRY, 2025–2030 (USD MILLION) 128
TABLE 90 US: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY END USE, 2020–2024 (USD MILLION) 129
TABLE 91 US: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY END USE, 2025–2030 (USD MILLION) 129
TABLE 92 US: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY CAPACITY, 2020–2024 (USD MILLION) 129
TABLE 93 US: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY CAPACITY, 2025–2030 (USD MILLION) 129
TABLE 94 CANADA: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET BY END USE, 2020–2024 (USD MILLION) 130
TABLE 95 CANADA: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET BY END USE, 2025–2030 (USD MILLION) 130
TABLE 96 CANADA: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET BY CAPACITY, 2020–2024 (USD MILLION) 131
TABLE 97 CANADA: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET BY CAPACITY, 2025–2030 (USD MILLION) 131
TABLE 98 MEXICO: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET BY END USE, 2020–2024 (USD MILLION) 132
TABLE 99 MEXICO: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET BY END USE, 2025–2030 (USD MILLION) 132
TABLE 100 MEXICO: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET BY CAPACITY, 2020–2024 (USD MILLION) 132
TABLE 101 MEXICO: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET BY CAPACITY, 2025–2030 (USD MILLION) 132
TABLE 102 ASIA PACIFIC: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET BY REFRIGERANT, 2020–2024 (USD MILLION) 134
TABLE 103 ASIA PACIFIC: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET BY REFRIGERANT, 2025–2030 (USD MILLION) 134
TABLE 104 ASIA PACIFIC: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET BY CAPACITY, 2020–2024 (USD MILLION) 134
TABLE 105 ASIA PACIFIC: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET BY CAPACITY, 2025–2030 (USD MILLION) 135
TABLE 106 ASIA PACIFIC: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET BY END USE, 2020–2024 (USD MILLION) 135
TABLE 107 ASIA PACIFIC: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET BY END USE, 2025–2030 (USD MILLION) 135
TABLE 108 ASIA PACIFIC: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET BY COMMERCIAL END USE, 2020–2024 (USD MILLION) 135
TABLE 109 ASIA PACIFIC: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET BY COMMERCIAL END USE, 2025–2030 (USD MILLION) 136
TABLE 110 ASIA PACIFIC: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET BY INDUSTRIAL END USE, 2020–2024 (USD MILLION) 136
TABLE 111 ASIA PACIFIC: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET BY INDUSTRIAL END USE, 2025–2030 (USD MILLION) 136
TABLE 112 ASIA PACIFIC: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET BY COUNTRY, 2020–2024 (USD MILLION) 137
TABLE 113 ASIA PACIFIC: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET BY COUNTRY, 2025–2030 (USD MILLION) 137
TABLE 114 CHINA: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY END USE, 2020–2024 (USD MILLION) 138
TABLE 115 CHINA: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY END USE, 2025–2030 (USD MILLION) 138
TABLE 116 CHINA: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET BY CAPACITY, 2020–2024 (USD MILLION) 138
TABLE 117 CHINA: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET BY CAPACITY, 2025–2030 (USD MILLION) 138
TABLE 118 JAPAN: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY END USE, 2020–2024 (USD MILLION) 139
TABLE 119 JAPAN: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY END USE, 2025–2030 (USD MILLION) 139
TABLE 120 JAPAN: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET BY CAPACITY, 2020–2024 (USD MILLION) 140
TABLE 121 JAPAN: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET BY CAPACITY, 2025–2030 (USD MILLION) 140
TABLE 122 SOUTH KOREA: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET BY END USE, 2020–2024 (USD MILLION) 141
TABLE 123 SOUTH KOREA: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET BY END USE, 2025–2030 (USD MILLION) 141
TABLE 124 SOUTH KOREA: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET BY CAPACITY, 2020–2024 (USD MILLION) 141
TABLE 125 SOUTH KOREA: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET BY CAPACITY, 2025–2030 (USD MILLION) 141
TABLE 126 REST OF ASIA PACIFIC: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY END USE, 2020–2024 (USD MILLION) 142
TABLE 127 REST OF ASIA PACIFIC: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY END USE, 2025–2030 (USD MILLION) 142
TABLE 128 REST OF ASIA PACIFIC: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY CAPACITY, 2020–2024 (USD MILLION) 142
TABLE 129 REST OF ASIA PACIFIC: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY CAPACITY, 2025–2030 (USD MILLION) 143
TABLE 130 EUROPE: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET BY REFRIGERANT, 2020–2024 (USD MILLION) 143
TABLE 131 EUROPE: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET BY REFRIGERANT, 2025–2030 (USD MILLION) 144
TABLE 132 EUROPE: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET BY CAPACITY, 2020–2024 (USD MILLION) 144
TABLE 133 EUROPE: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET BY CAPACITY, 2025–2030 (USD MILLION) 144
TABLE 134 EUROPE: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET BY END USE, 2020–2024 (USD MILLION) 145
TABLE 135 EUROPE: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET BY END USE, 2025–2030 (USD MILLION) 145
TABLE 136 EUROPE: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET BY COMMERCIAL END USE, 2020–2024 (USD MILLION) 145
TABLE 137 EUROPE: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET BY COMMERCIAL END USE, 2025–2030 (USD MILLION) 145
TABLE 138 EUROPE: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET BY INDUSTRIAL END USE, 2020–2024 (USD MILLION) 146
TABLE 139 EUROPE: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET BY INDUSTRIAL END USE, 2025–2030 (USD MILLION) 146
TABLE 140 EUROPE: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET BY COUNTRY, 2020–2024 (USD MILLION) 146
TABLE 141 EUROPE: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET BY COUNTRY, 2025–2030 (USD MILLION) 147
TABLE 142 GERMANY: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET BY END USE, 2020–2024 (USD MILLION) 147
TABLE 143 GERMANY: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET BY END USE, 2025–2030 (USD MILLION) 148
TABLE 144 GERMANY: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET BY CAPACITY, 2020–2024 (USD MILLION) 148
TABLE 145 GERMANY: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET BY CAPACITY, 2025–2030 (USD MILLION) 148
TABLE 146 UK: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY END USE, 2020–2024 (USD MILLION) 149
TABLE 147 UK: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY END USE, 2025–2030 (USD MILLION) 149
TABLE 148 UK: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY CAPACITY, 2020–2024 (USD MILLION) 150
TABLE 149 UK: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY CAPACITY, 2025–2030 (USD MILLION) 150
TABLE 150 FRANCE: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET BY END USE, 2020–2024 (USD MILLION) 151
TABLE 151 FRANCE: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET BY END USE, 2025–2030 (USD MILLION) 151
TABLE 152 FRANCE: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET BY CAPACITY, 2020–2024 (USD MILLION) 151
TABLE 153 FRANCE: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET BY CAPACITY, 2025–2030 (USD MILLION) 151
TABLE 154 REST OF EUROPE: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY END USE, 2020–2024 (USD MILLION) 152
TABLE 155 REST OF EUROPE: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY END USE, 2025–2030 (USD MILLION) 152
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TABLE 156 REST OF EUROPE: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY CAPACITY, 2020–2024 (USD MILLION) 152
TABLE 157 REST OF EUROPE: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY CAPACITY, 2025–2030 (USD MILLION) 153
TABLE 158 SOUTH AMERICA: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY REFRIGERANT, 2020–2024 (USD MILLION) 153
TABLE 159 SOUTH AMERICA: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY REFRIGERANT, 2025–2030 (USD MILLION) 154
TABLE 160 SOUTH AMERICA: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY CAPACITY, 2020–2024 (USD MILLION) 154
TABLE 161 SOUTH AMERICA: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY CAPACITY, 2025–2030 (USD MILLION) 154
TABLE 162 SOUTH AMERICA: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY END USE, 2020–2024 (USD MILLION) 155
TABLE 163 SOUTH AMERICA: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY END USE, 2025–2030 (USD MILLION) 155
TABLE 164 SOUTH AMERICA: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY COMMERCIAL END USE, 2020–2024 (USD MILLION) 155
TABLE 165 SOUTH AMERICA: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY COMMERCIAL END USE, 2025–2030 (USD MILLION) 155
TABLE 166 SOUTH AMERICA: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY INDUSTRIAL END USE, 2020–2024 (USD MILLION) 156
TABLE 167 SOUTH AMERICA: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY INDUSTRIAL END USE, 2025–2030 (USD MILLION) 156
TABLE 168 SOUTH AMERICA: COMMERCIAL LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY COUNTRY, 2020–2024 (USD MILLION) 156
TABLE 169 SOUTH AMERICA: INDUSTRIAL LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY COUNTRY, 2025–2030 (USD MILLION) 157
TABLE 170 ARGENTINA: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET BY END USE, 2020–2024 (USD MILLION) 157
TABLE 171 ARGENTINA: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET BY END USE, 2025–2030 (USD MILLION) 158
TABLE 172 ARGENTINA: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET BY CAPACITY, 2020–2024 (USD MILLION) 158
TABLE 173 ARGENTINA: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET BY CAPACITY, 2025–2030 (USD MILLION) 158
TABLE 174 BRAZIL: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET BY END USE, 2020–2024 (USD MILLION) 159
TABLE 175 BRAZIL: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET BY END USE, 2025–2030 (USD MILLION) 159
TABLE 176 BRAZIL: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET BY CAPACITY, 2020–2024 (USD MILLION) 160
TABLE 177 BRAZIL: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET BY CAPACITY, 2025–2030 (USD MILLION) 160
TABLE 178 REST OF SOUTH AMERICA: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY END USE, 2020–2024 (USD MILLION) 161
TABLE 179 REST OF SOUTH AMERICA: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY END USE, 2025–2030 (USD MILLION) 161
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TABLE 180 REST OF SOUTH AMERICA: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY CAPACITY, 2020–2024 (USD MILLION) 161
TABLE 181 REST OF SOUTH AMERICA: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY CAPACITY, 2025–2030 (USD MILLION) 161
TABLE 182 MIDDLE EAST & AFRICA: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY REFRIGERANT, 2020–2024 (USD MILLION) 162
TABLE 183 MIDDLE EAST & AFRICA: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY REFRIGERANT, 2025–2030 (USD MILLION) 162
TABLE 184 MIDDLE EAST & AFRICA: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY CAPACITY, 2020–2024 (USD MILLION) 163
TABLE 185 MIDDLE EAST & AFRICA: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY CAPACITY, 2025–2030 (USD MILLION) 163
TABLE 186 MIDDLE EAST & AFRICA: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY END USE, 2020–2024 (USD MILLION) 163
TABLE 187 MIDDLE EAST & AFRICA: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY END USE, 2025–2030 (USD MILLION) 164
TABLE 188 MIDDLE EAST & AFRICA: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY COMMERCIAL END USE, 2020–2024 (USD MILLION) 164
TABLE 189 MIDDLE EAST & AFRICA: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY COMMERCIAL END USE, 2025–2030 (USD MILLION) 164
TABLE 190 MIDDLE EAST & AFRICA: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY INDUSTRIAL END USE, 2020–2024 (USD MILLION) 165
TABLE 191 MIDDLE EAST & AFRICA: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY INDUSTRIAL END USE, 2025–2030 (USD MILLION) 165
TABLE 192 MIDDLE EAST & AFRICA: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY COUNTRY, 2020–2024 (USD MILLION) 165
TABLE 193 MIDDLE EAST & AFRICA: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY COUNTRY, 2025–2030 (USD MILLION) 166
TABLE 194 GCC COUNTRIES: COMMERCIAL LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY COUNTRY, 2020–2024 (USD MILLION) 166
TABLE 195 GCC COUNTRIES: INDUSTRIAL LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY COUNTRY, 2025–2030 (USD MILLION) 166
TABLE 196 SAUDI ARABIA: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET BY END USE, 2020–2024 (USD MILLION) 167
TABLE 197 SAUDI ARABIA: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET BY END USE, 2025–2030 (USD MILLION) 167
TABLE 198 SAUDI ARABIA: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET BY CAPACITY, 2020–2024 (USD MILLION) 168
TABLE 199 SAUDI ARABIA: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET BY CAPACITY, 2025–2030 (USD MILLION) 168
TABLE 200 OTHER GCC COUNTRIES: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY END USE, 2020–2024 (USD MILLION) 169
TABLE 201 OTHER GCC COUNTRIES: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY END USE, 2025–2030 (USD MILLION) 169
TABLE 202 OTHER GCC COUNTRIES: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY CAPACITY, 2020–2024 (USD MILLION) 169
TABLE 203 OTHER GCC COUNTRIES: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY CAPACITY, 2025–2030 (USD MILLION) 170
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TABLE 204 SOUTH AFRICA: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET BY END USE, 2020–2024 (USD MILLION) 170
TABLE 205 SOUTH AFRICA: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET BY END USE, 2025–2030 (USD MILLION) 171
TABLE 206 SOUTH AFRICA: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET BY CAPACITY, 2020–2024 (USD MILLION) 171
TABLE 207 SOUTH AFRICA: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET BY CAPACITY, 2025–2030 (USD MILLION) 171
TABLE 208 REST OF MIDDLE EAST & AFRICA: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY END USE, 2020–2024 (USD MILLION) 172
TABLE 209 REST OF MIDDLE EAST & AFRICA: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY END USE, 2025–2030 (USD MILLION) 172
TABLE 210 REST OF MIDDLE EAST & AFRICA: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY CAPACITY, 2020–2024 (USD MILLION) 173
TABLE 211 REST OF MIDDLE EAST & AFRICA: LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET, BY CAPACITY, 2025–2030 (USD MILLION) 173
TABLE 212 LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET: OVERVIEW OF STRATEGIES ADOPTED BY KEY PLAYERS, JANUARY 2020–JUNE 2025 174
TABLE 213 LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET:
DEGREE OF COMPETITION, 2024 176
TABLE 214 MARKET EVALUATION FRAMEWORK, 2020–2025 179
TABLE 215 LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET: REGION FOOTPRINT 187
TABLE 216 LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET:
REFRIGERANT FOOTPRINT 188
TABLE 217 LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET:
CAPACITY FOOTPRINT 189
TABLE 218 LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET:
END USE FOOTPRINT 190
TABLE 219 LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET:
BY TECHNOLOGY FOOTPRINT 191
TABLE 220 LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET:
KEY STARTUPS/SMES 194
TABLE 221 LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET:
COMPETITIVE BENCHMARKING OF KEY STARTUPS/SMES 194
TABLE 222 LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET:
PRODUCT LAUNCHES, JANUARY 2020–JUNE 2025 196
TABLE 223 LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET:
DEALS, JANUARY 2020–JUNE 2025 197
TABLE 224 LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET:
EXPANSIONS, JANUARY 2020–JUNE 2025 198
TABLE 225 LARGE-SCALE NATURAL REFRIGERANT HEAT PUMPS MARKET:
OTHER DEVELOPMENTS, JANUARY 2020–JUNE 2025 199
TABLE 226 SIEMENS ENERGY: COMPANY OVERVIEW 201
TABLE 227 SIEMENS ENERGY: PRODUCTS/SOLUTIONS/SERVICES OFFERED 203
TABLE 228 SIEMENS ENERGY: DEALS 203
TABLE 229 SIEMENS ENERGY: OTHER DEVELOPMENTS 204
TABLE 230 MITSUBISHI ELECTRIC CORPORATION: COMPANY OVERVIEW 205
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TABLE 231 MITSUBISHI ELECTRIC CORPORATION: PRODUCTS/SOLUTIONS/
SERVICES OFFERED 206
TABLE 232 MITSUBISHI ELECTRIC CORPORATION: DEALS 207
TABLE 233 MITSUBISHI ELECTRIC CORPORATION: OTHER DEVELOPMENTS 207
TABLE 234 JOHNSON CONTROLS: COMPANY OVERVIEW 209
TABLE 235 JOHNSON CONTROLS: PRODUCTS/SOLUTIONS/SERVICES OFFERED 210
TABLE 236 JOHNSON CONTROLS: EXPANSIONS 211
TABLE 237 JOHNSON CONTROLS: OTHER DEVELOPMENTS 212
TABLE 238 PANASONIC HOLDINGS CORPORATION: COMPANY OVERVIEW 214
TABLE 239 PANASONIC HOLDINGS CORPORATION: PRODUCTS/SOLUTIONS/
SERVICES OFFERED 216
TABLE 240 PANASONIC HOLDINGS CORPORATION: PRODUCT LAUNCHES 216
TABLE 241 PANASONIC HOLDINGS CORPORATION: DEALS 217
TABLE 242 PANASONIC HOLDINGS CORPORATION: EXPANSIO