Global Industrial Heat Pumps
Market Report
2024
As per Cognitive Market Research's latest published report, the Global Industrial Heat Pumps market size was $8.91 Billion in 2022 and it is forecasted to reach $16.76 Billion by 2030. Industrial Heat Pumps Industry's Compound Annual Growth Rate will be 8.71 % from 2023 to 2030.
The base year for the calculation is 2023 and 2019 to 2023 will be historical period. The year 2024 will be estimated one while the forecasted data will be from year 2025 to 2031. When we deliver the report that time we updated report data till the purchase date.
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As per Cognitive Market Research's latest published report, the Global Industrial Heat Pumps market size was $ 69.4 billion in 2022 and it is forecasted to reach $ 11.67 billion by 2030. Industrial Heat Pumps Industry's Compound Annual Growth Rate will be 8 % from 2023 to 2030.
Base Year | 2023 |
Historical Data Time Period | 2019-2023 |
Forecast Period | 2024-2031 |
Global Industrial Heat Pumps Market Sales Revenue 2022 | $ 8.91 Billion |
Global Industrial Heat Pumps Market Sales Revenue 2030 | $ 16.76 Billion |
Global Industrial Heat Pumps Market Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 8.71% |
Market Split by Source |
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Market Split by End User |
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Market Split by System |
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Market Split by Capacity |
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Market Split by System |
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List of Competitors |
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Regional Analysis |
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Country Analysis |
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Key Qualitative Information Covered |
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Industrial Heat Pumps Market is Segmented as below. Particular segment of your interest can be provided without any additional cost. Download the Sample Pages!
The heat pump is a device that increases the temperature of a waste-heat source to a temperature where the waste heat becomes useful. Then the waste heat replaces the buying cost and reduces the energy cost. Heat pump increases the air temperature to an effective level, the waste heat used by the heat pumps would be rejected by the environment. There are several types of heat pumps but they perform the same function, receipt of heat from the waste-heat source, increase the waste heat temperature, and delivery of useful heat at the elevated temperature. The industrial heat pump is of types closed-cycle mechanical heat pumps, open-cycle mechanical vapor compression heat pumps, open-cycle thermocompression heat pumps, and closed-cycle absorption heat pumps. Reducing the emission of carbon dioxide and improving energy efficiency are driving the growth of the Industrial Heat Pumps Market.
Decarbonization is the current trend all over the globe, which is dependent upon the fossils fuel. Fossils fuel are used for heating, and to reduce dependency, heat pumps are virtually engaged by the usage of various sources, including geothermal energy, rivers, lakes, ambient air, wastewater, and ocean to create heat. Owing to the energy and cost-saving industrial heat pumps are widely used to decrease the consumption of water due to heating. Air, water, and ground are the sources that are used for generating heat in heat pumps. Industrial heat pumps are utilized in applications where instant cooling or heating is needed. The industrial heat pumps market is growing due to the increasing demand for of heat pumps in several end-users such as wash water heating, electroplating distillation, drying, space heating, and other applications.
Additionally, the increased demand for replacing traditional water heaters with developed heat pumps, which can execute cooling and heating at the same time is projected to spike the growth of the industrial heat pumps market in the forecast period. The increasing initiatives of emerging countries and developed countries to decrease the emissions of greenhouse gases by rising employment in industrial heat pumps in main end-user sectors spike the demand for heating systems, which is projected to propel the growth of the market in the forecast period.
Lack of awareness of heat consumption in the industries is projected to hinder the industrial heat pump market growth in the forecast period. Many manufacturers have lowered the demand for heat consumption requires the production process of food, chemicals, textiles, and others. Additionally, the alternatives available for heating applications including geothermal heat pumps, central gas-fired boilers, and other applications, are projected to hinder the growth of the industrial heat pump market in the forecast period.
The outbreak of COVID-19 has outcome in a temporary lockdown on import & export and manufacturing and producing activities in various industries, which has reduced the demand for heat pumps in the end-user. Additionally, the delay in the manufacturing process and trading of products considering the unavailability of workers and employees and the rising demand and supply gap hindered the industrial heat pump market growth during the COVID-19 crisis. Furthermore, after the COVID-19 vaccination started the industrial heat pumps market regain its position, and work in the market and numerous economies over the globe improved the world economy.
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NIBE Industries has signed an agreement to acquire 100% of the shares in the German heart pump manufacturer WATERKOTTE GmbH. WATERKOTTE is a leading manufacturer of innovative, advanced heat pump systems and integrated sustainable energy solutions.
(https://www.nibe.com/investors/pm-news-acquisitions-other/2023---news-acquisitions-other/2023-06-12-nibe-acquires-dutch-group-climate-for-life-cfl)
Johnson Controls the global leader for smart, healthy, and sustainable buildings, announced that it acquired Hybrid Energy AS, a growing provider of high-temperature energy management solutions with a focus on heat pumps for district heating and industrial processes. The unique technology of Hybrid Energy will provide new, cost-effective solutions to customers while addressing decarbonization and sustainability efforts in Europe and beyond.
(https://www.johnsoncontrols.com/media-center/news/press-releases/2023/01/13/johnson-controls-acquires-hybrid-energy-to-enhance-industrial-heat-pump-portfolio)
Top Companies Market Share in Industrial Heat Pumps Industry: (In no particular order of Rank)
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The increasing demand for space heating applications and heating water by industrial users is projected to spike the growth of the industrial heat pump market in the Asia Pacific region. Additionally, the growing popularity of heat pumps in the food and beverages sector in the manufacturing procedure of chocolate is projected to fuel the growth of the market in the region. Because of the simultaneous requirement of heating and cooling capacity, the cooling and heating system was changed by the combined heating and cooling installation which will fuel the market growth in the region. Additionally, the increasing industrialization in China, India, Australia, Germany, and other regions is contributing to the segment growth in the region. Moreover, government initiatives for awareness of minimizing carbon emissions in the Asia Pacific are projected to boost the growth of the industrial heat pump market in the region. The increasing investment in decarbonizing policies is expected to fuel the market growth in the region in the forecast period. The tremendous development in the building infrastructure in emerging countries like India, Japan, and China is projected to spike the growth of the industrial heat pump market in the region.
The current report Scope analyzes Industrial Heat Pumps Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com
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Global Industrial Heat Pumps Market Report 2024 Edition talks about crucial market insights with the help of segments and sub-segments analysis. In this section, we reveal an in-depth analysis of the key factors influencing Industrial Heat Pumps Industry growth. Industrial Heat Pumps market has been segmented with the help of its Source, End User System, and others. Industrial Heat Pumps market analysis helps to understand key industry segments, and their global, regional, and country-level insights. Furthermore, this analysis also provides information pertaining to segments that are going to be most lucrative in the near future and their expected growth rate and future market opportunities. The report also provides detailed insights into factors responsible for the positive or negative growth of each industry segment.
The rising paper and paper industry with the expanding utility sector because of advanced technology is anticipated to spike the growth of the air segment in the industrial heat pump market in the forecast period. The benefits associated with the air source segment are safety, cost-effectiveness, efficiency, and high temperature are projected to propel the industrial heat pumps market growth in the upcoming years. Additionally, the rising awareness regarding climatic change and the requirement to reduce carbon emissions is driving the air source segment growth in the market.
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The growing demand for food and beverage products like milk, beer, chocolate, coke, and sugar refining, other products which are propelling the demand for the heat pump in the market. Additionally, the increasing demand for industrial heat pumps from the beverage industry for cooling, heating, and drying, the dairy industry, chocolate production, alcohol manufacturing, and other liquid products over the globe is fuelling the growth of the food and beverages segment in the industrial heat pumps market.
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Based on the system, the closed loop segment has the largest revenue share in the industrial heat pump market. This is attributed to the wide application of industrial heat pumps in electric motors, combustion engines, steam turbines, and combustion turbines likely to drive the growth of this segment.
Easily adaptable in numerous manufacturing facilities with the potential to serve space heating effectively. The concern related to the reduction of greenhouse gas emissions from the heating sector and industries along with the increasing investment over several scale operations over numerous industries considering manufacturing equipment, pulp and paper, glass, chemical, cement, and others. The 500 kW to 2 MW, supports raising the temperature of the waste heat source to the temperature to which the wastewater transforms into a useful heat source. Moderately, manufacturing chemicals, and applications such as drying of food, printing, and others led the use of energy in countries of North America and Europe to grow which increased the usage of industrial heat pumps in the industrial sector, which is anticipated to propel the market growth.
Owing to the expansion of applications in electric motors, steam turbines, combustion engines, and combustion turbines and others are propelling the growth of the closed cycle segment in the industrial heat pump market. Closed-cycle heat pumps are used as mechanical compression of a working fluid to achieve the temperature.
Additionally, the open cycle is the fastest-growing segment used in mechanical compressors to increase the pressure of waste vapor, considering the expansion of applications in electric motors, combustion turbines, steam turbines, and others.
Senior Research Analyst at Cognitive Market Research
Catering to tailored needs of clients in Consulting, Business Intelligence, Market Research, Forecasting, Matrix-Modelling, Data Analytics, Competitive Intelligence, Primary research and Consumer Insights.
Catering to tailored needs of clients in Consulting, Business Intelligence, Market Research, Forecasting, Matrix-Modelling, Data Analytics, Competitive Intelligence, Primary research and Consumer Insights. Experience in analyzing current trends, market demand, market assessment, growth indicators, competitors' strategy, etc. to help top management & investors to make strategic and tactical decisions in the form of market reports and presentations. Successfully delivered more than 500+ client & consulting assignments across verticals. Ability to work independently as well as with a team with confidence and ease.
I am committed to continuous learning and staying at the forefront of emerging trends in research and analytics. Regularly engaging in professional development opportunities, including workshops and conferences, keeps my skill set sharp and up-to-date. I spearheaded research initiatives focused on market trends and competitive landscapes. I have a proven track record of conducting thorough analyses, distilling key insights, and presenting findings in a way that resonates with diverse stakeholders. Through collaboration with cross-functional teams, I played a pivotal role in shaping business strategies rooted in robust research.
Our study will explain complete manufacturing process along with major raw materials required to manufacture end-product. This report helps to make effective decisions determining product position and will assist you to understand opportunities and threats around the globe.
The Global Industrial Heat Pumps Market is witnessing significant growth in the near future.
In 2023, the Air segment accounted for noticeable share of global Industrial Heat Pumps Market and is projected to experience significant growth in the near future.
The Lumber Drying segment is expected to expand at the significant CAGR retaining position throughout the forecast period.
Some of the key companies Bard HVAC, Danfoss AS and others are focusing on its strategy building model to strengthen its product portfolio and expand its business in the global market.
Please note, we have not disclose, all the sources consulted/referred during a market study due to confidentiality and paid service concern. However, rest assured that upon purchasing the service or paid report version, we will release the comprehensive list of sources along with the complete report and we also provide the data support where you can intract with the team of analysts who worked on the report.
Disclaimer:
Source | Air, Water, Ground |
End User | Lumber Drying, Food & Beverages, Petroleum Refining, Chemical, Pulp & Paper Manufacturing |
System | Closed Loop, Open Cycle |
Capacity | < 500 kW, 500 kW to 200 MW, 2 MW - 5 MW, 5 MW |
System | Closed Loop, Open Cycle |
List of Competitors | Bard HVAC, Daikin Industries Ltd., Danfoss AS, Emerson Electric Co, Johnson Controls International Plc., Lennox International Inc., LG Electronics Inc., MAYEKAWA MFG. CO. LTD., Meier Tobler AG, Mitsubishi Electric Corp., NIBE Industrier AB, OCHSNER Warmepumpen GmbH, Oilon Group Oy, Rheem Manufacturing Co., Robert Bosch GmbH |
This chapter will help you gain GLOBAL Market Analysis of Industrial Heat Pumps. Further deep in this chapter, you will be able to review Global Industrial Heat Pumps Market Split by various segments and Geographical Split.
Chapter 1 Global Market Analysis
Global Market has been segmented on the basis 5 major regions such as North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.
You can purchase only the Executive Summary of Global Market (2019 vs 2024 vs 2031)
Global Market Dynamics, Trends, Drivers, Restraints, Opportunities, Only Pointers will be deliverable
Chapter 2 North America Market Analysis
Chapter 3 Europe Market Analysis
Chapter 4 Asia Pacific Market Analysis
Chapter 5 South America Market Analysis
Chapter 6 Middle East and Africa Market Analysis
Only Available with Corporate User License
Chapter 7 Top 10 Countries Analysis (Only Available with Corporate User License)
Competitor's Market Share and Revenue (Subject to Data Availability for Private Players)
Chapter 8 Competitor Analysis (Subject to Data Availability (Private Players))
(Subject to Data Availability (Private Players))
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Chapter 9 Qualitative Analysis (Subject to Data Availability)
Segmentation Source Analysis 2019 -2031, will provide market size split by Source. This Information is provided at Global Level, Regional Level and Top Countries Level The report with the segmentation perspective mentioned under this chapters will be delivered to you On Demand. So please let us know if you would like to receive this additional data as well. No additional cost will be applicable for the same.
Chapter 10 Market Split by Source Analysis 2019 -2031
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Chapter 11 Market Split by End User Analysis 2019 -2031
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Chapter 12 Market Split by System Analysis 2019 -2031
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Chapter 13 Market Split by Capacity Analysis 2019 -2031
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Chapter 14 Market Split by System Analysis 2019 -2031
This chapter helps you understand the Key Takeaways and Analyst Point of View of the global Industrial Heat Pumps market
Chapter 15 Research Findings
Here the analyst will summarize the content of entire report and will share his view point on the current industry scenario and how the market is expected to perform in the near future. The points shared by the analyst are based on his/her detailed in-depth understanding of the market during the course of this report study. You will be provided exclusive rights to interact with the concerned analyst for unlimited time pre purchase as well as post purchase of the report.
Why Air have a significant impact on Industrial Heat Pumps market? |
What are the key factors affecting the Air and Water of Industrial Heat Pumps Market? |
What is the CAGR/Growth Rate of Lumber Drying during the forecast period? |
By type, which segment accounted for largest share of the global Industrial Heat Pumps Market? |
Which region is expected to dominate the global Industrial Heat Pumps Market within the forecast period? |
Segmentation Level Customization |
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Region level Data Customization |
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Country level Data Customization |
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Company Level |
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Additional Data Analysis |
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Additional Qualitative Data |
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Additional Quantitative Data |
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Service Level Customization |
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