An industrial heat pump is a heating equipment that
generates heat and cold by using ground, air, and water as its sources. The
heat pump lifts the temperature by absorbing thermal energy from a
low-temperature heat source and transferring it to a warmer space. Industrial
heat pumps not only reduce fuel costs but also create new business prospects
and help manufacturers make a company’s heat supply carbon-neutral. In a
straightforward way, the heat pump system produces heat in a cost-effective
way, when compared to other alternatives..
These heat pumps have proved to be very useful in
industrial, commercial, as well as residential sectors, which, in turn, gives
traction to the industrial
heat pump market growth across the globe. There are numerous
advantages associated with industrial heat pumps such as Low power consumption,
Power efficiency, Automatic operation, Easy installation, high efficiency,
electric shock resistance, and cost effectiveness, and they provide hot water
throughout the year. Hence, to improve global sales, manufacturers of
industrial heat pumps have developed new and innovative high-temperature
Industrial heat pumps, which are cost-effective in design.
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The rise in demand for industrial heat pumps from industrial
end users, rapid industrialization, and surge in investment toward the
upgradation of government policies to save fossil fuels are the
key industrial heat pumps market trends that significantly contribute
toward the growth of the global Industrial heat pump market. However, the
high setup cost of industrial heat pumps is anticipated to hamper the growth of
the Industrial heat pumps market, globally. Conversely, a rise in focus on
manufacturing industrial heat pumps with safety awareness, enhanced quality,
and operation at high temperatures is expected to create potential growth
opportunities for key players operating in industrial heat pump market.
The global industrial heat pump market is segmented on the
basis of system, source, capacity, end-use industries, and region. Depending on
the system, the market is bifurcated into a closed loop and an open cycle. By
source, it is divided into air, water, and ground. On the basis of capacity, it
is fragmented into less than 500 kW, 500 kW to 2 MW, 2 MW – 5 MW, and more than
5 MW. By end-use industries, it is categorized into lumber drying, pulp &
paper manufacturing, petroleum refining, food & beverages, chemical,
utilities, district heating, and others. Region-wise, the market is analyzed
across North America, Europe, Asia-Pacific, and LAMEA.
By capacity segment, the Less Than 500 kW segment holds the
largest share in terms of revenue and is expected to grow at a CAGR of 7.9%.
The rapid expansion of food & beverages, petrochemical refineries,
chemical, district heating, and paper & pulp industry is the key factor
that exhibits the growth of the industrial sector, which in turn, boosts the
global market growth during the forecast period.. This is expected to fuel the
growth of the industrial heat pump market during the forecast period. In
addition, the surge in demand for industrial heat pumps from textile
applications such as drying, printing, space heating, wash water heating, waste
water treatment, and others is anticipated to drive the growth of the market
from 2022 to 2031.
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On the basis of region, the market is analyzed across four
major regions, namely, North America, Europe, Asia-Pacific, and LAMEA.
Asia-pacific garnered a dominant share in 2021 and is anticipated to maintain
this dominance in the industrial heat pumps market during the forecast period.
This is attributed to the presence of key players and a huge consumer base in
the region. The industrial heat pumps market analysis covers in-depth
information of the major industrial heat pump industry participants. The key
players that operate in the market are profiled in the report, which includes
Daikin Industries Ltd, Johnson Controls, Inc., Danfoss A/S, NIBE Industrier AB,
Robert Bosch, STIEBEL ELTRON GmbH and Co. KG, Carrier Global Corporation,
Ingersoll-Rand Inc., Emerson Electric Co., and Mitsubishi Electric Corporation.
Key findings:
- In
2021, the closed loop segment accounted for about 68.3% of the share in
the global Industrial heat pumps market and is expected to maintain its
dominance till the end of the forecast period.
- In
2021, the air segment accounted for 57.7% Industrial heat pumps market
share in the year 2021 and is anticipated to grow at a rate of 8.0% in
terms of revenue, increasing its share in the global Industrial heat pumps
market.
- Less
than 500 KW is the fastest-growing application segment in the global
Industrial heat pumps market, expected to grow at a CAGR of 7.9% during
2022–2031.
- Asia
Pacific is expected to grow at the fastest rate, registering a CAGR of
8.4%, throughout the forecast period
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