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Europe Industrial Heat Pump Market Size By Product (Air Source, Ground Source, Water Source, Closed Cycle Mechanical, Open Cycle Mechanical Vapor Compression, Open Cycle Thermocompression, Closed Cycle Absorption), By Capacity, Temperature, Application & Forecast 2023 - 2032

  • Report ID: GMI5025
  • Published Date: Mar 2023
  • Report Format: PDF

Europe Industrial Heat Pump Market Size

Europe Industrial Heat Pump Market size exceeded USD 430 million in 2022 and is projected to expand at more than 5.5 % CAGR from 2023 to 2032, driven by the rising adoption to renewable energy solutions across industries.

Europe industrial heat pump market

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The deployment of industrial heat pumps in the region is influenced by the growing emphasis on the use of renewable technology across industries and the implementation of strict regulations that promote energy saving. The use of high-temperature heat pumps to decarbonize industrial heating is crucial. Also, a shift in consumer preferences towards the use of clean energy solutions and an increase in collaborative efforts to raise public knowledge of the advantages and drawbacks of upgrading heat technology in industry to lower energy costs and greenhouse gas emissions are set to stimulate the industry landscape.

High upfront cost to limit the product uptake

Heat pumps are a reliable and efficient method of heating houses and buildings, but they may be relatively expensive owing to a variety of factors, including high initial prices, difficult installation, high-quality elements, research and development, and restricted output. Hence, the market may be constrained by the high initial installation and retrofitting costs of industrial heat pumps across a variety of application verticals. However, since the government mandates the use of energy-efficient heating systems, manufacturers are trying to develop low-cost heat pumps to fulfill the escalating demand, which is likely to counter this restraint.

Europe Industrial Heat Pump Market Analysis

Europe Industrial Heat Pump Market Share By Product

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In terms of product, the Europe industrial heat pump market from the open cycle mechanical vapor compression heat pump segment reached over USD 120 million in 2022. Rapid industrialization and expanding populations in different European nations have led to an increase in product demand across the food and pharmaceutical industries, thereby acquiring a substantial industry share. Moreover, the segment growth is attributed to the increased deployment of evaporators across the expanding chemical, pulp & paper, and iron & steel industries

Authors: Ankit Gupta, Divyendu Sharma

Frequently Asked Questions (FAQ) :

The market size of industrial heat pump in Europe crossed USD 435 million in 2022 and is set to record significant growth at over 5.5% CAGR through 2032 attributed to the rising adoption of renewable energy solutions across industries.

The district heating segment is estimated to foresee around 13% gains through 2032 driven by favorable government initiatives and strict regulations to introduce cleaner and more energy-efficient HVAC technologies.

The Finland market size exceeded USD 47 million in revenue in 2022, driven by incentives for oil boiler replacement for heating system upgrades.

MAN Energy Solutions, Atlas Copco AB, Siemens Energy, Trane Technologies International Limited, Thermax Limited, Daikin Applied Europe S.p.A., Mitsubishi Electric Corporation, Hybrid Energy AS, and Danfoss are some of the leading companies engaged in the industry.

Europe Industrial Heat Pump Market Scope

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Premium Report Details

  • Base Year: 2022
  • Companies covered: 16
  • Tables & Figures: 567
  • Countries covered: 9
  • Pages: 460
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