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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.
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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.
Report Attribute | Details |
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Base Year: | 2022 |
Europe Industrial Heat Pump Market Size in 2022: | USD 435 Million |
Forecast Period: | 2023 to 2032 |
Forecast Period 2023 to 2032 CAGR: | 5.7% |
2032 Value Projection: | USD 765 Million |
Historical Data for: | 2019 to 2022 |
No. of Pages: | 460 |
Tables, Charts & Figures: | 567 |
Segments covered: | Product, Capacity, Temperature, Application |
Growth Drivers: |
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Pitfalls & Challenges: |
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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.
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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
Europe industrial heat pump market from the district heating applications segment is estimated to attain nearly 13% gains through 2032. The segment is anticipated to benefit from favorable government initiatives and strict regulations to introduce cleaner and more energy-efficient HVAC technologies to meet the rising energy demand across nations, viz., Norway, Sweden, and Germany, as well as growing concern over carbon emissions from space heating technologies.
Europe industrial heat pump market from the 2 MW - 5 MW segment is slated to depict over 6% growth rate through 2032. Many European businesses are modifying their energy sources and reducing their greenhouse gas emissions by switching to large-scale heat pumps with 2 MW - 5 MW output for large scale central heating applications. Advanced heat pumps that can deliver high temperatures at a fraction of the cost of gas boilers and with soaring gas prices caused by the Russia -Ukraine war, which is expected to supplement segment expansion.
In terms of temperature, the Europe industrial heat pump market from 100°C - 150°C segment is predicted to observe more than 5% gains between 2023 and 2032. This growth is influenced by notable product innovation, along with ongoing shift away from conventional industrial heating systems, such as boilers for district heating applications. Heat pumps help minimize the use of fossil fuels in the industrial sector, which accounts for nearly one-fifth of total natural gas usage. Market participants are incorporating novel technologies into heat pumps to improve performance in a variety of industries, including paper, chemical, and steam generation, which is likely to drive segment development.
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Industrial heat pump market in Finland surpassed USD 47 million in 2022. This growth is credited to the rising energy costs and growing demand for heating systems with the maximum degree of independence. Furthermore, incentives for oil boiler replacement and increased energy efficiency are driving heat pump sales for heating system upgrades. According to the Finnish Heat Pump Association (SULPU), 196,000 heat pumps were sold in Finland in 2022, a growth of 50% over the previous year. The mounting prices of oil, gas, district heating, and electricity are poised to impel business growth.
Some of the prominent companies operating in the industrial heat pump market in Europe are MAN Energy Solutions,
These firms are taking efforts to upgrade current technology, expand capacity, and develop & offer new products to boost their profitability to increase their market share. To cite an instance, in October 2022, Daikin expanded its industrial site in Güglingen, Germany, to produce heat pumps. The integration and redevelopment of buildings into the existing production site was anticipated to allow the company's operations in the country to manufacture more than three times its current output by 2025.
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Market Insights, By Product
Market Insights, By Capacity
Market Insights, By Temperature
Market Insights, By Application
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