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Industrial Heat Pump Market size surpassed USD 1.3 billion in 2022 and is projected to expand at 5.4% CAGR from 2023 to 2032.
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Growing measures to reduce the carbon footprint across industrial operations coupled with the increasing use of the generated waste heat from different industrial processes will auger the industry outlook. Moreover, the growing adoption of advanced solutions including IoT & automation has unveiled new opportunities to optimally monitor & control of the industrial heating and cooling processes positively catering to the business growth.
Report Coverage | Details |
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Base Year: | 2022 |
Market Size in 2022: | USD 1.3 Billion |
Forecast Period: | 2023 to 2032 |
Forecast Period 2023 to 2032 CAGR: | 5.4% |
2032 Value Projection: | USD 2.2 Billion |
Historical Data for: | 2017 to 2021 |
No. of Pages: | 740 |
Tables, Charts & Figures: | 1,100 |
Segments covered: | Product, Capacity, Temperature, Application, and Region |
Growth Drivers: |
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Pitfalls & Challenges: |
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The COVID-19 pandemic has significantly impacted various verticals including the industrial heat pump market. Pandemic induced supply chain disruptions affecting the availability of raw materials, components, and finished products along with scaled back industrial operations on account of stern lockdowns protocols and reduced consumer demand have altered the product deployment potential. However, the growing need for sustainable and energy resilient systems along with rising investments to support the deployment of clean energy systems will offset the prevailing challenges by 2032.
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Closed-cycle mechanical heat pump systems are projected to observe substantial growth on account of their ability to provide process water heating and effluent concentration across a wide range of industry verticals. In addition, growing investments across various application sectors including pulp & paper, chemical, textile, pharmaceuticals, and food & beverage, will further favor the industry landscape.
Closed cycle absorption industrial heat pump market is anticipated to witness a growth rate of about 7% till 2032 owing to their ability to effectively transfer heat from a lower temperature source to a higher temperature destination. In addition, these systems are designed to use low-grade waste heat from various industrial processes as the heat source significantly reducing the overall energy consumption of the establishment.
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The industry size from 500 kW to 2 MW segment crossed a valuation of USD 285 million in 2022 and is set to observe a substantial increase on account of increasing demand for large-scale central heating applications. In addition, the medium capacity industrial heat pump systems are widely integrated across a various industry verticals including iron & steel, paper, chemical, food & beverage, machinery, and equipment adding to their deployment potential over the forecast period.
The less than 500 kW industrial heat pump market is expected to observe a significant expansion on account of their easy scalability across various manufacturing facilities together with ability to serve space heating efficiently. Moreover, growing concerns to reduce greenhouse gas emissions from industrial & heating sectors coupled with growing investment across various scale operations across various industries including equipment manufacturing, cement, glass, pulp & paper, and chemical, among others.
Growing investments to develop food & beverage industry infrastructure and other production & processing facilities will positively cater to the outlook for industrial heat pumps with a temperature reading of up to 100 °C. Moreover, new initiatives by key industry participants to boost the operational capabilities of 80°C to 100°C systems will further add to the industry landscape.
Europe industrial heat pump market is estimated to amass USD 760 million by 2032 led by the encouraging outlook towards deployment of renewable energy systems, rapidly increasing requirement for effective space heating, and positive initiatives towards reduction of overall carbon footprint. In addition, various government initiatives and investments across the region are aimed at promoting the use of sustainable heating technologies and the ongoing industrialization and the upgrading of aging industrial infrastructure, are among the key factors propelling the regional industry expansion by 2032.
Continuous initiatives to boost the manufacturing capabilities, introduction of new & advanced products, and focus towards initiating new strategic ventures including mergers, acquisitions, and partnerships are among the key factors shaping the industrial heat pump industry dynamics. The key players working across the industry includes GEA Group Aktiengesellschaft, MAN Energy Solutions, Siemens Energy, Johnson Controls, Atlas Copco AB, Carrier, Daikin Applied Europe S.p.A., Trane Technologies International Limited, OCHSNER, Piller Blowers & Compressors GmbH, Qvantum Energi AB, WATERKOTTE, Emerson Electric Co., Swegon Ltd, and Oilon Group Oy.
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Market, By Product
Market, By Capacity
Market, By Temperature
Market, By Application
The above information has been provided for the following regions and countries: