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Industrial Heat Pump Market Size - By Product, By Capacity, By Temperature, By Application, Growth Forecast, 2025 - 2034

Report ID: GMI5253
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Published Date: October 2025
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Report Format: PDF

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Industrial Heat Pump Market Size

According to a recent study by Global Market Insights Inc., the industrial heat pump market was estimated at USD 1.3 billion in 2024. The market is expected to grow from USD 1.4 billion in 2025 to USD 2.4 billion in 2034, at a CAGR of 5.8%.

Industrial Heat Pump Market

  • Growing emphasis on reducing carbon emissions in industrial operations, coupled with the increasing utilization of waste heat from manufacturing processes, is significantly complementing the business landscape. Industrial heat pumps offer a highly efficient solution for converting low-grade waste heat into usable thermal energy, thereby lowering fossil fuel dependency. Shifting focus toward adoption of energy efficient systems along with support sustainability goals and enhance operational efficiency, reduce energy costs, further augment industrial heat pump market outlook.
     
  • For instance, in March 2024, GEA Group Aktiengesellschaft have provided to large industrial heat pump units to Neukölln district heating plant across Berlin, Germany. These 8.5 tonnes of heat pumps are the vital component of district heating system and research project across the nation. In addition, large industrial heat pumps would be installed and tested in real operation across Mannheim, Stuttgart and Rosenheim until March 2026.
     
  • Rising heating & cooling demand across industrial operations along with growing inclination toward replacing traditional technologies from industrial processes will positively influence the industry outlook. Strong emphasis toward energy-efficiency coupled with favorable regulatory norms by respective authorities will positively influence the business dynamics. Moreover, stringent initiatives to curb carbon emissions and rising adoption of energy efficient systems will augment the industrial heat pump market dynamics.
     
  • For instance, in March 2025, the European Commission’s Clean Industrial Deal and Industrial Decarbonisation Accelerator Act aim to create strong markets for clean technologies and support their growth, with industrial heat pumps playing a central role. These systems, made in Europe, help industries become more efficient and reduce emissions, aligning with EU climate goals. The Energy Affordability Action Plan also supports this shift by lowering electricity costs. According to the JRC, widespread adoption of heat pumps will enhance industrial efficiency, reduce emissions, and decrease reliance on fossil fuel imports.
     
  • Strict regulations promoting energy conservation, along with a growing consumer preference for integrating renewable energy sources, will drive product adoption. Moreover, rapid development and industrial growth in emerging markets, together with increasing investments in reliable and intelligent infrastructure, will enhance the industry scenario.
     
  • For instance, in June 2025, the IEA’s Energy Efficiency Policy Toolkit, updated for the 2025 Global Conference in Brussels, offers strategic guidance and practical examples to help policymakers strengthen energy efficiency initiatives across sectors. Now available as an interactive online resource, the toolkit integrates the Policy Package for Energy Efficiency and serves as a comprehensive tool to support the expansion and improvement of energy-saving policies and programs.
     
  • Europe holds a dominant share in the industrial heat pump market driven by efforts to lower carbon emissions which further elevated the adoption of energy efficient systems. Government-backed programs and investments are actively encouraging the shift toward sustainable heating technologies along with continuous industrial development and the modernization of outdated infrastructure, are playing a vital role in shaping the industry growth.
     
  • Supportive government policies aimed at cutting carbon emissions, along with initiatives to upgrade and modernize existing buildings, are expected to positively influence the growth and transformation of the industry landscape.
     
  • For instance, In November 2024, European authorities, in collaboration with the European Heat Pump Association, announced increased financial funding for industrial heat pumps. This support includes grants, low-interest loans, and tax incentives, aiming to accelerate industrial decarbonization. The initiative highlights the EU’s commitment to expand clean energy technologies and unlocking significant funding opportunities to drive sustainable transformation across industrial sectors.
     
  • Asia Pacific is fastest growing market in industrial heat pump market owing to strong industrial expansion, infrastructure upgrades, and varying climate conditions. The region’s focus on developing energy-efficient technologies to meet growing heating and cooling demands, along with supportive regulatory frameworks, has significantly boosted industry growth. Energy efficiency mandates and the ongoing modernization of industrial buildings have accelerated the adoption of advanced heat pump solutions.
     
  • For instance, in April 2025, China’s National Development and Reform Commission introduced a strategic plan to advance the heat pump industry, aiming to boost energy efficiency and support a low-carbon economy. By 2030, the country targets a 20% efficiency improvement in key products and breakthroughs in high-temperature technologies. The plan promotes heat pump use across buildings, industry, agriculture, and transport, with a focus on replacing coal systems and recovering industrial waste heat in petrochemicals, textiles, and food processing.
     

Industrial Heat Pump Market Trends

  • The industrial heat pump industry is set to witness significant growth driven by implementation of stringent energy efficiency standards, adoption of advanced technologies, and rising environmental concerns. Favorable regulatory environment that encourages adoption of energy-efficient technologies coupled with introduction of energy efficiency targets by the authorities are encouraging industries to adopt energy efficient systems.
     
  • For instance, by enabling Member States to support net-zero technologies through strategic projects with priority status, accelerated permitting timelines, and simplified procedures, the EU passed the Net-Zero Industry Act in May 2024, with a goal of improving domestic manufacturing of clean technologies.
     
  • Accelerating demand for space heating and cooling technologies along with utilization of waste industrial heat from several processes & district heating will complement the industry landscape. Favorable initiatives for decarbonization along with convergence of advanced heating technologies and waste heat recovery is set to accelerate the adoption of low-carbon thermal solutions, further augmenting industrial heat pump market growth.
     
  • For instance, in October 2024, Johnson Controls installed a SABROE DualPAC heat pump in Neustadt, Holstein, to supply green energy using Baltic Sea water. This modular, two-stage system delivers up to 700 kW of heat for a new harbor district via a dedicated heating network. During colder months, it extracts 500 kW from seawater, boosted by electricity. The system is supported by waste heat and thermal storage, marking Germany’s first large-scale seawater-based district heating solution.
     
  • Rising greenhouse gas emissions and a growing preference for low-carbon technologies are reshaping market dynamics. Government and industry-led R&D efforts are intensifying to reduce emissions from industrial operations and harness waste heat. Robust development of large capacity heat pumps for various industrial processes will significantly boost the adoption of sustainable heating solutions, further augmenting the industrial heat pump market outlook.
     
  • For instance, in October 2024, two large-scale heat pump systems began operating in Germany last year, supporting district heating with water temperatures up to 90°C. Friotherm’s Berlin installation uses river water from the Spree, while Johnson Controls International (JCI) employs ambient air. The systems differ in design, JCI uses ammonia with piston compressors, and Friotherm uses R1234ze with turbo compressors. These projects highlight diverse approaches to sustainable heating and the growing role of high-capacity heat pumps in urban energy networks.
     

Industrial Heat Pump Market Analysis

Industrial Heat Pump Market Size, By Product, 2022 - 2034 (USD Billion)

  • On the basis of product, the market is segregated into closed cycle mechanical, water source, ground source, open cycle mechanical thermocompression, air source, closed cycle absorption, and open cycle mechanical vapor compression. The air source product dominated for around 38% revenue share in 2024 and is projected to grow at a CAGR of over 5.5% through 2034.
     
  • The air source heat pump segment crossed over USD 530 million in 2024. Growing demand for efficient space heating, cooling and hot water solutions across industrial applications along with increasing inclination toward reducing emissions will positively influence the industry outlook.
     
  • For instance, in January 2024, Johnson Controls introduced two new air-source heat pumps including YMAE and YCPB under its YORK brand. Both models use R454B, a low-GWP refrigerant aligned with upcoming EU F-gas regulations. The YMAE, built on the award-winning Amichi platform, features inverter scroll compressors, EC fans, and smart controls for adaptive performance. It offers seasonal efficiencies of up to 4.06 (heating) and 4.72 (cooling), exceeding industry standards and ensuring reliable operation even in challenging climates.
     
  • Ongoing advancements in technologies across components including development in heat pump compressors, refrigerants to improve overall efficiency will accelerate the product adoption. Moreover, easy installation, versatile operations and cost-effectiveness together with widespread deployment for various industrial processes will positively influence the air source heat pump industry landscape.
     
  • For instance, in August 2024, Helen Oy partnered with MAN Energy Solutions to build the world’s largest air-to-water heat pump at its Patola heating plant in Helsinki. Operating efficiently even at -20°C and using CO? as a refrigerant, the plant will deliver up to 33 MW of heat powered by renewable electricity. Alongside two 50 MW electric boilers, it will supply 200 GWh of heat annually to 30,000 homes, cutting CO? emissions by 56,000 tons in total.
     
  • Ground source heat pump segment is set to grow substantially on account of rising deployment of these systems across various industrial applications for industrial heating & cooling together with rising focus on reducing carbon emissions. These systems are cost-effective and clean systems that utilize low-temperature geothermal liquids (80-100°C) to heat water for circulation in building radiators and convection heaters further augmenting product adoption.
     
  • For instance, in November 2024, the EU-funded GEOSYN project, aims to boost industrial energy efficiency using high-temperature heat pumps and heat-driven cooling systems. Coordinated by APRE and scientifically led by the University of Florence, the three-year Horizon Europe initiative brings together 10 partners from Italy, Norway, Denmark, Ukraine, and France. The kick-off meeting in Tuscany marked the beginning of this collaborative effort to develop flexible, sustainable thermal energy solutions while building public trust in geothermal technologies.
     
  • Water-source heat pump segment is set to surpass USD 150 million by 2034. These systems are gaining significant momentum owing to their ability to utilize stable water temperatures, superior efficiency compared to alternatives supports large-scale applications, making them ideal for industries near water bodies like breweries, chemical plants, and district heating systems. Rising energy efficiency goals, waste heat recovery initiatives, and supportive government policies aimed at reducing operational costs and carbon emissions in industrial sectors will shape business dynamics.
     
  • The open cycle mechanical vapor compression is set to grow at a CAGR of over 5% through 2034. Open cycle mechanical vapor compression heat pumps are used in industries owing to their ability to utilize processed steam efficiently and integrate with existing systems to reduce infrastructure costs and enhance energy recovery. Moreover, industries are aiming to adopt low-carbon solutions and focus toward decarbonizing high-temperature processes while improving operational efficiency and sustainability which will further accelerate product deployment.
     
  • Closed-cycle mechanical heat pumps market is projected to cross USD 370 million by 2034. Rising demand for energy efficiency, decarbonization goals, supportive policies, and technological innovation will augment product deployment. Their adaptability and performance along with low energy losses and combined heating and cooling capability in various industrial applications seeking sustainable thermal solutions will positively influence business dynamics.
     

Industrial Heat Pump Market Revenue Share, By Capacity, 2024

  • Based on the capacity, the industrial heat pump market is segmented into up to 500 kW, 500 kW to 2 MW, 2 MW - 5 MW and > 5 MW. The up to 500 kW segment holds 46.8% market share in 2024 with a growth rate of over 6.5% through 2034. Industries are increasingly adopting energy-efficient heating and cooling solutions to reduce operational costs and carbon emissions which has increased demand across sectors like manufacturing, chemical processing, food & beverage, and pulp & paper. The growing deployment of advanced heat pump technologies suitable for specific industrial requirements is reshaping the industry landscape.
     
  • Rapid deployment of these technologies to meet the unique heating and cooling requirements across wide range of industries will further augment the business outlook. Supportive policies, sustainability goals, and the need for optimized thermal systems are some of the key factors fueling product deployment. Companies are also expanding their capacity to meet the rising energy demand by various industries, further complementing industry landscape.
     
  • For instance, in October 2024, Armstrong International has begun construction of a 29,000 sq. ft. industrial heat pump facility in Three Rivers, Michigan, supported by a U.S. Department of Energy grant. The plant will produce high-capacity heat pumps for applications over 100kW and temperatures above 180°F. Designed to help light industries reduce energy use by up to 80%, the new facility strengthens Armstrong’s role in advancing clean energy and sustainability through efficient thermal technologies.
     
  • The 500 kW to 2 MW capacity segment is anticipated to surpass USD 430 million by 2034. Continuous and exponential increase in environmental concerns along with rising initiatives to curb greenhouse emissions has led to the adoption of high-capacity heat pumps in various application industries. Various industry players are actively developing high-capacity heat pump variants through research & development, collaboration, and tie-ups with other vendors to minimize the use of fossil fuel for heating requirements.
     
  • 2 MW–5 MW capacity segment was evaluated at above USD 240 million in 2024. Heat pumps ranging from up to 2 MW–5 MW is set to observe substantial growth, driven by rising demand for centralized heating in industrial establishments. These systems are engineered for high-performance applications such as paper manufacturing, food and beverage concentration, chemical compression and thermoforming, and industrial drying and boiling. Their ability to recover and utilize heat efficiently, reduce carbon emissions, energy consumption, and operational costs across large-scale, capital-intensive industries will boost product deployment.
     
  • For instance, in December 2024, Enerin installed its V6 HoegTemp heat pump at GE Healthcare’s Lindesnes site in Norway. Housed in a compact container setup, the system delivers 400 kW of steam at around 140°C for solvent recovery in contrast agent production. The installation met all safety and performance standards. GE Healthcare is also exploring a larger 2 MW system, supported by Enova, with Enerin providing consultancy throughout the pre-engineering phase for future energy-efficient expansion.
     
  • Based on application, the industrial heat pump market is segmented into industrial and district heating. The industrial segment is set to grow owing to rising investments for infrastructure development, coupled with enforcement of strict emission regulations, and adoption of energy efficient technologies. Ongoing regulatory initiatives aimed at enhancing energy efficiency within industrial facilities, inclination to meet space and water heating needs, along with converting waste heat streams into more usable temperature sources will further augment business dynamics.
     
  • For instance, in October 2024, BASF has secured up to USD 363.52 million in funding from Germany’s Federal Ministry for Economic Affairs and Climate Action to build the world’s largest industrial heat pump at its Ludwigshafen site. Set to begin construction in early 2025, the system will produce up to 500,000 metric tons of steam annually using waste heat and renewable electricity. This innovative project aims to cut CO? emissions by 98%, supporting BASF’s goal of achieving net-zero emissions by 2050.
     
  • Growing requirement of large-scale space heating systems along with stringent regulations for rising carbon footprint has propelled the demand for heat pumps for district heating applications. The increasing need for clean systems with high energy efficiency and lower carbon footprint will significantly propel heat pumps penetration.
     
  • For instance, in October 2024, Copeland introduced the Vilter VQ95, a single-stage industrial heat pump designed for district heating and process applications like food and beverage production. Using ammonia (NH?) as a low-GWP refrigerant, the system offers high efficiency, reliability, and flexibility.
     

U.S. Industrial Heat Pump Market Size (USD Million), 2022 - 2034

  • The U.S. dominated the industrial heat pump market accounted for around 85.3% share in 2024 and generated USD 262.1 million in revenue. Rising demand for reliable heating and cooling systems across industrial applications along with introduction of stringent regulatory mandates for reducing emissions will complement industry outlook. The introduction of high-capacity heat pumps on an industrial basis will seek to support a low carbon future along with reducing fossil fuel dependence over the projected timeline.
     
  • For instance, in September 2024, the American Council for an Energy-Efficient Economy, National Electrical Manufacturers Association, and Renewable Thermal Collaborative have launched the Industrial Heat Pump Alliance to accelerate industrial heat pump deployment. Backed by the U.S. Department of Energy, the initiative supports decarbonizing industrial heating. The IHP Procurement Toolkit helps facilities streamline equipment procurement by clearly defining project needs, simplifying supplier engagement, and enabling energy savings, cost reductions, and lower emissions in manufacturing processes.
     
  • North America industrial heat pump market is set to grow owing to stringent mandates toward replacement of high emission heating systems along with shifting focus toward adoption of energy efficient technologies across industrial processes. Encouraging policy framework to propel low carbon district heating network will augment the industry outlook. Moreover, the favorable initiatives to capture excess industrial waste & process heat along with the increasing investments across restructuring of district heating networks will favor the industry landscape.
     
  • Europe industrial heat pump market is projected to surge over USD 790 million by 2034. Growing demand for reliable heating systems, enhanced degree of independence, increasing energy cost and replacement of traditional heating systems is set to positively influence the business landscape. Favorable schemes by the government authorities for reducing carbon footprint and flourishing investments for district heating projects will shape the business dynamics.
     
  • For instance, in June 2024, the Finnish government grant six heat recovery and district heating projects worth USD 23.75 million to diminish carbon emission and include waste heat recovery from industries and data centres, using heat pumps. Moreover, rising adoption of these units for minimum environmental impact, and favorable government grants for adoption of energy-efficient systems will complement industry growth.
     
  • Asia Pacific industrial heat pump market was evaluated at over USD 500 million in 2024. The encouraging outlook towards deployment of renewable energy systems, rapidly increasing requirement for effective space heating, and positive initiatives towards reduction of carbon footprint is shaping business dynamics. Government initiatives and investments across the region aimed at promoting utilization of sustainable heating technologies will influence industry outlook. Ongoing industrialization and continuous upgradation of aging industrial infrastructure are among the key factors propelling industry landscape.
     
  • For instance, in November 2024, Japan has finalized a new climate target to reduce greenhouse gas emissions by 60% by fiscal 2035, compared to 2013 levels, an increase from its current 46% goal for 2030. This proposal, led by the Environment and Industry Ministries, aligns with Japan’s broader ambition to achieve net-zero emissions by 2050. The target will be included in a revised national climate plan and submitted to the UN as part of Japan’s updated Nationally Determined Contribution.
     
  • Middle East & Africa market holds a revenue share of more than 6% in 2024. Growing industrial development, retrofitting existing industrial processes and infrastructure, stable economic environment, and attractive financial incentives, is shaping the business dynamics. Moreover, the presence of well-established industrial sectors including chemicals, food and beverage, and paper manufacturing, that require high energy usage for sustainable technology integration will augment the business landscape.
     
  • The Latin America industrial heat pump market is set to grow at a CAGR of over 6% from 2025 to 2034. Rising investments in industrial infrastructure development by government & private organizations along with growing adoption of sustainable technologies will positively augment the industry outlook. Growing inclination toward adoption of heat pump systems across industrial processes and district heating applications along with retrofitting of existing industrial infrastructure is positively influencing the business dynamics.
     

Industrial Heat Pump Market Share

  • The top 5 key players operating across the industrial heat pump industry include Atlas Copco AB, Carrier, Daikin, Johnson Controls and GEA Group Aktiengesellschaft contribute around 32% of the market share in 2024.
     
  • Key companies operating in the industrial heat pump market are characterized by intense competition attributed by product diversification, consolidating their market presence through strategic partnerships, and mergers & acquisitions, as they actively seek to enhance their competitive position.
     
  • Over recent years, the industrial heat pump market has demonstrated notable resilience, even amid global economic uncertainties. By 2023, improved supply chain dynamics and growing awareness of energy-efficient heating technologies accelerated market adoption. By 2024, rising investments in industrial infrastructure, coupled with stricter environmental regulations and a shift toward low-carbon technologies, have accelerated the deployment of industrial heat pumps across various industrial processes.
     
  • Carrier offers new range of CO?-based industrial heat pumps offers a sustainable and versatile solution for various applications. Designed with a compact and modular structure, these systems are safe, easy to install, and simple to maintain. They utilize CO? as a natural refrigerant, supporting environmentally responsible operations.
     
  • ATLAS COPCO AB offers heat pumps that are engineered to deliver dependable performance, high energy efficiency, and user-friendly operation with minimal maintenance requirements. They can be seamlessly integrated with complementary systems such as air compressors, chillers, and energy recovery units to create a unified, low-emission utility setup.
     
  • Johnson Controls offers Sabroe HeatPAC units which are compact and efficient heat pumps built around robust high-pressure reciprocating compressors (HPO/HPC/HPX), capable of handling differential pressures up to 40 bar and design pressures up to 60 bar. Utilizing ammonia as a refrigerant, these systems deliver cost-effective hot water up to 90°C, making them ideal for applications like pasteurization, sterilization, and other industrial heating processes.
     

Industrial Heat Pump Market Companies

Major players operating in the industrial heat pump industry are:

  • Armstrong International Inc.
  • Atlas Copco AB
  • Baker Hughes Company
  • Carrier
  • Daikin Applied Europe S.p.A.
  • Dalrada Climate Technology
  • Ecop
  • Emerson Electric Co.
  • Enerin AS
  • GEA Group Aktiengesellschaft
  • Hien New Energy Equipment Co., Ltd.
  • Johnson Controls
  • MAN Energy Solutions
  • OCHSNER
  • Oilon Group Oy
  • Piller Blowers & Compressors GmbH
  • Qvantum Energi AB
  • Swegon Ltd
  • Trane Technologies International Limited
  • Turboden S.p.A.
     
  • Danfoss recorded revenues of USD 11.37 billion, marking a 9% drop compared to its performance in the previous year. The company’s Flexline solutions are designed to meet the growing global demand for energy-efficient and environmentally responsible technologies. With a comprehensive range of line components and deep expertise in application engineering, Danfoss empowers you to create highly efficient and competitive heat pump systems tailored for industrial use.
     
  • Johnson Controls recorded revenue of USD 17.15 billion for 9 months in 2025 and USD 22.95 billion for the whole year 2024. The company’s FRICK SmartPac Heat Pumps offer a fully integrated solution for ammonia refrigeration facilities, helping reduce water heating expenses while supporting eco-friendly upgrades. These compact systems enhance operational efficiency and sustainability by minimizing carbon emissions and lowering energy costs, making them an ideal choice for facilities aiming to improve performance and environmental impact.
     
  • Carrier, headquartered in U.S., recorded net sales of USD 11.33 billion in 6 months of 2025, and achieved USD 22.48 billion in revenue for whole year 2024. The company’s CO2 industrial heat pumps along with AquaForce and AquaSnap high-temperature heat pump series utilize both ambient and recovered heat sources to deliver eco-friendly energy solutions across a wide range of heating applications. These systems are engineered to support sustainable operations while maximizing energy efficiency.
     
  • GEA Group Aktiengesellschaft recorded a revenue of USD 6.26 billion in 2024. And USD 1.45 billion in the first quarter of 2025. The company offers customized heat pumps where desired output temperatures go beyond what conventional GEA systems can deliver. It also offers Blu-Red fusion heat pumps, open type heat pumps, RedAstrum and RedGenum for various industrial processes and applications.
     

Industrial Heat Pump Industry News

  • In June 2025, Armstrong International has begun developing a new facility in Herstal, Belgium, to manufacture high-temperature industrial heat pumps. Following the acquisition of a nearby 5,000m² building, the site expansion aims to double production capacity. In partnership with Germany’s Combitherm, the new modular plant will produce up to 50MW of Circular Thermal heat pumps by early 2027. These pumps generate superheated water or low-pressure steam up to 120°C and reuse waste heat, cutting primary energy use by up to 70%.
     
  • In June 2025, Johnson Controls introduced several advanced heat pump models, including the YORK CYK centrifugal water-to-water unit, offering up to four times the efficiency of traditional systems and delivering temperatures up to 82°C. The YORK YMAE modular air-to-water model ensures reliable performance in cold climates. A notable project in Spain saw a food company cut CO? emissions by 2,000 tons and save USD 1.76 million annually, showcasing the real-world impact of company’s sustainable heating technologies.
     
  • In June 2025, Hien unveiled two advanced heat pump models at InstallerShow 2025 in Birmingham, UK. Designed for industrial use, the ultra-high temperature steam-generating units reach up to 125°C, ideal for sectors like food, pharma, and chemicals. They offer high efficiency, smart grid connectivity, and use low-GWP refrigerant R1233zd(E) along with modular variants including water/water, water/steam, and steam/steam. With flexible waste heat recovery and CO?-free steam generation using green power, these units support industrial decarbonization and energy savings.
     
  • In April 2025, Enerin has successfully installed a 400 kW HoegTemp industrial heat pump at the Pelagia Måløy fish processing facility in Norway. Replacing traditional boilers, it generates steam using recycled heat from cooling systems or ambient air, powered by renewable electricity. Unlike conventional systems, it handles variable temperatures efficiently and integrates easily with existing infrastructure, reducing both CAPEX and OPEX. Its wide operating range and flexibility make it ideal for sustainable, high-efficiency industrial heating applications.
     
  • In March 2025, PILLER and GIG Karasek signed a contract to deliver the world’s most powerful industrial heat pump system for BASF’s Ludwigshafen site. GIG Karasek, as EPC contractor, will integrate 11 PILLER compressors using its CompriVAP technology. The project aims to decarbonize formic acid production by generating CO?-free steam and cutting emissions by 98%. This collaboration highlights both companies’ commitment to sustainable industrial transformation through advanced heat recovery and vapor compression technologies.
     

The industrial heat pump market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume (Units) and revenue (USD Million) from 2025 to 2034, for the following segments:

Market, By Product

  • Air source
  • Ground source
  • Water source
  • Closed cycle mechanical heat pump
  • Open cycle mechanical vapor compression heat pump
  • Open cycle mechanical thermocompression heat pump
  • Closed cycle absorption heat pump

Market, By Capacity

  • Up to 500 kW
  • > 500 kW to 2 MW
  • 2 MW - 5 MW
  • > 5 MW

Market, By Temperature

  • 80 – 100 °C
  • 100 – 150 °C
  • 150 – 200 °C
  • > 200 °C

Market, By Application

  • Industrial
    • Paper
    • Food & beverages
    • Chemical
    • Iron & Steel
    • Machinery
    • Non-Metallic minerals
    • Other industries
  • District heating

The above information has been provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Norway
    • Denmark
    • Finland
    • Sweden
    • Germany
    • Spain
    • Austria
    • Poland
  • Asia Pacific
    • China
    • Japan
    • Australia
    • South Korea
  • Middle East & Africa
    • Saudi Arabia
    • Turkey
    • South Africa
  • Latin America
    • Brazil
    • Mexico
Authors: Ankit Gupta, Divyendu Sharma
Frequently Asked Question(FAQ) :
Who are the key players in the industrial heat pump market?
Key players include Armstrong International Inc., Atlas Copco AB, Baker Hughes Company, Carrier, Daikin Applied Europe S.p.A., Dalrada Climate Technology, Ecop, Emerson Electric Co., Enerin AS, GEA Group Aktiengesellschaft, Hien New Energy Equipment Co., Ltd., Johnson Controls, MAN Energy Solutions, OCHSNER, Oilon Group Oy, Piller Blowers & Compressors GmbH, Qvantum Energi AB, Swegon Ltd, Trane Technologies International Limited, and Turboden S.p.A.
What is the growth outlook for the 500 kW to 2 MW capacity segment from 2025 to 2034?
The 500 kW to 2 MW capacity segment is anticipated to surpass USD 430 million by 2034, driven by environmental concerns and rising initiatives to curb greenhouse emissions in industrial applications.
What are the upcoming trends in the industrial heat pump market?
Key trends include integration with IoT and smart grids for energy management, technological progress enabling temperatures above 200°C, waste heat recovery strategies, and continued policy backing with financial incentives.
Which region leads the industrial heat pump market?
The U.S. held around 85.3% share of the industrial heat pump market in 2024, generating USD 262.1 million, driven by rising demand for efficient heating and cooling systems and strict emission regulations.
What was the valuation of up to 500 kW capacity segment in 2024?
The up to 500 kW capacity segment held 46.8% market share in 2024, supported by growing demand for energy-efficient heating and cooling solutions across manufacturing, chemical processing, and food & beverage sectors.
What is the current industrial heat pump market size in 2025?
The market size is projected to reach USD 1.4 billion in 2025.
How much revenue did the air source heat pump segment generate in 2024?
Air source heat pumps dominated with approximately 38% market share in 2024, surpassing USD 530 million, driven by efficient space heating, cooling solutions, and emission reduction goals.
What is the market size of the industrial heat pump in 2024?
The market size was USD 1.3 billion in 2024, with a CAGR of 5.8% expected through 2034 driven by rising focus on carbon emission reduction and greater use of waste heat in industrial processes.
What is the projected value of the industrial heat pump market by 2034?
The industrial heat pump market is expected to reach USD 2.4 billion by 2034, propelled by decarbonization initiatives, technological advancements in high-temperature systems, and supportive government policies.
Industrial Heat Pump Market Scope
  • Industrial Heat Pump Market Size
  • Industrial Heat Pump Market Trends
  • Industrial Heat Pump Market Analysis
  • Industrial Heat Pump Market Share
Authors: Ankit Gupta, Divyendu Sharma
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Premium Report Details

Base Year: 2024

Companies covered: 20

Tables & Figures: 62

Countries covered: 20

Pages: 135

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