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Industrial Heat Pump Market Size, By Product (Air Source, Ground Source, Water Source, Closed Cycle Mechanical Heat Pump, Open Cycle Mechanical Vapor Compression Heat Pump, Open Cycle Thermocompression Heat Pump, Closed Cycle Absorption Heat Pump), By Capacity (< 500 kW, 500 kW – 2 MW, 2 MW - 5 MW, > 5 MW), By Temperature (80°C - 100°C, 100°C - 150°C, 150°C - 200°C, > 200°C), By Application (Industrial {Paper, Food & Beverages, Chemical, Iron & Steel, Machinery, Non-metallic Minerals}, District Heating), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2022 - 2028

  • Report ID: GMI5253
  • Published Date: Apr 2022
  • Report Format: PDF

Industry Trends

Industrial Heat Pump Market size valued at USD 1 billion in 2021 and is projected to expand at over 5% CAGR from 2022 to 2028.

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The industrial heat pump units are gaining wide recognition across the globe, attributed to their numerous features including limited maintenance, low operational cost, long lifespan, and considerably lesser carbon emission than other alternatives. Moreover, the technology can reduce over 5% to 50% of emissions in the industrial and building sectors, which will positively escalate its deployment during the forecast timeframe.

Stringent governmental policies to control the growing carbon footprint across industries in developing regions will augment the industrial heat pump market demand. Growing concerns about burgeoning energy demand have enhanced the requirement for energy-efficient technologies to reduce the overall electricity bills. Furthermore, favorable financial incentives and tax rebates offered by respective governments to boost the adoption of clean & sustainable technologies will complement the market statistics.

Wide range of applications across energy-intensive industries

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Rising concerns in terms of growing electricity demand across energy-intensive industries including metal processing, chemical, and others are creating a noteworthy growth opportunity for closed-cycle mechanical heat pump units. These systems utilize a common refrigerant as a working fluid and use basic mechanical drives including steam turbines, electric motors, combustion turbines, and combustion engines for heat generation.

Closed-cycle mechanical heat pumps have witnessed a substantial deployment across major industries including chemical, pharmaceuticals, pulp & paper, food & beverage, and textile, amongst others to provide concentration of effluent and process water heating along with other applications. In addition, a positive outlook toward the chemical industry coupled with favorable growth across food packaging centers & breweries will fuel the requirement for efficient process heating, which will subsequently foster the deployment of closed-cycle mechanical heat pumps.

Growing demand for central heating applications

The 500kW to 2MW capacity industrial heat pump market is predicted to observe 5% growth rate till 2028, owing to its propelling preference for large-scale central heating applications. These medium capacity industrial heat pumps find major applications across various industries including equipment machinery, paper, chemical, food & beverages, iron & steel, among others, to enable optimum waste heat recovery.

Growing concerns pertaining to the rising carbon footprint from heating and industrial establishments will spur the requirement for clean and energy-efficient technologies, thereby escalating demand for the technology across the globe. Additionally, ease of installation and the ability to provide instant space heating & hot water are some of the prominent features, which will make the adoption of low to medium-capacity industrial heat pumps favorable over other available alternatives.

Increasing investments in the food & beverage sector will accelerate the demand for heat pumps with a temperature reading of up to 100°C

The rising global population has stimulated a significant demand for packaged food and other food products from the food & beverage industry. Therefore, various private and public players are investing readily in the infrastructural development of the food industry to cater to the increasing demand. This, in turn, has boosted the need for sustainable technologies to curb carbon emissions along with cutting the electricity bills of the industry, thereby complementing product penetration across the market.

Heat pumps of up to 100°C temperature are predominantly utilized across these industries to provide applications including drying & pasteurizing, preheating, and various others. Furthermore, the technology is further used for several processes, such as bioreactions, boiling, and preheating, across the chemical industry, augmenting technology demand across energy-intensive industries.

Ongoing industrialization along with refurbishment of old industrial infrastructures will surge the industrial heat pump market expansion

The influx of investments for the development of industrial infrastructures along with the introduction of strict emission targets & norms has fueled the need for industrial heat pumps. Heat pumps find several applications in the industrial sector including water heating, space heating, and waste heat recovery to convert into more useful temperatures. Ongoing regulatory measures toward energy optimization across industrial premises will increase the equipment demand substantially.

The ambition of global economies to achieve energy sustainability by transforming themselves into a low carbon society has created a considerable potential for various clean energy technologies including industrial heat pumps. In addition, declining prices and growing awareness toward various heat recovery technologies across the chemical, manufacturing, and other industries will stimulate the demand for energy-efficient technologies, thereby proliferating the product demand.

Ongoing efforts to incorporate sustainable technologies across industrial processes will enhance the market value in European region

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Europe industrial heat pump market captured USD 400 million revenue in 2021, due to the increasing support towards clean technologies across the various sectors. These units are witnessing significant growth in the deployment of district heating across countries including Germany, Norway, and Sweden on account of the governmental efforts to introduce cleaner HVAC technologies to tackle the growing energy demand and soaring carbon emissions through space heating technologies. For instance, in 2020, the IEA reported that Europe, Russia, and China collectively accounted for about 90% of the total district heat generated across the globe. Moreover, 40% of the overall heat produced was utilized across the industrial sector, which complements the technology demand from various industrial and district heating applications.

Soaring energy demand and joint ventures will act as a major growth driver for industrial heat pump manufacturers

Major participants operating in the industrial heat pump market are Verder Liquids, HELIOTHERM Wärmepumpentechnik Ges.m.b.H., Swegon Group AB, Qvantum Energi AB, NIBE Industrier AB, Bosch Thermotechnik GmbH, Finn Geotherm UK Limited, Carrier, Emerson Electric Co., Kensa Heat Pumps, Trane, Vaillant Group, Linde PLC, Danfoss, GEA Group Aktiengesellschaft, Oilon Group Oy, and Huntingdon Pump Company Limited.

Ongoing joint ventures and acquisitions amongst manufacturers, suppliers & installers will function as a major stimulus for key companies to gain a bigger industry share. Favorable tax credits, rebates, and schemes will further foster the demand for heat pump technology, which in turn, will proliferate the business outlook.  

The global industrial heat pump market research report includes in-depth coverage of the industry with estimates & forecast in terms of ‘Units’ and ‘USD Million’ from 2018 to 2028 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 Thermocompression Heat Pump
  • Closed Cycle Absorption Heat Pump

Market, By Capacity

  • < 500 kW
  • 500 kW - 2 MW
  • 2 MW - 5 MW
  • > 5 MW

Market, By Temperature

  • 80°C - 100°C
  • 100°C - 150°C
  • 150°C - 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
    • Poland
    • Spain
    • Austria
  • 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 Questions (FAQ) :

The market share of industrial heat pumps surpassed USD 1 billion in 2021 worldwide and could expand at a rate of 5% between 2022 and 2028, driven by rising concerns regarding the burgeoning energy demand.
500kW to 2MW capacity segment is estimated to grow at a CAGR of 5% through 2028 owing to the increasing product preference for large-scale central heating applications.
The market size in Europe was valued at USD 0.4 billion in 2021 and is poised to grow at a substantial rate through 2028 considering the rising support towards clean technologies across various sectors.
Prominent players in the market comprise Linde PLC, Oilon Group Oy, Emerson Electric Co., Swegon Group AB, Huntingdon Pump Company Limited, Trane, Danfoss, and others.

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Premium Report Details

  • Base Year: 2021
  • Companies covered: 17
  • Tables & Figures: 754
  • Countries covered: 20
  • Pages: 510
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