Industrial Heat Pump Market Analysis

Industrial Heat Pump Market Analysis

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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.
 

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.