Europe Industrial Heat Pump Market size to exceed $300mn by 2027
Published Date: April 8, 2021 Authors: Ankit Gupta, Nikhil Paranjape
Europe Industrial Heat Pump Market size is expected to surpass USD 300 Million by 2027, as reported in the latest study by Global Market Insights, Inc.
Europe industrial heat pump industry is anticipated to witness a noteworthy growth on account of ongoing regulatory implementations toward energy optimization across industrial infrastructures. These pumps are majorly utilized to convert the waste heat energy into useful temperatures which is further circulated through the processes in order to provide heat to the system. Moreover, growing penetration of renewable energy source into the overall energy mix of major economies of the region will fuel the deployment of clean technologies including industrial heat pumps, thus proliferating the business outlook over the forecast period.
However, the industry over the last year has witnessed a restrained growth accounting to the ongoing COVID 19 pandemic. The governments across the region have imposed lockdown protocols to minimize the outspread of the virus, which has affected the production figures of these industrial heat pumps. The impact of the pandemic has further restrained the demand growth of these units across several end use applications, which is negatively impacting the business outlook. However, the Europe industrial heat pump market is anticipated to attain a recovered demand growth rate by the second half of the FY 2021 on account of the release of numerous vaccines to curb the growth of coronavirus in the region.
Wide adoption across end use industries will augment the market penetration for open cycle MVC units.
Open cycle mechanical vapor compression industrial heat pumps are utilized across several industries including chemical, food & beverage, wood and other industries to increase the waste vapor pressure with the help of a mechanical compressor. These pumps are considered as open cycle on account of utilizing the process stream as the working fluid, which significantly reduces the cost of working fluid utilized in the process. Open cycle MVC heat pumps are the most common industrial heat pumps that are used across a majority of industries for several applications including concentration of the working fluid, heat recovery and distillation, which will complement the product adoption over the forecast timeline.
Browse key industry insights spread across 170 pages with 145 market data tables & 27 figures & charts from the report, “Europe Industrial Heat Pump Market Statistics By Product (Closed Cycle Mechanical Heat Pump, Open Cycle Mechanical Vapor Compression Heat Pump, Open Cycle Thermocompression Heat Pump, Closed Cycle Absorption Heat Pump), Application (Chemical, Pulp & Paper, Food & Beverage, District Heating), Industry Analysis Report, Country Outlook, Application Potential, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
Growing demand for packaged food and related products will boost the market statistics for industrial heat pumps
Positive outlook towards the growth of food and beverage industries will proliferate the market demand of industrial heat pumps in Europe. Industrial heat pumps are deployed across the food & beverage sector for various operations including brewing of beers, sugar refining, dairy product processing, and juice manufacturing amongst other uses. The numerous applications of these heat pumps across the food & beverage industry complements its deployment in the industry, thus proliferating the Europe industrial heat pump market landscape.
Industrial heat pumps also offer various other services across food industries including process water heating, and flash steam recovery, making them a preferred choice over other alternatives. In addition, these systems are utilized in product drying, concentration of waste liquids, concentration of juices & other edibles, and heating of cleaning water & process amongst other uses. Thus, favoring the market demand.
Burgeoning efforts toward carbon free economy and sustainable development to augment the market growth across Norway
Norway Industrial heat pump installation is anticipated to witness a significant growth in the coming years on account of ongoing efforts to promote sustainability across the industry by the policy makers. The manufacturing sector accounts for approximately 35% of the GDP of the nation, which is beneficial for the market statistics of the industrial heat pump units.
Eminent players operational in Europe industrial heat pump market includes Viessmann, Hitema SRL, OCHSNER Energie Technik GmbH, Thermax Limited, Emerson Electric Co. amongst others. The key manufacturers across the Europe industrial heat pump industry are engaged in strategic mergers and acquisitions with raw material suppliers and distributors to get a dominance over other competitors in the heat pump business and thus expand their market share.