Industrial Heat Pump Market Size – By Application (Industrial {Paper, Food & Beverages, Chemical, Iron & Steel, Machinery, Non-metallic Minerals}, District Heating), By Product, By Capacity, By Temperature, & Forecast, 2024 – 2032

Industrial Heat Pump Market Size – By Application (Industrial {Paper, Food & Beverages, Chemical, Iron & Steel, Machinery, Non-metallic Minerals}, District Heating), By Product, By Capacity, By Temperature, & Forecast, 2024 – 2032

Industrial Heat Pump Market Size

Industrial Heat Pump Market was valuated at USD 1.3 billion in 2023 and is projected to witness about 5.5% CAGR from 2024 to 2032.

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Industrial heat pumps are large-scale systems integrated across various industry verticals to extract heat from different sources and provide energy-efficient heating & cooling operations. These devices elevate the temperature of waste heat, allowing it to be repurposed in other operations instead of being released into the environment. Increasing efforts to reduce the carbon footprint of industrial operations, combined with the growing use of waste heat from different industrial processes, will positively influence the industry outlook.
 

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Industrial Heat Pump Market Trends

Industrial heat pump industry is projected to observe a substantial increment on account of the strong emphasis on energy efficiency & sustainability, increasing government regulations and incentives, and advancements in technology, among other parameters. Various administrative bodies have set ambitious emission reduction targets encouraging industries to adopt energy-efficient technologies coupled with the provision of subsidies, tax incentives, and research and development support will shape the heat pump industry dynamics.

Industrial Heat Pump Market Analysis

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Based on product, the air source heat pump products are projected to cross USD 850 million by 2032, on account of the increasing emphasis on energy efficiency and reducing carbon footprints. Moreover, rapid technological advancements across various components including improvements in heat pump compressor design, refrigerants, and heat exchanger efficiency, are enabling the devices to be more effective and reliable for industrial applications.

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Based on capacity, the industrial heat pumps with < 500 kW capacity ratings are set to observe a CAGR of over 5% through 2032, owing to the positive approach by industries to boost energy-efficient solutions while reducing the operational costs and carbon footprints. Moreover, rapidly increasing deployment across a wide range of industries including manufacturing, chemical processing, food & beverage, and paper & pulp, among others to meet their specific heating and cooling needs will foster the industry landscape.

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Europe industrial heat pump market is projected to surpass USD 750 million by 2032. The deployment of renewable energy systems has observed an encouraging outlook driven by a rapidly increasing demand for effective space heating technologies along with positive initiatives aimed at reducing overall carbon footprints. Additionally, various government initiatives and investments are promoting the use of sustainable heating technologies. These efforts, combined with ongoing industrialization and the upgrading of aging industrial infrastructure, are key factors propelling the market dynamics.

Industrial Heat Pump Market Share

The industrial heat pump industry is characterized by robust competition driven by several key factors including technological innovation, product diversification, pricing strategies, service & support, and customized solutions, among others. Moreover, the industry players are integrating digital technologies and IoT into their heat pump systems to provide advanced monitoring, predictive maintenance, and enhanced performance optimization have a competitive edge in the market.

Industrial Heat Pump Market Companies

Major key players operating across the industrial heat pump industry are

• Atlas Copco AB
• Carrier
• Dalrada Climate Technology
• Daikin Applied Europe S.p.A.
• Emerson Electric Co.
• GEA Group Aktiengesellschaft
• Johnson Controls
• MAN Energy Solutions
• Oilon Group Oy
• OCHSNER
• Piller Blowers & Compressors GmbH
• Qvantum Energi AB
• Siemens Energy
• Swegon Ltd
• Trane Technologies International Limited
• Turboden S.p.A.

Industrial Heat Pump Industry News

• In May 2024, U.S. based Hayward Holdings, Inc. introduced a new line of HeatPro Heat+Chill range of heat pumps designed with microchannel heat exchanger technology, a first of its kind across the industry. The new series of products offers six models with three Heat+Chill models along with three heat only models with various operational advantages including enhanced cooling capacity, improved heating, reduced weight, and extended working life, among others.
• In January 2024, Johnson Controls introduced YCPB and YMAE, under its YORK industrial heat pump portfolio with low GWP refrigerant alternatives. The new air to water heat pump product line is specially designed to serve the European industry with a wider operation range across diversified climatic conditions. The YMAE product line offer a seasonal efficiency rating of up to 4.06 in heating and 4.72 in cooling mode whereas YCPB is specifically fabricated for low ambient heating solutions.

This industrial heat pump market research report includes in-depth coverage of the industry with estimates & forecast in terms of “Units” & “USD Million” from 2021 to 2032 for the following segments

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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

• < 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