NEW
YORK, July 3, 2024 /PRNewswire/ -- The global
industrial heat pumps market size is estimated to grow by
USD 689.3 million from 2024-2028,
according to Technavio. The market is estimated to grow at a
CAGR of over 5.58% during the forecast period. Rising focus on
improving energy efficiency by industries is driving market growth,
with a trend towards advent of smart heat pumps. However, high
initial cost and limitations of heat pumps poses a challenge. Key
market players include Bard HVAC, Carrier Global Corp., Daikin
Industries Ltd., Danfoss AS, Emerson Electric Co., Johnson Controls
International Plc., Lennox International Inc., LG Electronics Inc.,
MAYEKAWA MFG. CO. LTD., Meier Tobler AG, Mitsubishi Electric Corp.,
NIBE Industrier AB, OCHSNER Warmepumpen GmbH, Oilon Group Oy, Rheem
Manufacturing Co., Robert Bosch GmbH, Robur Spa, Sirac Air
Conditioning Equipments Co. Ltd., Systemair AB, and Toshiba
Corp..
Get a detailed analysis on regions, market
segments, customer landscape, and companies- View the
snapshot of this report
Industrial Heat
Pumps Market Scope
|
Report
Coverage
|
Details
|
Base year
|
2023
|
Historic
period
|
2018 - 2022
|
Forecast
period
|
2024-2028
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
5.58%
|
Market growth
2024-2028
|
USD 689.3
million
|
Market
structure
|
Fragmented
|
YoY growth 2022-2023
(%)
|
5.21
|
Regional
analysis
|
Europe, APAC, North
America, Middle East and Africa, and South America
|
Performing market
contribution
|
Europe at
33%
|
Key
countries
|
US, Japan, China,
Germany, and Italy
|
Key companies
profiled
|
Bard HVAC, Carrier
Global Corp., Daikin Industries Ltd., Danfoss AS, Emerson Electric
Co., Johnson Controls International Plc., Lennox International
Inc., LG Electronics Inc., MAYEKAWA MFG. CO. LTD., Meier Tobler AG,
Mitsubishi Electric Corp., NIBE Industrier AB, OCHSNER Warmepumpen
GmbH, Oilon Group Oy, Rheem Manufacturing Co., Robert Bosch GmbH,
Robur Spa, Sirac Air Conditioning Equipments Co. Ltd., Systemair
AB, and Toshiba Corp.
|
Market Driver
The Industrial Heat Pumps market is driven by the increasing use
and need for efficient heating and cooling systems. Heat pumps,
being more complex and frequently used than traditional HVAC
systems, require regular maintenance for optimal performance and
longevity. IoT-based solutions, such as Meier Tobler's smart-guard, enable remote
monitoring and coordination of operating parameters, reducing the
need for on-site visits and enabling predictive maintenance. This
intelligent network of heat pumps and ventilation units also allows
for centralized management of industrial HVAC operations.
The Industrial Heat Pumps market is experiencing significant
growth, driven by the increasing demand for energy-efficient
solutions in various industries. Global sales of heat pumps are on
the rise, particularly in sectors such as food and beverage,
chemicals, and pharmaceuticals. These industries require
large-scale heating and cooling systems to maintain optimal
operating conditions. Heat pumps offer a cost-effective and
sustainable alternative to traditional fossil fuel-based systems.
Rapidly advancing technologies, such as capacitive and closed-loop
systems, are enhancing the performance and versatility of heat
pumps. Additionally, government initiatives to reduce carbon
emissions are further boosting market growth. Overall, the
Industrial Heat Pumps market is poised for continued expansion in
the coming years.
Research report provides comprehensive data on
impact of trend. For more details- Download a Sample
Report
Market Challenges
- The industrial heat pumps market faces challenges due to their
higher initial costs compared to alternatives like furnaces and
boilers. Small and medium-sized businesses, in particular, are
hesitant to invest due to limited budgets and low profit margins.
The rising cost of refrigerants further increases operating
expenses, deterring vendors. Heat pumps' efficiency drops
significantly above 212 degrees F or below 32 degrees F,
necessitating additional energy usage. Combining heat pumps with
furnaces addresses this issue but increases costs, potentially
hindering market growth.
- The Industrial Heat Pump market faces several challenges.
Decarbonsation is a significant issue, with the need to reduce
greenhouse gas emissions. Energy efficiency is another challenge,
as industries strive to minimize energy consumption and costs. The
integration of renewable energy sources is also a concern, as heat
pumps must be able to operate efficiently with intermittent power
supplies. Additionally, the high upfront costs of installing and
maintaining heat pumps can be a barrier to adoption. Procurement
processes are complex, with numerous considerations such as
capacity, efficiency, and fuel type. Finally, the need for skilled
labor to install and maintain heat pumps is a challenge,
particularly in remote or hard-to-reach locations.
For more insights on driver and
challenges - Request a sample report!
Segment Overview
This industrial heat pumps market report extensively covers
market segmentation by
- End-user
- 1.1 Paper and pulp
- 1.2 Food and beverage
- 1.3 Chemical
- 1.4 Automotive
- 1.5 Others
- Type
- 2.1 Air-to-air heat pumps
- 2.2 Air-to-water heat pumps
- 2.3 Water source heat pumps
- 2.4 Ground source heat pumps
- 2.5 Hybrid heat pumps
- Geography
- 3.1 Europe
- 3.2 APAC
- 3.3 North America
- 3.4 Middle East and
Africa
- 3.5 South America
1.1 Paper and pulp- The industrial heat pump market is
experiencing significant growth due to increasing energy efficiency
demands and the rising adoption of renewable energy sources. These
pumps provide cost-effective heating solutions for various
industries, including manufacturing and food processing. Their
energy-saving capabilities and ability to operate with natural
refrigerants make them an attractive alternative to traditional
heating systems. Additionally, government initiatives and
regulations promoting energy efficiency are driving market
expansion.
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data
(2017-2021) - Download a Sample Report
Research Analysis
The Industrial Heat Pumps Market is experiencing significant
growth due to the increasing demand for decarbonisation in
buildings and industrial processes. Heat pumps, which include air
conditioners and refrigerators, are essential for space cooling and
heat production. These units contribute to energy security by
reducing reliance on fossil fuels and CO2 emissions. Policies such
as the REPowerEU initiative and the Defense Production Act provide
policy support for the sales growth of heat pump units. The market
is driven by the need to meet renewable energy targets and the ban
on fossil fuels in power generation. Financial instruments like
electricity tariffs and taxes and levies influence energy pricing,
while performance-based labels ensure energy performance standards
are met. Air heat pumps are a key component of the renewable energy
sources transition.
Market Research Overview
The Industrial Heat Pumps Market encompasses the production,
sales, and installation of heat pumps used in industrial
applications. These systems utilize refrigeration technology to
transfer heat from a source of warmth to a space that requires
heating, or vice versa. They are particularly useful in industries
that require large-scale temperature control, such as food
processing, pharmaceuticals, and chemical manufacturing. The market
for industrial heat pumps is driven by factors like increasing
energy efficiency demands, growing industrialization, and the need
for sustainable heating solutions. Additionally, advancements in
technology have led to the development of more efficient and
cost-effective heat pump systems, further fueling market
growth.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- End-user
-
- Paper And Pulp
- Food And Beverage
- Chemical
- Automotive
- Others
- Type
-
- Air-to-air Heat Pumps
- Air-to-water Heat Pumps
- Water Source Heat Pumps
- Ground Source Heat Pumps
- Hybrid Heat Pumps
- Geography
-
- Europe
- APAC
- North America
- Middle East And Africa
- South America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
View original content to download
multimedia:https://www.prnewswire.com/news-releases/industrial-heat-pumps-market-size-is-set-to-grow-by-usd-689-3-million-from-2024-2028--rising-focus-on-improving-energy-efficiency-by-industries-boost-the-market-technavio-302188200.html
SOURCE Technavio