Asia Pacific Industrial Heat Pump Market Size – By Product, By Capacity, By Temperature, By Application, Analysis, Share, Growth Forecast, 2025 - 2034

Asia Pacific Industrial Heat Pump Market Size

Asia Pacific Industrial Heat Pump Market was valued at USD 507 million in 2024 and is projected to record over 6% CAGR from 2025 to 2034, driven by the rising energy efficiency demands and with the advancements in sustainable technologies.
 

The rapid expansion of industrial sectors is supported by the increase in renewable energy sources and eco-friendly industrial practices to reduce carbon emissions. Moreover, introduction of encouraging government incentives and funding initiatives across various nations have propelled the adoption of industrial heat pumps to enable greener operations and mitigate the carbon emissions from industrial facilities.
 

Asia Pacific Industrial Heat Pump Market Trends

The Asia Pacific industrial heat pump industry is witnessing a significant shift towards decarbonization with emerging technologies aiding industries to transition away from fossil fuels. The global push for carbon reduction, with the commitments of the Paris Agreement has played a pivotal role in boosting sustainable industrial operations, thereby stimulating the industry expansion. Additionally, the availability of advanced heat pump technologies with latest innovations across components & installation operations aiming to provide improved heating & cooling will proliferate the industry dynamics.
 

Asia Pacific Industrial Heat Pump Market Analysis

The air source segment is predicted to hit USD 370 million by 2034, driven by their energy efficiency and environmental benefits. As industries seek to reduce operational costs and meet stricter sustainability regulations, these heat pumps offer a compelling solution by utilizing ambient air to provide both heating and cooling, thereby lowering energy consumption. The growing focus on reducing carbon footprints and improving energy efficiency across sectors including manufacturing, food processing, and pharmaceuticals has accelerated air source heat pump uptake.
 

Based on capacity, the 500 kW segment is anticipated to witness a CAGR of over 5.5% through 2034, gaining momentum as more industries focus on large-scale energy efficiency and sustainability improvements. Technological advancements have enhanced the efficiency and versatility of these systems, making them suitable for a wider range of industrial applications, including waste heat recovery and integration with existing heating infrastructure. Additionally, the growing adoption of high-capacity systems primarily across the sectors with significant thermal energy demands, including manufacturing, food and beverage, pharmaceuticals, and chemical processing, among others.
 

China industrial heat pump market is set to cross USD 425 million by 2034, driven by the significant growth with rapid urbanization and industrialization. A shift towards low-carbon alternatives and rising investments in energy-intensive industrial infrastructure with the adoption of smart technologies and Internet of Things (IoT) in the district heating sector, which utilizes waste heat from industrial processes, power generation, and other sources, is contributing to market expansion.
 

Asia Pacific Industrial Heat Pump Market Share

Leading manufacturers including Atlas Copco, Carrier, Mitsubishi Heavy Industries, Johnson Controls, and Thermax in the Asia Pacific market for heat pump are characterized by a diverse landscape of producers which offers sophisticated product portfolios across multiple nations and sectors. The industry has undergone consistent expansion, with firms strategically establishing new facilities in emerging economies to extend their geographical reach and cultivate a broader customer base.
 

Asia Pacific Industrial Heat Pump Market Companies

Major players operating across the industry include:

• Atlas Copco
• BROAD Group
• Carrier
• Clade Engineering Systems
• GEA Group
• Guangdong Macon New Energy Technology
• Guangdong Phnix Eco-energy Solution
• Johnson Controls
• MAN Energy Solutions
• Mayekawa Australia
• Piller Blowers & Compressors
• SPRSUN
• Suntec Energy Systems
• Thermax
• World Energy
   

Asia Pacific Industrial Heat Pump Industry News

• In September 2024, Mitsubishi Electric introduced its new Climaveneta EW-HT-G05 water-to-water heat pumps which are designed for commercial and industrial applications. These advanced heat pumps offer capacities ranging from 73 kW to 129.3 kW and deliver a coefficient of performance (COP) up to 3.77, to make an efficient solution for large-scale heating and cooling needs. Mitsubishi Electric’s latest launch aims to provide high-performance and sustainable heating options tailored for demanding environments, expanding the company’s product portfolio in the HVAC market.
   
• In August 2024, the Korean Institute of Machinery and Materials (KIMM) has successfully developed the country’s maiden industrial heat pump and chiller system utilizing a vapor compression system that employs water (R718) as the refrigerant. Its innovative refrigeration system delivers a cooling capacity of 350 kW (99.5 TR) and features a centrifugal compressor, evaporator, and condenser. This achievement marks a significant advancement in sustainable HVAC solutions, as the use of water as a refrigerant offers a low-impact alternative to traditional gases.
   

The Asia Pacific industrial heat pump market research report includes in-depth coverage of the industry with estimates & forecast in terms of “Units’’ and “USD Million” from 2021 to 2034, 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 - 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 countries:

• China
• Japan
• Australia
• South Korea