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

Asia Pacific Industrial Heat Pump Market Size

Asia Pacific Industrial Heat Pump Market size was valued at over USD 480 million in 2023 and is poised to grow at 5.8% CAGR between 2024 and 2032. Rapidly expanding industrial energy consumption, growing measures to reduce the overall carbon footprint, and positive outlook towards adoption of energy-efficient alternatives are some of the key imperatives propelling the industry landscape. In addition, encouraging regulatory framework to keep a check on the greenhouse gas emissions from manufacturing & industrial establishments while reducing the energy consumption will unveil new opportunities for the regional industry landscape.
 

An industrial heat pump is a type of large scale heat pump systems with high capacity range that enables to capture waste heat stream and reuse it for other purposes after a significant temperature lift. Industrial heat pumps are integrated across wide range of verticals including manufacturing, chemical processing, food production, and many others, to efficiently provide heating or cooling requirements for industrial processes while minimizing energy consumption and environmental impact. Moreover, various countries have implemented energy management systems and performance standards across industries to promote energy efficiency primarily across energy-intensive sectors positively catering to the industry expansion.
 

COVID-19 Impact

Asia Pacific industrial heat pump market has observed significant challenges induced by the sudden outbreak of the COVID-19 pandemic. The untimely disruptions in supply chains on account of the stringent lockdown protocols along with limitations in the cross-border trade & transportation activities have affected the availability of components needed for heat pump manufacturing hindering the overall value chain dynamics.
 

Economic uncertainties caused by the viral outbreak have led energy-intensive industries to delay capital investments across new & renovation operations impacting the industry growth potential. However, stern measures to curb GHG emissions, continuous operations across essential industries, introduction of mass vaccination drives to mitigate virus transmission, and positive outlook towards renewable energy integration, are some of the key attributes complementing the heat pump industry growth.
 

Asia Pacific Industrial Heat Pump Market Trends

Different national and regional governing agencies have enforced comprehensive regulations and standards aimed at improving energy efficiency across various industry verticals proliferating the Asia Pacific industrial heat pump industry landscape. Fast paced growth in the rate of industrialization & commercialization have led to increased energy consumption along with advanced heating and cooling solutions across various industries adding to the industry dynamics. Similarly, the growing focus on process optimization to deliver precise temperature control and process optimization to enhance the manufacturing processes will create positive outlook for the large-scale heat pump deployment.
 

Asia Pacific Industrial Heat Pump Market Analysis

Air source industrial heat pump systems are anticipated to observe substantial expansion on account of their growing integration to deliver space heating and cooling for factories, large establishments, and other industrial processes requiring advanced temperature control. Additionally, the ability of these units to operate over low global warming potential (GWP) refrigerants coupled with innovative design to deliver substantial temperature lift will boost the Asia Pacific industrial heat pump market dynamics.
 

Encouraging initiatives to attain carbon neutrality while decarbonizing the building stocks along with industrial spaces across various verticals will boost the mechanical vapor compression (MVC) heat pump systems. Furthermore, growing efforts to foster the electrification of industrial process along with ongoing research & development efforts across the region to improve the efficiency, reliability, and applicability of MVC heat pump systems will further add to the Asia Pacific industrial heat pump market landscape.
 

Heat pump systems with up to 500 kW capacity ratings was estimated to hold the dominating position in 2022 and is set to register substantial expansion on account of their wide applicability across various sectors including manufacturing, chemical processing, food & beverage, pharmaceuticals, pulp & paper, and many others. Moreover, the cost-efficient operations along with ability to effectively recover waste heat and utilize the same for other processes, thereby improving overall energy efficiency.
 

Based on temperature, the industry is primarily segregated into 80-100°C, 100-150°C, 150-200°C, and > 200°C. The wide commercial availability of large heat pump units with up to 100 °C temperature ratings along with growing deployment of these units in different industrial processes including food and beverage pasteurization, chemical reactions, and pharmaceutical production, among others will boost the business outlook. In addition, the introduction of pioneering high temperature heat pump systems with the rating of over 100 °C and 150 °C across emerging countries to serve the hot air & water supply within industrial establishment will further proliferate the Asia Pacific industrial heat pump market dynamics.
 

China industrial heat pump market size surpassed USD 223 million in 2022 and is likely to observe positive upsurge over the forecast period. Rapidly rising rate of urbanization & industrialization, growing energy consumption, paradigm shift towards low carbon alternatives, and mounting investments in heavy-duty energy-intensive industrial infrastructure will favor the industry growth. Additionally, the rising adoption of smart technologies and Internet of Things (IoT) in the district heating sector utilizing waste heat from industrial processes, power generation, and other sources will add to the industry outlook.
 

Asia Pacific Industrial Heat Pump,Market Share

Asia Pacific industrial heat pump market has observed various large-scale manufacturers delivering advanced product line across different geographies & verticals along with a significant number of small players operating at the national or regional levels. The industry has witnessed continuous expansion activities with introduction of new locations across emerging economies to boost their geographical footprint and enhance the customer base. The key participants operating across the industry include :

GUANGDONG MACON NEW ENERGY TECHNOLOGY CO., LTD,

• GEA Group Aktiengesellschaft
• MAN Energy Solutions
• Johnson Controls
• Carrier
• Guangdong PHNIX Eco-energy Solution Ltd.
• Atlas Copco AB
• Suntec Energy Systems
• Clade Engineering Systems Ltd
• Piller Blowers & Compressors GmbH
• BROAD Group
• World Energy
• Thermax Limited 
•  MAYEKAWA AUSTRALIA PTY LTD.
   

Asia Pacific Industrial Heat Pump Market News

• In June 2023, Toshiba Carrier Corp located in Japan and a subsidiary of industry giant Carrier, received the National Invention Awards of Japan 2023 for the company’s latest compressor for heat pump systems. The advanced technology boasts a new design with optimized structure to enhance the heating capacity of the units. The company further confirmed that the innovation resolves operational issues in high-capacity heat pump units and smooth function with high efficiency and low noise levels.
   
• In March 2023, the researchers based in Korea Institute of Civil Engineering and Building Technology (KICT), South Korea, announced to develop a geothermal or ground source heat pump equipped with solar thermal technology. The new system is designed for district heating with low-temperatures, utilizing a combination of 310 kW GSHP unit, a 10 kW natural gas fired fuel-cell system, and solar thermal collectors. The scientists organized a heating pipe network for three KITC buildings in lsan, South Korea with options to control manually and automatically for streamline operations.

This Asia Pacific industrial heat pump market research report includes in-depth coverage of the industry with estimates & forecast in terms of “Units” & “USD Million” from 2019 to 2032, for the following segments:

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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

By Capacity

• < 500 kW
• 500 kW - 2 MW
• 2 MW - 5 MW
• > 5 MW

By Temperature

• 80 – 100 °C
• 100 – 150 °C
• 150 – 200 °C
• > 200 °C

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