Industrial Heat Pump Market worth over $1.5bn by 2028

Industrial Heat Pump Market size is set to surpass USD 1.5 billion by 2028, according to a new research report by Global Market Insights Inc.
 

The market growth is attributed to the rising demand for energy-efficient and sustainable technologies across the industrial sector. Governmental efforts to increase the deployment of these units across major Energy Intensive Industries (EII) will proliferate the market statistics during the next few years.
 

Regulators are introducing favorable schemes, rebates, and tax credits to promote the acceptance of these heat pumps to successfully tackle the growing energy demand and carbon footprint of the industrial sector. Moreover, a positive outlook toward the incorporation of renewable energy and technology will further complement the penetration of these units, thereby driving the industrial heat pump market progression.
 

Efficient operational characteristics will boost the adoption of open cycle mechanical vapor compression heat pumps

Open mechanical vapor compression heat pumps are gaining wide recognition across the industrial sector owing to their ability to utilize the process steam as the working fluid. These units are applicable across a wide range of industries including food & beverage, paper, chemical, metals, and others, which further favor its growth during the forecast period. Furthermore, governments across various countries are introducing favorable legislative policies and financial programs to promote the usage of these units across industrial applications. In addition, rising concerns about growing carbon emissions and high electricity bills will fuel the need for a cleaner & energy-efficient technology, which in turn, will foster the demand growth for open mechanical vapor compression heat pumps.
 

Browse key industry insights spread across 510 pages with 721 market data tables & 33 figures & charts from the report, “Industrial Heat Pump Market Size, By Product (Air Source, Ground Source, Water Source, Closed Cycle Mechanical Heat Pump, Open Cycle Mechanical Vapor Compression Heat Pump, Open Cycle 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°C - 100°C, 100°C - 150°C, 150°C - 200°C, > 200°C), By Application (Industrial {Paper, Food & Beverages, Chemical, Iron & Steel, Machinery, Non-Metallic Minerals}, District Heating), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2022 - 2028”, in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/industrial-heat-pump-market
 

Growing concerns in terms of GHG emissions from heating applications will enhance the industry outlook

The global industrial heat pump market is poised to witness noteworthy growth from units with < 500 kW capacity impelled by their wide application across several manufacturing industries along with their efficient space heating capabilities. These units find major utilization across including equipment manufacturing, cement, glass, pulp & paper, chemical, and others for waste heat recovery. Additionally, growing concerns in terms of GHG emissions from the heating and industrial sectors will spur the requirement for energy-efficient and clean technologies, thereby propelling the demand for these units.
 

Technological advancements to accelerate the thermal performance of heat pumps will positively sway the industry progression across the globe

80 - 100°C heat pump systems in the industrial heat pump market is projected to observe a 5% growth rate till 2028 on account of the ongoing efforts by different government & non-government bodies to improve the temperature ratings of heat pump units. These systems are widely integrated to utilize excess industrial heat and thereby increase energy efficiency while reducing harmful emissions. Moreover, increasing investments in the development and expansion of medium & small-scale industries along with a wide product availability will favor adoption in the coming years.
 

Growing investments to encourage energy efficient infrastructure will augment the heat pump acceptance for district heating applications

The industrial heat pump market for district heating applications is expected to register substantial growth due to the governmental efforts to minimize carbon emissions from HVAC technologies across the residential and commercial sectors. The soaring population growth across developing nations along with increasing customer preference for energy-efficient space heating technologies will surge the demand for these units across the globe. The majority of the countries are facing a soaring energy demand, which is further compelling the governments to introduce energy-efficient technologies This factor, in turn, will thrust the demand for large heat pump units for space heating applications through district heating networks.
 

Soaring demand for end products of the chemical industry will stimulate a growth opportunity for the heat pump business in North America region

North America industrial heat pump market is estimated to attain a CAGR of over 4% by 2028. Rising demand for packaged food and end products of the chemical industry has proliferated the business scenario for the food & chemical industries, which in turn, will escalate the demand for heat pumps across these establishments. Furthermore, industrial heat pumps will further witness a rise in deployment from district heating applications owing to the governmental efforts to introduce clean space heating technologies across the residential and commercial sectors in the region.
 

Joint ventures, acquisitions, and technological advancements are among the key strategies adopted by market players to boost their share

Eminent participants operating in the industrial heat pump market include Finn Geothermal, Kensa Heat Pump, Huntingdon Pump Company Limited, NIBE Industrier AB, GEA Group Aktiengesellschaft, Vaillant Group, Trane, Oilon Group Oy, Danfoss, Bosch Thermotechnik, Carrier, Linde PLC, Qvantum Energi AB, Verder Liquids, Emerson Electric Co., HELIOTHERM Wärmepumpentechnik Ges.m.b.H., and Swegon, amongst others. These leaders are adopting various strategic ventures including mergers, acquisitions, joint ventures, and others to gain a larger share in the industry. Manufacturers are financing new R&D activities to develop innovative technologies and gain competitive edge over other players.