Global Industrial Heat Pump Market Report and Forecast 2024-2032

Global Industrial Heat Pump Market Outlook

The global industrial heat pump market reached approximately USD 9.65 billion in 2023. The market is projected to grow at a CAGR of 7.3% between 2024 and 2032, reaching a value of USD 18.22 billion by 2032.

Key Trends in the Market

A heat pump refers to a heat engine that is used to transfer heat energy to a thermal reservoir. It is often used to transfer thermal energy by absorbing heat from a cold space and releasing it to a warmer one. Heat pumps transfer heat from a cold body to a hot body when external energy is applied.

• The ongoing focus on decarbonisation is one of the significant industrial heat pump market trends. Due to their cost-effectiveness, and excellent scalability, heat pumps are ideal for decarbonising industrial heat in various end-use sectors like chemical and food and beverages.

• The industrial heat pump market growth is being aided by the introduction of favourable government initiatives aimed at enhancing the reliability and affordability of heat pumps while promoting their deployment in industrial activities. Moreover, governments across the globe are striving to reduce greenhouse gas emissions, which is expected to further drive the demand for industrial heat pumps in the coming years.

• With increasing research activities and rapid digitalisation, smart industrial heat pumps integrated with technologies like IoT that can optimise the adaptability and performance of the product are increasingly developed. The increasing trend of Industry 4.0 and the surging automation in various sectors are likely to further favour the industrial heat pump market demand in the coming years.

Market Analysis

On the basis of source, the global industrial heat pump market segmentations include air, water, and ground. By capacity, the market divisions are less than 500 kW, 500 kW to 2 MW, 2 MW to 5 MW, and more than 5 MW.

Based on end-use, the market is divided into lumber drying, pulp and paper manufacturing, petroleum refining, food and beverages, chemical, utilities, and district heating, among others. On the basis of region, the market divisions are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global industrial heat pump market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.

• Siemens AG  

• Johnson Controls International plc.  

• LG Electronics, Inc.  

• Daikin Industries Ltd.  

• GEA Group Aktiengesellschaft  

• Carrier Global Corporation  

• Copeland LP  

• Glen Dimplex Deutschland GmbH  

• Thermax Limited  

• Star Refrigeration Group  

• Others

Market Share by End-Use

As per the industrial heat pump market analysis, the food and beverage sector accounts for a significant market share. This can be attributed to the growing focus on decarbonising food and beverage processing. Heat pumps can also provide gentle heating and precise temperature control to enhance the flavour and nutritional profile of food products.

Manufacturers of pulp and paper are increasingly using heat pumps to convert low-temp residual heat into superheated steams for the production of end products. In the forecast period, the implementation of heat pump to reduce the energy consumption of various pulp and paper manufacturing processes are likely to further bolster the market demand.

Market Share by Region

The Asia Pacific accounts for a substantial industrial heat pump market share. Countries like India, Japan, and China are witnessing rapid industrialisation, which is driving the demand for heat pumps. The introduction of stringent government initiatives aimed at regulating greenhouse emissions from various sectors such as chemical and food and beverages, among others, is anticipated to positively impact the market growth in the coming years.

Competitive Landscape

Siemens AG is a global technology company, operating in more than 200 countries and regions. It focuses on the areas of electrification, automation, and digitalisation. It is a key developer and supplier of systems and technologies for power generation and transmission, energy management, transportation, telecommunications, and medical diagnosis, among others.

Johnson Controls International plc. is a leading provider of solutions that can drive the development of smart, safe, and sustainable spaces. The company has footprints in over 150 countries and aims to transform the health and sustainability of buildings by harnessing the potential of innovative technologies.

LG Electronics, Inc. is a South Korean multinational electronics company headquartered in Seoul. LG Electronics is a part of LG Corporation, one of the largest corporations in South Korea. It is a prominent manufacturer and provider of various consumer electronics, home entertainment, air solutions, and automotive components, among others.

Other major players of the global industrial heat pump market are Daikin Industries Ltd., GEA Group Aktiengesellschaft, Carrier Global Corporation, Copeland LP, Glen Dimplex Deutschland GmbH, Thermax Limited, and Star Refrigeration Group, among others.

Key Highlights of the Report