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Global Industrial Heat Pump Market Size, Trends, Forecast: By Source: Air, Water, Ground; By Capacity: Less Than 500 kW, 500 kW to 2 MW, 2 MW to 5 MW, More Than 5 MW; By End-Use: Lumber Drying, Pulp and Paper Manufacturing, Petroleum Refining, Food and Beverages, Others; Regional Analysis; Competitive Landscape; 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
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Source |
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| Breakup by Capacity |
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| Breakup by End-Use |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Industrial Heat Pump Market Analysis
8.1 Key Industry Highlights
8.2 Global Industrial Heat Pump Historical Market (2018-2023)
8.3 Global Industrial Heat Pump Market Forecast (2024-2032)
8.4 Global Industrial Heat Pump Market by Source
8.4.1 Air
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Water
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.3 Ground
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.5 Global Industrial Heat Pump Market by Capacity
8.5.1 Less Than 500 kW
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 500 kW to 2 MW
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 2 MW to 5 MW
8.5.3.1 Historical Trend (2018-2023)
8.5.3.2 Forecast Trend (2024-2032)
8.5.4 More Than 5 MW
8.5.4.1 Historical Trend (2018-2023)
8.5.4.2 Forecast Trend (2024-2032)
8.6 Global Industrial Heat Pump Market by End-Use
8.6.1 Lumber Drying
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Pulp and Paper Manufacturing
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 Petroleum Refining
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.6.4 Food and Beverages
8.6.4.1 Historical Trend (2018-2023)
8.6.4.2 Forecast Trend (2024-2032)
8.6.5 Chemical
8.6.5.1 Historical Trend (2018-2023)
8.6.5.2 Forecast Trend (2024-2032)
8.6.6 Utilities
8.6.6.1 Historical Trend (2018-2023)
8.6.6.2 Forecast Trend (2024-2032)
8.6.7 District Heating
8.6.7.1 Historical Trend (2018-2023)
8.6.7.2 Forecast Trend (2024-2032)
8.6.8 Others
8.7 Global Industrial Heat Pump Market by Region
8.7.1 North America
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 Europe
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.7.3 Asia Pacific
8.7.3.1 Historical Trend (2018-2023)
8.7.3.2 Forecast Trend (2024-2032)
8.7.4 Latin America
8.7.4.1 Historical Trend (2018-2023)
8.7.4.2 Forecast Trend (2024-2032)
8.7.5 Middle East and Africa
8.7.5.1 Historical Trend (2018-2023)
8.7.5.2 Forecast Trend (2024-2032)
9 North America Industrial Heat Pump Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Industrial Heat Pump Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Industrial Heat Pump Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Industrial Heat Pump Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Industrial Heat Pump Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Trade Data Analysis (HS Code - 841861)
15.1 Major Importing Countries
15.1.1 By Volume
15.1.2 By Value
15.2 Major Exporting Countries
15.2.1 By Volume
15.2.2 By Value
16 Competitive Landscape
16.1 Market Structure
16.2 Company Profiles
16.2.1 Siemens AG
16.2.1.1 Company Overview
16.2.1.2 Product Portfolio
16.2.1.3 Demographic Reach and Achievements
16.2.1.4 Certifications
16.2.2 Johnson Controls International plc.
16.2.2.1 Company Overview
16.2.2.2 Product Portfolio
16.2.2.3 Demographic Reach and Achievements
16.2.2.4 Certifications
16.2.3 LG Electronics, Inc.
16.2.3.1 Company Overview
16.2.3.2 Product Portfolio
16.2.3.3 Demographic Reach and Achievements
16.2.3.4 Certifications
16.2.4 Daikin Industries Ltd.
16.2.4.1 Company Overview
16.2.4.2 Product Portfolio
16.2.4.3 Demographic Reach and Achievements
16.2.4.4 Certifications
16.2.5 GEA Group Aktiengesellschaft
16.2.5.1 Company Overview
16.2.5.2 Product Portfolio
16.2.5.3 Demographic Reach and Achievements
16.2.5.4 Certifications
16.2.6 Carrier Global Corporation
16.2.6.1 Company Overview
16.2.6.2 Product Portfolio
16.2.6.3 Demographic Reach and Achievements
16.2.6.4 Certifications
16.2.7 Copeland LP
16.2.7.1 Company Overview
16.2.7.2 Product Portfolio
16.2.7.3 Demographic Reach and Achievements
16.2.7.4 Certifications
16.2.8 Glen Dimplex Deutschland GmbH
16.2.8.1 Company Overview
16.2.8.2 Product Portfolio
16.2.8.3 Demographic Reach and Achievements
16.2.8.4 Certifications
16.2.9 Thermax Limited
16.2.9.1 Company Overview
16.2.9.2 Product Portfolio
16.2.9.3 Demographic Reach and Achievements
16.2.9.4 Certifications
16.2.10 Star Refrigeration Group
16.2.10.1 Company Overview
16.2.10.2 Product Portfolio
16.2.10.3 Demographic Reach and Achievements
16.2.10.4 Certifications
16.2.11 Others
17 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Industrial Heat Pump Market: Key Industry Highlights, 2018 and 2032
2. Global Industrial Heat Pump Historical Market: Breakup by Source (USD Billion), 2018-2023
3. Global Industrial Heat Pump Market Forecast: Breakup by Source (USD Billion), 2024-2032
4. Global Industrial Heat Pump Historical Market: Breakup by Capacity (USD Billion), 2018-2023
5. Global Industrial Heat Pump Market Forecast: Breakup by Capacity (USD Billion), 2024-2032
6. Global Industrial Heat Pump Historical Market: Breakup by End-Use (USD Billion), 2018-2023
7. Global Industrial Heat Pump Market Forecast: Breakup by End-Use (USD Billion), 2024-2032
8. Global Industrial Heat Pump Historical Market: Breakup by Region (USD Billion), 2018-2023
9. Global Industrial Heat Pump Market Forecast: Breakup by Region (USD Billion), 2024-2032
10. North America Industrial Heat Pump Historical Market: Breakup by Country (USD Billion), 2018-2023
11. North America Industrial Heat Pump Market Forecast: Breakup by Country (USD Billion), 2024-2032
12. Europe Industrial Heat Pump Historical Market: Breakup by Country (USD Billion), 2018-2023
13. Europe Industrial Heat Pump Market Forecast: Breakup by Country (USD Billion), 2024-2032
14. Asia Pacific Industrial Heat Pump Historical Market: Breakup by Country (USD Billion), 2018-2023
15. Asia Pacific Industrial Heat Pump Market Forecast: Breakup by Country (USD Billion), 2024-2032
16. Latin America Industrial Heat Pump Historical Market: Breakup by Country (USD Billion), 2018-2023
17. Latin America Industrial Heat Pump Market Forecast: Breakup by Country (USD Billion), 2024-2032
18. Middle East and Africa Industrial Heat Pump Historical Market: Breakup by Country (USD Billion), 2018-2023
19. Middle East and Africa Industrial Heat Pump Market Forecast: Breakup by Country (USD Billion), 2024-2032
20. Major Importing Countries by Volume
21. Major Exporting Countries by Volume
22. Major Importing Countries by Value
23. Major Exporting Countries by Value
24. Global Industrial Heat Pump Market Structure
Key Questions Answered in the Report
In 2023, the market reached an approximate value of USD 9.65 billion.
The market is assessed to grow at a CAGR of 7.3% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach around USD 18.22 billion by 2032.
Technical advancements and the introduction of stringent government policies aimed at minimising greenhouse gas emissions are major market drivers.
The growing usage of industrial heat pumps in the food and beverage sector and the rising focus on decarbonisation are the key trends of the market.
The different end uses of the product are lumber drying, pulp and paper manufacturing, petroleum refining, food and beverages, chemical, utilities, and district heating, among others.
The major regions in the market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The key players considered in the global industrial heat pump market report are 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, and Star Refrigeration Group, among others.
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