The global industrial heat pump market reached approximately USD 9.65 Billion in 2024. The market is projected to grow at a CAGR of 7.30% between 2025 and 2034, reaching a value of USD 19.52 Billion by 2034.
Base Year
Historical Period
Forecast Period
Compound Annual Growth Rate
7.3%
Value in USD Billion
2025-2034
Industrial Heat Pump Market Outlook
*this image is indicative*
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.
"Global Industrial Heat Pump Market Report and Forecast 2025-2034" offers a detailed analysis of the market based on the following segments:
Breakup by Source
Breakup by Capacity
Breakup by End-Use
Breakup by Region
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.
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.
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 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.
*Please note that this is only a partial list; the complete list of key players is available in the full report. Additionally, the list of key players can be customized to better suit your needs.*
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.
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In 2024, the market reached an approximate value of USD 9.65 Billion.
The market is assessed to grow at a CAGR of 7.30% between 2025 and 2034.
The market is estimated to witness a healthy growth in the forecast period of 2025-2034 to reach around USD 19.52 Billion by 2034.
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.
Explore our key highlights of the report and gain a concise overview of key findings, trends, and actionable insights that will empower your strategic decisions.
| REPORT FEATURES | DETAILS |
| Base Year | 2024 |
| Historical Period | 2018-2024 |
| Forecast Period | 2025-2034 |
| 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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