Dublin, May 15, 2023 (GLOBE NEWSWIRE) -- The "Industrial Heat Pump Market By System, By Source, By Capacity, By End-Use Industry: Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.
The global Industrial heat pumps market size was valued at $8.8 billion in 2021, and is projected to reach $17.7 billion by 2031, growing at a CAGR of 7.7% from 2022 to 2031.
Key Market Players
- Daikin Industries Ltd.
- Johnson Controls, Inc.
- Danfoss A/S
- NIBE Industrier AB
- Robert Bosch
- STIEBEL ELTRON GmbH and Co. KG
- Carrier Global Corporation
- Ingersoll-Rand Inc.
- Emerson Electric Co.
- Mitsubishi Electric Corporation
Heat pump is a cost-effective and effective solution for heat and cold generation. Heat pump raises the temperature by absorbing thermal energy from an existing low-temperature heat source and releasing it to a warmer area. Industrial heat pumps are able to generate large amount of heat with a limited amount of electricity by using heat sources compared to direct conversion of electricity to generate heat.
Moreover, the food and beverages industry continues to witness substantial growth due to advancements in manufacturing technologies over decades. This is attributed to rapid urbanization, which has boosted the demand for industrial heat pumps for combination of heating and cooling system in chocolate manufacturing process.
Rapid urbanization resulted in the surge in food and beverages products, including chocolate, milk, drinks, sugar, and other products which, in turn, increased the demand for industrial heat pumps to fulfill combine cooling and heating system demand from food and beverage industries.
This factor is anticipated to drive the growth of the industrial heat pumps market during the forecast period. Furthermore, the industrial heat pumps market in regions, such as Asia-Pacific, Middle-East, Latin America, and Europe, exhibits potential growth opportunities due to rise in demand for hot water heating from food and beverages consumers in these regions. This has resulted in surge in hot water consumption at enormous rate, which, in turn, augmented the demand for industrial heat pumps.
However, Industrial heat pumps require relatively higher investment cost while comparing to other alternative like oil and gas burners which is expected to restrain the growth of the industrial heat pumps market during the forecast period. In addition, several manufacturers have lessened awareness about the heating and cooling demands (heat consumption) requires for manufacturing process of chemicals, food, textiles, and others which in turn is anticipated to hamper the growth of the industrial heat pumps market during the analyzed time frame.
Moreover, availability of alternative for heating applications includes central gas fired boilers, geothermal heat pump, combined heat power, and others application are expected to hamper the growth of the market during the analyzed timeframe.
On the contrary, Significant development of the renewable energy sector is expected to have a positive impact on the growth of the industrial heat pumps market during the forecast period. Europe has registered the highest growth rate, owing to increase in investment toward renewable energy systems.
Hot water heating systems are expected to meet the increase in demand for hot water from end users, which further fuels the demand for industrial heat pumps. Furthermore, governments across the globe promote eco-friendly heating systems to minimize carbon emissions from industrial energy systems and reduce the cost of electricity. Therefore, high-temperature heat pumps system is projected to drive the growth of the industrial heat pumps market during the analyzed time frame.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the industrial heat pump market analysis from 2021 to 2031 to identify the prevailing industrial heat pump market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's Five Forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the industrial heat pump market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global industrial heat pump market trends, key players, market segments, application areas, and market growth strategies.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 314 |
| Forecast Period | 2021 - 2031 |
| Estimated Market Value (USD) in 2021 | $8.8 billion |
| Forecasted Market Value (USD) by 2031 | $17.7 billion |
| Compound Annual Growth Rate | 7.2% |
| Regions Covered | Global |
Key Market Segments
By Source
- Air
- Water
- Ground
By End-use Industry
- Lumber Drying
- Pulp and Paper Manufacturing
- Petroleum Refining
- Food and Beverages
- Chemical
- Utilities
- District Heating
By System
- Closed Loop
- Open Cycle
By Capacity
- Less Than 500 kW
- 500 kW to 2 MW
- 2 MW - 5 MW
- More Than 5 MW
For more information about this report visit https://www.researchandmarkets.com/r/l5u55c
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