Portland, OR, Feb. 16, 2023 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global industrial heat pumps market generated $8.8 billion in 2021, and is estimated to generate $17.7 billion by 2031 registering a CAGR of 7.7% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscape, and competitive scenario. The report is a helpful source of information for leading market players, new entrants, investors, and stakeholders in devising strategies for the future and taking steps to strengthen their position in the market.
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Report Coverage and details:
| Report coverage | Details |
| Forecast Period | 2022-2031 |
| Base Year | 2021 |
| Market Size in 2021 | $8.8 billion |
| Market Size in 2031 | $17.7 billion |
| CAGR | 7.7% |
| No. of Pages in Report | 314 |
| Segments covered | Source, End-use industry, System, Capacity, and Region |
| Drivers | Rise in demand for heating with better performance and energy efficiency for its use in various end user applications. |
| Surge in replacement of traditional water heaters with advanced heat pumps. | |
| Rise in awareness toward energy-efficient heating systems to reduce environmental pollution and along with increase in dominance of industrial heat pumps. | |
| Opportunities | Rise in R&D for high temperature industrial heat pumps in water and space heating applications. |
| Restraints | Low awareness of heat consumption in companies |
| Long payback period | |
| Availability of alternative for heating applications such as central gas fired boilers, geothermal heat pump, combined heat power, and others. |
COVID-19 Scenario:
- The outbreak of the COVID-19 pandemic implemented the global lockdown which led to have a temporary ban on import & export activities, as well as manufacturing & processing activities across various industries, which reduced end-user demand for heat pumps.
- During the pandemic period, the manufacturing process and trade activities were halted due to lack of workers and an increase in the demand-supply gap. This declined the market growth in the second, third, and fourth quarters of 2020.
- However, the market has recovered post the pandemic.
The research provides detailed segmentation of the global industrial heat pumps market based on source, end-use industry, system, capacity, and region. The report discusses segments and their sub-segments in detail with the help of tables and figures. Market players and investors can strategize according to the highest revenue-generating and fastest-growing segments mentioned in the report.
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Based on source, the air segment captured the largest market share of nearly three-fifths of the global industrial heat pumps market in 2021. And is projected to maintain its dominant share in terms of revenue in 2031. The same segment is likely to achieve the fastest CAGR of 8.0% through 2031.
Based on end-use industry, the food and beverages segment held the largest share in 2021, contributing to nearly two-fifths of the global industrial heat pumps market share, and would lead the trail through 2031. The same segment is estimated to witness the fastest CAGR of 8.3% during the forecast period. The other segments analyzed in the report include lumber drying, petroleum refining, pulp and paper manufacturing, district heating, chemical, utilities and others.
Based on system, closed loop segment held the highest share in 2021, accounting for more than two-thirds of the global industrial heat pumps market, and would maintain its dominance in terms of revenue through 2031. The same segment is expected to register the highest CAGR of 7.9% from 2022 to 2031. Another segment analyzed in the report include open cycle.
In terms of capacity, the less than 500 kW segment held more than half of the global industrial heat pumps market share in 2021, and is expected to dominate by 2031. The same segment would also cite the fastest CAGR of 7.9% during the forecast period.
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Based on region, the market across Asia-Pacific generated more than one-third of the global industrial heat pumps market share in 2021, and is anticipated to retain the lion’s share by 2031. The same segment is estimated to grow at the highest CAGR of 8.4% during the forecast period. The other regions analyzed in the report include the North America, Europe and LAMEA.
Leading market players of the global industrial heat pumps market analyzed in the research include Johnson Controls, Inc., Ingersoll-Rand Inc., Daikin Industries Ltd., Emerson Electric Co., Mitsubishi Electric Corporation, STIEBEL ELTRON GmbH and Co. KG, Robert Bosch, Carrier Global Corporation, Danfoss A/S, NIBE Industrier AB.
The report provides a detailed analysis of these key players of the global industrial heat pumps market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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