Industrial Heat Pump Market Expected to Reach $17.7 Billion by 2031 | Growing at a CAGR of 7.7%.

Allied Market Research published a report on the Industrial Heat Pump Market by System (Closed Loop, Open Cycle), by Source (Air, Water, Ground), by Capacity (Less Than 500 kW, 500 kW to 2 MW, 2 MW - 5 MW, More Than 5 MW), by End-use Industry (Lumber Drying, Pulp, and Paper Manufacturing, Petroleum Refining, Food and Beverages, Chemical, Utilities, District Heating, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031.

The industrial heat pump market size was valued at $8.8 billion in 2021 and is estimated to reach $17.7 billion by 2031, growing at a CAGR of 7.7% from 2022 to 2031.

Download Research Report Sample: https://www.alliedmarketresearch.com/request-sample/47743

An industrial heat pump is a heating equipment that generates heat and cold by using ground, air, and water as its sources. The heat pump lifts the temperature by absorbing thermal energy from a low-temperature heat source and transferring it to a warmer space. Industrial heat pumps not only reduce fuel costs but also create new business prospects and help manufacturers make a company's heat supply carbon-neutral. In a straightforward way, the heat pump system produces heat in a cost-effective way, when compared to other alternatives.

These heat pumps have proved to be very useful in industrial, commercial, as well as residential sectors, which, in turn, gives traction to the industrial heat pump market growth across the globe. There are numerous advantages associated with industrial heat pumps such as Low power consumption, Power efficiency, Automatic operation, Easy installation, high efficiency, electric shock resistance, and cost-effectiveness, and they provide hot water throughout the year. Hence, to improve global sales, manufacturers of industrial heat pumps have developed new and innovative high-temperature Industrial heat pumps, which are cost-effective in design.

The rise in demand for industrial heat pumps from industrial end users, rapid industrialization, and surge in investment toward the upgradation of government policies to save fossil fuels are the key industrial heat pumps market trends that significantly contribute toward the growth of the global Industrial heat pump market. However, the high setup cost of industrial heat pumps is anticipated to hamper the growth of the Industrial heat pumps market, globally. Conversely, a rise in focus on the manufacturing of industrial heat pumps with safety awareness, enhanced quality, and operation at high temperatures is expected to create potential growth opportunities for key players operating in the industrial heat pumps market.

Report Overview: https://www.alliedmarketresearch.com/industrial-heat-pump-market-A47269

The global industrial heat pumps market is segmented on the basis of system, source, capacity, end-use industries, and region. Depending on the system, the market is bifurcated into a closed loop and an open cycle. By source, it is divided into air, water, and ground. On the basis of capacity, it is fragmented into less than 500 kW, 500 kW to 2 MW, 2 MW - 5 MW, and more than 5 MW. By end-use industries, it is categorized into lumber drying, pulp & paper manufacturing, petroleum refining, food & beverages, chemical, utilities, district heating, and others. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

By capacity segment, the Less Than 500 kW segment holds the largest share in terms of revenue and is expected to grow at a CAGR of 7.9%. The rapid expansion of food & beverages, petrochemical refineries, chemical, district heating, and paper & pulp industry is the key factor that exhibits the growth of the industrial sector, which in turn, boosts the global market growth during the forecast period. This is expected to fuel the growth of the industrial heat pumps market during the forecast period. In addition, the surge in demand for industrial heat pumps from textile applications such as drying, printing, space heating, wash water heating, wastewater treatment, and others is anticipated to drive the growth of the market from 2022 to 2031.

Competitive Analysis:

The Industrial Heat Pump industry's key market players adopt various strategies such as product launch, product development, collaboration, partnership, and agreements to influence the market. It includes details about the key players in the market's strengths, product portfolio, market size and share analysis, operational results, and market positioning.

Some of the major key players in the global Industrial Heat Pump Market include,

Robert Bosch
Carrier Global Corporation
NIBE Industrier AB
Danfoss A/S
Emerson Electric Co.
Mitsubishi Electric Corporation
Daikin Industries Ltd.
STIEBEL ELTRON GmbH and Co. KG
Johnson Controls, Inc.
Ingersoll-Rand Inc.

Press Release: https://www.alliedmarketresearch.com/press-release/industrial-heat-pump-market.html

On the basis of region, the market is analyzed across four major regions, namely, North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific garnered a dominant share in 2021 and is anticipated to maintain this dominance in the industrial heat pump market during the forecast period. This is attributed to the presence of key players and a huge consumer base in the region. The industrial heat pumps market analysis covers in-depth information on the major industrial heat pumps industry participants.

Key findings:

1. In 2021, the closed loop segment accounted for about 68.3% of the share in the global Industrial heat pumps market and is expected to maintain its dominance till the end of the forecast period.

2. In 2021, the air segment accounted for 57.7% Industrial heat pumps market share in the year 2021 and is anticipated to grow at a rate of 8.0% in terms of revenue, increasing its share in the global Industrial heat pumps market.

3. Less than 500 KW is the fastest-growing application segment in the global Industrial heat pumps market, expected to grow at a CAGR of 7.9% during 2022-2031.

4. Asia Pacific is expected to grow at the fastest rate, registering a CAGR of 8.4%, throughout the forecast period.

Inquiry before Buying: https://www.alliedmarketresearch.com/purchase-enquiry/47743

About Us:

Allied Market Research is a top provider of market intelligence that offers reports from leading technology publishers. Our in-depth market assessments in our research reports take into account significant technological advancements in the sector. In addition to other areas of expertise, AMR focuses on the analysis of high-tech systems and advanced production systems. We have a team of experts who compile thorough research reports and actively advise leading businesses to enhance their current procedures. Our experts have a wealth of knowledge on the topics they cover. Also, they use a variety of tools and techniques when gathering and analyzing data, including patented data sources.

Contact Us:

United States
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
Int'l: +1-503-894-6022
Toll Free: +1-800-792-5285
Fax: +1-800-792-5285
help@alliedmarketresearch.com

This release was published on openPR.