Industrial Heat Pump Market Expected to Reach $17.7 Billion by 2031 - Allied Market Research

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. Straightforwardly, a heat pump system produces heat in a cost-effective way, when compared to other alternatives.

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.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐟𝐨𝐫 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐃𝐅: https://www.alliedmarketresearch.com/request-sample/47743

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 manufacturing 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.

𝐆𝐞𝐭 𝐚 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐞𝐝 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 @ https://www.alliedmarketresearch.com/request-for-customization/47743

𝐂𝐨𝐦𝐩𝐞𝐭𝐢𝐭𝐢𝐯𝐞 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬:

The Industrial Heat Pump industry's key market players adopt various strategies such as product launches, 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,

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

The global industrial heat pumps market is segmented based on 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. Based on 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, chemicals, 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.

𝐄𝐧𝐪𝐮𝐢𝐫𝐲 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠: https://www.alliedmarketresearch.com/purchase-enquiry/47743

𝐊𝐞𝐲 𝐟𝐢𝐧𝐝𝐢𝐧𝐠𝐬:

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

𝐋𝐚𝐭𝐞𝐬𝐭 𝐓𝐫𝐞𝐧𝐝𝐢𝐧𝐠 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐛𝐲 𝐀𝐥𝐥𝐢𝐞𝐝 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡:

𝟏. 𝐆𝐞𝐨𝐭𝐡𝐞𝐫𝐦𝐚𝐥 𝐇𝐞𝐚𝐭 𝐏𝐮𝐦𝐩 𝐌𝐚𝐫𝐤𝐞𝐭 - https://www.globenewswire.com/news-release/2022/08/10/2495750/0/en/Geothermal-Heat-Pump-Market-Is-Expected-to-Reach-12-5-billion-by-2031-Allied-Market-Research.html

𝟐. 𝐇𝐞𝐚𝐭 𝐄𝐱𝐜𝐡𝐚𝐧𝐠𝐞𝐫 𝐌𝐚𝐫𝐤𝐞𝐭 - https://www.prnewswire.co.uk/news-releases/heat-exchanger-market-to-reach-28-3-bn-globally-by-2030-at-5-5-cagr-allied-market-research-843702901.html

𝐀𝐛𝐨𝐮𝐭 𝐔𝐬:

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