Industrial heat pump market: $8.8 billion in 2021, projected to reach $17.7 billion by 2031, with 7.7% CAGR from 2022

Industrial heat pumps are the large-scale systems used to extract heat from a number of sources, primarily industrial wastewater, seawater, and rivers. Several end use industries including lumber drying, pulp & paper manufacturing, petroleum refining, food & beverages, chemical, utilities, and district heating use heat pumps to distribute heat and to cool applications.

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 𝐬𝐚𝐦𝐩𝐥𝐞 𝐫𝐞𝐩𝐨𝐫𝐭: https://www.alliedmarketresearch.com/request-sample/A47269

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 transfer it to warmer space.

Industrial heat pumps not only reduce fuel costs however also create new business prospects and help manufacturers to make a company's heat supply carbon neutral. In a straightforward way, 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, cost effective, 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.

𝐁𝐮𝐲 𝐍𝐨𝐰 & 𝐆𝐞𝐭 𝐄𝐱𝐜𝐥𝐮𝐬𝐢𝐯𝐞 𝐃𝐢𝐬𝐜𝐨𝐮𝐧𝐭 𝐎𝐧 𝐓𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭: https://www.alliedmarketresearch.com/checkout-final/37c34e1f74ea42b9f1897197361c71aa

Rise in demand for industrial heat pumps from industrial end users, rapid industrialization, and surge in investment toward 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 pumps market. However, high set up cost of industrial heat pumps is anticipated to hamper the growth of the Industrial heat pumps market, globally.

Conversely, rise in focus toward manufacturing of industrial heat pumps with safety awareness, enhanced quality, and operation at high temperature is expected to create potential growth opportunity for key players operating in industrial heat pumps market.
The global industrial heat pumps market is segmented on the basis of system, source, capacity, end use industries, and region. Depending on system, the market is bifurcated into closed loop and 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.

𝐈𝐟 𝐲𝐨𝐮 𝐡𝐚𝐯𝐞 𝐚𝐧𝐲 𝐪𝐮𝐞𝐬𝐭𝐢𝐨𝐧𝐬, 𝐏𝐥𝐞𝐚𝐬𝐞 𝐟𝐞𝐞𝐥 𝐟𝐫𝐞𝐞 𝐭𝐨 𝐜𝐨𝐧𝐭𝐚𝐜𝐭 𝐨𝐮𝐫 𝐚𝐧𝐚𝐥𝐲𝐬𝐭 𝐚𝐭: https://www.alliedmarketresearch.com/connect-to-analyst/A47269

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%. Rapid expansion of food & beverages, petrochemical refineries, chemical, district heating, and paper & pulp industry is the key factor that exhibits the growth of 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, surge in demand for industrial heat pumps from textile applications such as drying, printing, space heating, wash water heating, waste water treatment, and others are anticipated to drive the growth of the market from 2022 to 2031.

𝐊𝐞𝐲 𝐅𝐢𝐧𝐝𝐢𝐧𝐠𝐬 𝐨𝐟 𝐭𝐡𝐞 𝐒𝐭𝐮𝐝𝐲:

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.

𝐊𝐞𝐲 𝐌𝐚𝐫𝐤𝐞𝐭 𝐏𝐥𝐚𝐲𝐞𝐫𝐬

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

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