Industrial Heat Pump Market to Reach $19.3 billion, Globally, by 2033 at 7.4% CAGR: Allied Market Research

Wilmington, Delaware, Jan. 27, 2025 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Industrial Heat Pump Market by System Type (Closed Loop and Open Cycle), Source (Air, Water, and Ground), Capacity (Less Than 500 kW, 500 kW to 2 MW, 2 MW to 5 MW, and More Than 5 MW), and End Use (Lumber Drying, Pulp and Paper Manufacturing, Petroleum Refining, Food and Beverages, Chemical, Utilities, District Heating, and Others): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the industrial heat pump market was valued at $9.5 billion in 2023, and is estimated to reach $19.3 billion by 2033, growing at a CAGR of 7.4% from 2024 to 2033.

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Prime determinants of industrial heat pump market growth

Increase in the adoption of heat recovery systems is significantly driving the demand for industrial heat pumps. As industries continue to focus on improving energy efficiency and reducing operational costs, heat recovery systems have emerged as a crucial component in optimizing energy usage. Heat recovery systems capture and repurpose waste heat generated during various industrial processes, which would otherwise be lost. This repurposed heat then be used to meet heating needs or drive other processes, thereby reducing the reliance on external energy sources and lowering overall energy consumption. All these factors are expected to drive the demand for the industrial heat pump market during the forecast period.

Report coverage & details:

The closed loop segment is expected to maintain its dominance by 2033.

By system type, the closed loop segment accounted for more than two-thirds of the industrial heat pump market share in 2023 and is expected to maintain its dominance during the forecast period. Closed-loop heat pumps are highly adaptable across various industrial applications. They are customized to meet the specific needs of different sectors, from high-temperature applications in petrochemicals to moderate heating needs in food and beverage processing. This versatility is a key factor driving their widespread use, especially as industries seek flexible solutions that is integrated into existing systems with minimal disruption.

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The air segment is expected to maintain its dominance by 2033.

By source, the air segment accounted for less than three-fifths of the industrial heat pump market share in 2023 and is expected to maintain its dominance during the forecast period. Stringent environmental regulations aimed at reducing greenhouse gas (GHG) emissions are another major factor driving the adoption of air source industrial heat pumps. Governments are enforcing stricter emissions standards and encouraging the transition to cleaner, renewable energy sources. Air source industrial heat pumps (ASHPs) use ambient air as their primary energy source, resulting in lower carbon emissions compared to fossil-fuel-based systems.

The less than 500 kW segment is expected to maintain its dominance by 2033.

By capacity, the less than 500 kW segment accounted for more than half of the industrial heat pump market share in 2023 and is expected to maintain its dominance during the forecast period. Small capacity heat pumps are particularly suited for applications in industries that require moderate heating or cooling solutions, which makes them ideal for sectors such as food processing, pharmaceuticals, and small-scale manufacturing. The growing emphasis on reducing energy consumption, particularly in countries with high energy costs, has significantly increased the adoption of these heat pumps in industrial settings. Their ability to deliver substantial energy savings over traditional heating systems is a major driver of market growth.

The food and beverages segment is expected to maintain its dominance by 2033.

By end use, the food and beverages segment accounted for more than one-third of the industrial heat pump market share in 2023 and is expected to maintain its dominance during the forecast period. Rising energy costs play a significant role in the increasing adoption of heat pumps. The food and beverage industry operates on thin profit margins, and energy expenses account for a substantial portion of operational costs. Industrial heat pumps offer a long-term solution to this problem by reducing the reliance on fossil fuel-based heating systems and lowering overall energy consumption.

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Asia-Pacific is expected to witness rapid growth throughout the forecast period.

By region, Asia-Pacific is anticipated to grow at the fastest CAGR of 4.1% during the forecast period. The Asia-Pacific region accounted for more than one-third of the industrial heat pump market share in 2023 and is expected to maintain its dominance during the forecast period. Governments across the region are implementing stricter regulations to reduce carbon emissions and improve energy efficiency. Countries such as China and India have introduced policies promoting green technologies and are offering financial incentives for adopting energy-efficient systems. Industrial heat pumps, which significantly lower emissions and energy consumption, align well with these national goals of reducing environmental impact. The push for sustainability is particularly strong in industries that contribute heavily to emissions, such as petrochemicals and cement production.

Leading Market Players:

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

The report provides a detailed analysis of these key players in the global industrial heat pump 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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