Product Code: 5253
Stringent government norms towards reducing global carbon emissions are expected to augment the industrial heat pump market growth through 2028. Rising consumer awareness regarding sustainability would further outline the industry scenario over the coming years.
According to the American Council for Energy Efficient Economy (ACEEE), industrial heat pumps (IHPs) would pave the way for electrification and energy security. ACEEE suggests that IHPs are a potent solution that can cut U.S. industrial energy consumption, driven by process heat, down by up to one-third, which is equivalent to nearly 9 million cars' worth of emissions.
The overall industrial heat pump market is categorized based on product, capacity, temperature, application, and the regional landscape.
By product, the overall market is bifurcated into closed cycle absorption heat pumps, open cycle thermocompression heat pumps, open cycle mechanical vapor compression heat pumps, closed cycle mechanical heat pumps, water source heat pumps, air source heat pumps, and ground source heat pumps.
Among these, the water source heat pump (WSHP) sub-segment is likely to witness a significant rise in demand, propelled by the consistent refurbishment within industrial spaces.
Similarly, air source heat pumps (ASHPs) are also anticipated to experience large-scale adoption on account of lower maintenance and operational costs. According to the International Energy Agency, air-to-air type of heat pumps have grown widely popular, having exceeded shipments of more than 3.4 million units in the U.S. in 2020.
Owing to government backing and favorable regulatory framework empowering the adoption of renewable technologies, the demand for ground source heat pumps is expected to grow exponentially over the forecast period. As per the IEA, Europe plays a crucial role in driving the ground-source heat pumps sub-segment. Sweden leads the market in terms of installation rate per capital globally.
In terms of capacity, the global industrial heat pump market is divided into <500 kW, 500 kW - 2 MW, 2 MW - 5 MW, and >5 MW. Among these, the market size of industrial heat pumps with >5 MW capacity is estimated to grow at a rapid pace due to ongoing efforts of leading industry participants to deliver high-capacity products.
Based on temperature, the market provides a range of units starting with 800C-1000C, 1000C-1500C, 1500C-2000C, >2000C. Constant R&D initiatives for enhancing energy efficiency of large-scale industrial units is expected to amplify the deployment of heat pump technologies with extreme temperature capabilities, fueling growth of the > 200°C segment.
In terms of the regional landscape, Middle East & African industrial heat pump market is estimated to witness significant rise in product installation across the region, driven by robust macroeconomic indicators and increasing influx of foreign investments.
Meanwhile, the industrial heat pump market in Latin America is likely to witness a drastic surge in demand for space heating units and heat pumps as a result of burgeoning population and growing consumer spending on residential space heating.
Table of Contents
Chapter 1 Methodology
- 1.1 Methodology
- 1.2 Market definitions
- 1.3 Market estimates and forecast parameters
- 1.4 Data sources
- 1.4.1 Primary
- 1.4.2 Secondary
- 1.4.2.1 Paid sources
- 1.4.2.2 Public sources
Chapter 2 Executive Summary
- 2.1 Global industrial heat pump industry 360 degree synopsis, 2018 - 2028
- 2.1.1 Business trends
- 2.1.2 Product trends
- 2.1.3 Capacity trends
- 2.1.4 Temperature trends
- 2.1.5 Application trends
- 2.1.6 Regional trends
Chapter 3 Global Industrial Heat Pump Industry Insights
- 3.1 Industry ecosystem analysis
- 3.2 Innovation & technology landscape
- 3.2.1 Vaillant Group
- 3.2.2 GEA Group Aktiengesellschaft
- 3.2.3 Trane
- 3.2.4 Vaillant Group
- 3.2.5 Danfoss
- 3.2.6 Carrier Corporation
- 3.2.7 Other innovations
- 3.3 Regulatory landscape
- 3.3.1 North America
- 3.3.1.1 Canada
- 3.3.1.1.1 Amendment 16 to the Energy Efficiency Regulations
- 3.3.1.1.2 Single package central air conditioners and heat pumps
- 3.3.1.1.3 CAN/CSA-C22.2 No.236-95 (R2004) - Heating and Cooling Equipment
- 3.3.1.2 U.S.
- 3.3.1.2.1 International Ground Source Heat Pump Association
- 3.3.1.2.2 Bipartisan Budget Act of 2018
- 3.3.1.2.3 Fannie Mae Green Initiative
- 3.3.1.2.4 Massachusetts Clean Energy Centre Ground-Source Heat Pump Grants
- 3.3.1.2.5 Energy Improvement and Extension Act of 2008 (EIEA2008)
- 3.3.1.2.6 Air-Source Heat Pump Program
- 3.3.1.2.7 International Organization for Standardization
- 3.3.1.2.8 Federal Energy Management Program
- 3.3.2 Europe
- 3.3.2.1 EU Directive 2010/75/EU, 2010
- 3.3.2.2 Energy efficiency directive (2012/27/EU, amended by 2018/2002/EU)
- 3.3.2.3 Heat Pumps and EU targets
- 3.3.2.4 Key Laws
- 3.3.2.5 Energy Efficiency Plan 2011
- 3.3.2.6 Horizon 2020 and Horizon Europe
- 3.3.2.7 LIFE: Clean Energy Transition
- 3.3.2.8 InvestEU
- 3.3.2.9 EU renewable energy financing mechanism
- 3.3.3 EU Green Deal
- 3.3.3.1 Germany
- 3.3.3.1.1 German Energy Saving Ordinance (EnEV)
- 3.3.3.1.2 Energy Concept - The Energy Strategy
- 3.3.3.2 UK
- 3.3.3.2.1 The Renewable Heat Incentive Scheme Regulations
- 3.3.3.2.2 The UK's National Energy Efficiency Action Plan
- 3.3.3.2.3 CRC Energy Efficiency Schemes
- 3.3.3.2.4 Heat Pump Ready Program
- 3.3.3.3 Finland
- 3.3.3.3.1 Tax incentives to boost research & development efforts
- 3.3.3.3.2 Excise duty on electricity used by heat pumps, electric boilers and data centres will decrease
- 3.3.3.4 Denmark
- 3.3.3.4.1 Incentive round for electric heat pump
- 3.3.3.5 Ireland
- 3.3.3.5.1 The Heat Pump Association of Ireland
- 3.3.4 Asia Pacific
- 3.3.4.1 China
- 3.3.4.1.1 China Medium and Long-Term Energy Conservation Plan
- 3.3.4.1.2 Regulation on Energy Conservation in Civil Buildings
- 3.3.4.2 Australia and New Zealand
- 3.3.4.2.1 Greenhouse and Energy Minimum Standards (Air Conditioners and Heat Pumps) Determination 2013
- 3.4 COVID- 19 impact on the industry outlook
- 3.4.1 Top 10 countries impacted by COVID- 19
- 3.4.2 Overall view
- 3.5 Industry impact forces
- 3.5.1 Growth drivers
- 3.5.1.1 North America
- 3.5.1.1.1 Increasing demand for energy-efficient systems
- 3.5.1.1.2 Favorable measures to reduce carbon footprints
- 3.5.1.2 Europe
- 3.5.1.2.1 Positive outlook toward renewable sector
- 3.5.1.2.2 Surging demand for space heating
- 3.5.1.2.3 Rapid urbanization and commercialization
- 3.5.2 Industry pitfalls & challenges
- 3.5.2.1 High upfront cost
- 3.5.2.2 Low co-efficient of performance (COP) levels
- 3.5.2.3 Varying consumer perspectives
- 3.6 Growth potential analysis
- 3.7 Porter's Analysis
- 3.7.1 Bargaining power of suppliers
- 3.7.2 Bargaining power of buyers
- 3.7.3 Threat of substitutes
- 3.7.4 Threat of new entrant
- 3.8 Competitive landscape, 2021
- 3.8.1 Strategy dashboard
- 3.8.1.1 Danfoss
- 3.8.1.1.1 New business segment
- 3.8.1.1.2 Product launch
- 3.8.1.1.3 Acquisition
- 3.8.1.2 Vaillant Group
- 3.8.1.2.1 Product launch
- 3.8.1.2.2 Plant expansion
- 3.8.1.3 GEA Group Aktiengesellschaft
- 3.8.1.3.1 Product launches
- 3.8.1.4 Verder Liquids
- 3.8.1.4.1 Product launch
- 3.8.1.4.2 Acquisition
- 3.8.1.5 Carrier Corporation
- 3.8.1.5.1 Product launches
- 3.8.1.5.2 Technology development
- 3.8.1.6 Bosch Thermotechnik GmbH
- 3.8.1.6.1 Product launch
- 3.8.1.6.2 Installation/supply
- 3.8.1.6.3 Strategic investment
- 3.8.1.7 Oilon Group Oy
- 3.8.1.7.1 Plant expansion
- 3.8.1.8 NIBE Industrier AB
- 3.8.1.9 Kensa Heat Pumps
- 3.8.1.10 Swegon Group AB
- 3.8.1.11 Other strategies
- 3.9 PESTEL Analysis
Chapter 4 Global Industrial Heat Pump Market, By Product
- 4.1 Global industrial heat pump market share by product, 2021 & 2028
- 4.2 Air source
- 4.2.1 Global market from air source, 2018 - 2028
- 4.2.2 Global market from air source, by region, 2018 - 2028
- 4.3 Ground source
- 4.3.1 Global market from ground source, 2018 - 2028
- 4.3.2 Global market from ground source, by region, 2018 - 2028
- 4.4 Water source
- 4.4.1 Global market from water source, 2018 - 2028
- 4.4.2 Global market from water source, by region, 2018 - 2028
- 4.5 Closed Cycle Mechanical Heat Pump
- 4.5.1 Global market from closed cycle mechanical heat pump, 2018 - 2028
- 4.5.2 Global market from closed cycle mechanical heat pump, by region, 2018 - 2028
- 4.6 Open Cycle Mechanical Vapour Compression Heat Pump
- 4.6.1 Global market from open cycle mechanical vapour compression heat pump, 2018 - 2028
- 4.6.2 Global market from open cycle mechanical vapour compression heat pump, by region, 2018 - 2028
- 4.7 Open Cycle Thermo Compression Heat Pump
- 4.7.1 Global market from open cycle thermo compression heat pump, 2018 - 2028
- 4.7.2 Global market from open cycle thermo compression heat pump, by region, 2018 - 2028
- 4.8 Closed Cycle Absorption Heat Pump
- 4.8.1 Global market from closed cycle absorption heat pump, 2018 - 2028
- 4.8.2 Global market from closed cycle absorption heat pump, by region, 2018 - 2028
Chapter 5 Global Industrial Heat Pump Market, By Capacity
- 5.1 Global industrial heat pump market share by capacity, 2021 & 2028
- 5.2 < 500 kW
- 5.2.1 Global market from < 500 kW, 2018 - 2028
- 5.2.2 Global market from < 500 kW, by region, 2018 - 2028
- 5.3 500 kW to 2 MW
- 5.3.1 Global market from 500 kW to 2 MW, 2018 - 2028
- 5.3.2 Global market from 500 kW to 2 MW by region, 2018 - 2028
- 5.4 2 MW to 5 MW
- 5.4.1 Global market from 2 MW to 5 MW, 2018 - 2028
- 5.4.2 Global market from 2 MW to 5 MW, by region, 2018 - 2028
- 5.5 > 5 MW
- 5.5.1 Global market from > 5 MW, 2018 - 2028
- 5.5.2 Global market from > 5 MW, by region, 2018 - 2028
Chapter 6 Global Industrial Heat Pump Market, By Temperature
- 6.1 Global industrial heat pump market share by temperature, 2021 & 2028
- 6.2 80°C to 100°C
- 6.2.1 Global market from 80°C to 100°C, 2018 - 2028
- 6.2.2 Global market from 80°C to 100°C, by region, 2018 - 2028
- 6.3 100°C to 150°C
- 6.3.1 Global market from 100°C to 150°C, 2018 - 2028
- 6.3.2 Global market from 100°C to 150°C, by region, 2018 - 2028
- 6.4 150°C to 250°C
- 6.4.1 Global market from 150°C to 250°C, 2018 - 2028
- 6.4.2 Global market from 150°C to 250°C, by region, 2018 - 2028
- 6.5 > 200°C
- 6.5.1 Global market from > 200°C, 2018 - 2028
- 6.5.2 Global market from > 200°C, by region, 2018 - 2028
Chapter 7 Global Industrial Heat Pump Market, By Application
- 7.1 Global industrial heat pump market share by application, 2021 & 2028
- 7.2 Industrial
- 7.2.1 Global market from industrial, 2018 - 2028
- 7.2.2 Global market from industrial, by region, 2018 - 2028
- 7.2.3 Paper
- 7.2.3.1 Global market from paper, 2018 - 2028
- 7.2.3.2 Global market from paper, by region, 2018 - 2028
- 7.2.4 Food & Beverages
- 7.2.4.1 Global market from food & beverages, 2018 - 2028
- 7.2.4.2 Global market from food & beverages, by region, 2018 - 2028
- 7.2.5 Chemical
- 7.2.5.1 Global market from chemical, 2018 - 2028
- 7.2.5.2 Global market from chemical, by region, 2018 - 2028
- 7.2.6 Iron & Steel
- 7.2.6.1 Global market from iron & steel, 2018 - 2028
- 7.2.6.2 Global market from iron & steel, by region, 2018 - 2028
- 7.2.7 Machinery
- 7.2.7.1 Global market from machinery, 2018 - 2028
- 7.2.7.2 Global market from machinery, by region, 2018 - 2028
- 7.2.8 Non-Metallic Minerals
- 7.2.8.1 Global market from non-metallic minerals, 2018 - 2028
- 7.2.8.2 Global market from non-metallic minerals, by region, 2018 - 2028
- 7.2.9 Other Industries
- 7.2.9.1 Global market from other industries, 2018 - 2028
- 7.2.9.2 Global market from other industries, by region, 2018 - 2028
- 7.3 District Heating
- 7.3.1 Global market from district heating, 2018 - 2028
- 7.3.2 Global market from district heating, by region, 2018 - 2028
Chapter 8 Global Industrial Heat Pump Market, By Region
- 8.1 Global industrial heat pump market share by region, 2021 & 2028
- 8.2 North America
- 8.2.1 North America market, 2018 - 2028
- 8.2.2 North America market by product, 2018 - 2028
- 8.2.3 North America market by capacity, 2018 - 2028
- 8.2.4 North America market by temperature, 2018 - 2028
- 8.2.5 North America market by application, 2018 - 2028
- 8.2.5.1 North America market by industrial, 2018 - 2028
Similar information is provided for
- 8.3 Europe
- 8.3.1 Europe market, 2018 - 2028
- 8.3.2 Europe market by product, 2018 - 2028
- 8.3.3 Europe market by capacity, 2018 - 2028
- 8.3.4 Europe market by temperature, 2018 - 2028
- 8.3.5 Europe market by application, 2018 - 2028
- 8.3.5.1 Europe market by industrial, 2018 - 2028
Similar information is provided for
- 8.3.6 UK
- 8.3.7 Norway
- 8.3.8 Denmark
- 8.3.9 Finland
- 8.3.10 Sweden
- 8.3.11 Germany
- 8.3.12 Spain
- 8.3.13 Austria
- 8.3.14 Poland
- 8.4 Asia Pacific
- 8.4.1 Asia Pacific market, 2018 - 2028
- 8.4.2 Asia Pacific market by product, 2018 - 2028
- 8.4.3 Asia Pacific market by capacity, 2018 - 2028
- 8.4.4 Asia Pacific market by temperature, 2018 - 2028
- 8.4.5 Asia Pacific market by application, 2018 - 2028
- 8.4.5.1 Asia Pacific market by industrial, 2018 - 2028
Similar information is provided for
- 8.4.6 China
- 8.4.7 Japan
- 8.4.8 Australia
- 8.4.9 South Korea
- 8.5 Middle East & Africa
- 8.5.1 Middle East & Africa market, 2018 - 2028
- 8.5.2 Middle East & Africa market by product, 2018 - 2028
- 8.5.3 Middle East & Africa market by capacity, 2018 - 2028
- 8.5.4 Middle East & Africa market by temperature, 2018 - 2028
- 8.5.5 Middle East & Africa market by application, 2018 - 2028
- 8.5.5.1 Middle East & Africa market by industrial, 2018 - 2028
Similar information is provided for
- 8.5.6 Saudi Arabia
- 8.5.7 Turkey
- 8.5.8 South Africa
- 8.6 Latin America
- 8.6.1 Latin America market, 2018 - 2028
- 8.6.2 Latin America market by product, 2018 - 2028
- 8.6.3 Latin America market by capacity, 2018 - 2028
- 8.6.4 Latin America market by temperature, 2018 - 2028
- 8.6.5 Latin America market by application, 2018 - 2028
- 8.6.5.1 Latin America market by industrial, 2018 - 2028
Similar information is provided for
- 8.6.6 Brazil
- 8.6.7 Mexico
Chapter 9 Company Profiles
- 9.1 Danfoss
- 9.1.1 Business Overview
- 9.1.2 Financial Data
- 9.1.3 Product Landscape
- 9.1.4 Strategic Outlook
- 9.1.5 SWOT Analysis
- 9.2 Linde PLC
- 9.2.1 Business Overview
- 9.2.2 Financial Data
- 9.2.3 Product Landscape
- 9.2.4 SWOT Analysis
- 9.3 Qvantum Energi AB
- 9.3.1 Business Overview
- 9.3.2 Financial Data
- 9.3.3 Product Landscape
- 9.3.4 SWOT Analysis
- 9.4 GEA Group Aktiengesellschaft
- 9.4.1 Business Overview
- 9.4.2 Financial Data
- 9.4.3 Product Landscape
- 9.4.4 Strategic Outlook
- 9.4.5 SWOT Analysis
- 9.5 Verder Liquids
- 9.5.1 Business Overview
- 9.5.2 Financial Data
- 9.5.3 Product Landscape
- 9.5.4 Strategic Outlook
- 9.5.5 SWOT Analysis
- 9.6 Oilon Group Oy
- 9.6.1 Business Overview
- 9.6.2 Financial Data
- 9.6.3 Product Landscape
- 9.6.4 Strategic Outlook
- 9.6.5 SWOT Analysis
- 9.7 Emerson Electric Co.
- 9.7.1 Business Overview
- 9.7.2 Financial Data
- 9.7.3 Product Landscape
- 9.7.4 Strategic Outlook
- 9.7.5 SWOT Analysis
- 9.8 Carrier
- 9.8.1 Business Overview
- 9.8.2 Financial Data
- 9.8.3 Product Landscape
- 9.8.4 Strategic Outlook
- 9.8.5 SWOT Analysis
- 9.9 Bosch Thermotechnik GmbH
- 9.9.1 Business Overview
- 9.9.2 Financial Data
- 9.9.3 Product Landscape
- 9.9.4 Strategic Outlook
- 9.9.5 SWOT Analysis
- 9.10 HELIOTHERM Warmepumpentechnik Ges.m.b.H.
- 9.10.1 Business Overview
- 9.10.2 Financial Data
- 9.10.3 Product Landscape
- 9.10.4 SWOT Analysis
- 9.11 Huntingdon Pump Company Limited
- 9.11.1 Business Overview
- 9.11.2 Product Landscape
- 9.11.3 SWOT Analysis
- 9.12 Trane
- 9.12.1 Business Overview
- 9.12.2 Financial Data
- 9.12.3 Product Landscape
- 9.12.4 Strategic Outlook
- 9.12.5 SWOT Analysis
- 9.13 NIBE Industrier AB
- 9.13.1 Business Overview
- 9.13.2 Financial Data
- 9.13.3 Product Landscape
- 9.13.4 Strategic Outlook
- 9.13.5 SWOT Analysis
- 9.14 Finn Geotherm UK Limited
- 9.14.1 Business Overview
- 9.14.2 Financial Data
- 9.14.3 Product Landscape
- 9.14.4 SWOT Analysis
- 9.15 Kensa Heat Pumps
- 9.15.1 Business Overview
- 9.15.2 Product Landscape
- 9.15.3 Strategic Outlook
- 9.15.4 SWOT Analysis
- 9.16 Swegon Group AB
- 9.16.1 Business Overview
- 9.16.2 Financial Data
- 9.16.3 Product Landscape
- 9.16.4 Strategic Outlook
- 9.16.5 SWOT Analysis
- 9.17 Vaillant Group
- 9.17.1 Business Overview
- 9.17.2 Financial Data
- 9.17.3 Product Landscape
- 9.17.4 Strategy Outlook
- 9.17.5 SWOT Analysis