(MENAFN- PR Newswire)
NEW YORK, July 3, 2024 /PRNewswire/ -- The global industrial heat pumps market size is estimated to grow by USD 689.3 million from 2024-2028, according to
Technavio. The market is estimated to grow at a CAGR of over 5.58% during the forecast period. Rising focus on improving energy efficiency by industries is driving market growth, with a trend towards advent of smart heat pumps. However, high initial cost and limitations of heat pumps poses a challenge. Key market players include Bard HVAC, Carrier Global Corp., Daikin Industries Ltd., Danfoss AS, Emerson Electric Co., Johnson Controls International Plc., Lennox International Inc., LG Electronics Inc., MAYEKAWA MFG. CO. LTD., Meier Tobler AG, Mitsubishi Electric Corp., NIBE Industrier AB, OCHSNER Warmepumpen GmbH, Oilon Group Oy, Rheem Manufacturing Co., Robert Bosch GmbH, Robur Spa, Sirac Air Conditioning Equipments Co. Ltd., Systemair AB, and Toshiba Corp..
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Technavio has announced its latest market research report titled Global industrial heat pumps market 2024-2028
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| Industrial Heat Pumps Market Scope |
| Report Coverage |
Details |
| Base year |
2023 |
| Historic period |
2018 - 2022 |
| Forecast period |
2024-2028 |
| Growth momentum & CAGR |
Accelerate at a CAGR of 5.58% |
| Market growth 2024-2028 |
USD 689.3 million |
| Market structure |
Fragmented |
| YoY growth 2022-2023 (%) |
5.21 |
| Regional analysis |
Europe, APAC, North America, Middle East and Africa, and South America |
| Performing market contribution |
Europe at 33% |
| Key countries |
US, Japan, China, Germany, and Italy |
| Key companies profiled |
Bard HVAC, Carrier Global Corp., Daikin Industries Ltd., Danfoss AS, Emerson Electric Co., Johnson Controls International Plc., Lennox International Inc., LG Electronics Inc., MAYEKAWA MFG. CO. LTD., Meier Tobler AG, Mitsubishi Electric Corp., NIBE Industrier AB, OCHSNER Warmepumpen GmbH, Oilon Group Oy, Rheem Manufacturing Co., Robert Bosch GmbH, Robur Spa, Sirac Air Conditioning Equipments Co. Ltd., Systemair AB, and Toshiba Corp. |
Market Driver
The Industrial Heat Pumps market is driven by the increasing use and need for efficient heating and cooling systems. Heat pumps, being more complex and frequently used than traditional HVAC systems, require regular maintenance for optimal performance and longevity. IoT-based solutions, such as Meier Tobler's smart-guard, enable remote monitoring and coordination of operating parameters, reducing the need for on-site visits and enabling predictive maintenance. This intelligent network of heat pumps and ventilation units also allows for centralized management of industrial HVAC operations.
The Industrial Heat Pumps market is experiencing significant growth, driven by the increasing demand for energy-efficient solutions in various industries. Global sales of heat pumps are on the rise, particularly in sectors such as food and beverage, chemicals, and pharmaceuticals. These industries require large-scale heating and cooling systems to maintain optimal operating conditions. Heat pumps offer a cost-effective and sustainable alternative to traditional fossil fuel-based systems. Rapidly advancing technologies, such as capacitive and closed-loop systems, are enhancing the performance and versatility of heat pumps. Additionally, government initiatives to reduce carbon emissions are further boosting market growth. Overall, the Industrial Heat Pumps market is poised for continued expansion in the coming years.
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Market
Challenges
The industrial heat pumps market faces challenges due to their higher initial costs compared to alternatives like furnaces and boilers. Small and medium-sized businesses, in particular, are hesitant to invest due to limited budgets and low profit margins. The rising cost of refrigerants further increases operating expenses, deterring vendors. Heat pumps' efficiency drops significantly above 212 degrees F or below 32 degrees F, necessitating additional energy usage. Combining heat pumps with furnaces addresses this issue but increases costs, potentially hindering market growth.
The Industrial Heat Pump market faces several challenges. Decarbonsation is a significant issue, with the need to reduce greenhouse gas emissions. Energy efficiency is another challenge, as industries strive to minimize energy consumption and costs. The integration of renewable energy sources is also a concern, as heat pumps must be able to operate efficiently with intermittent power supplies. Additionally, the high upfront costs of installing and maintaining heat pumps can be a barrier to adoption. Procurement processes are complex, with numerous considerations such as capacity, efficiency, and fuel type. Finally, the need for skilled labor to install and maintain heat pumps is a challenge, particularly in remote or hard-to-reach locations.
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Segment Overview
This industrial heat pumps market report extensively covers market segmentation by
End-user
1.1 Paper and pulp
1.2 Food and beverage
1.3 Chemical
1.4 Automotive
1.5 Others
Type
2.1 Air-to-air heat pumps
2.2 Air-to-water heat pumps
2.3 Water source heat pumps
2.4 Ground source heat pumps
2.5 Hybrid heat pumps
Geography
3.1 Europe
3.2 APAC
3.3 North America
3.4 Middle East and Africa
3.5 South America
1.1
Paper and pulp - The industrial heat pump market is experiencing significant growth due to increasing energy efficiency demands and the rising adoption of renewable energy sources. These pumps provide cost-effective heating solutions for various industries, including manufacturing and food processing. Their energy-saving capabilities and ability to operate with natural refrigerants make them an attractive alternative to traditional heating systems. Additionally, government initiatives and regulations promoting energy efficiency are driving market expansion.
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Research Analysis
The Industrial Heat Pumps Market is experiencing significant growth due to the increasing demand for decarbonisation in buildings and industrial processes. Heat pumps, which include air conditioners and refrigerators, are essential for space cooling and heat production. These units contribute to energy security by reducing reliance on fossil fuels and CO2 emissions. Policies such as the REPowerEU initiative and the Defense Production Act provide policy support for the sales growth of heat pump units. The market is driven by the need to meet renewable energy targets and the ban on fossil fuels in power generation. Financial instruments like electricity tariffs and taxes and levies influence energy pricing, while performance-based labels ensure energy performance standards are met. Air heat pumps are a key component of the renewable energy sources transition.
Market Research Overview
The Industrial Heat Pumps Market encompasses the production, sales, and installation of heat pumps used in industrial applications. These systems utilize refrigeration technology to transfer heat from a source of warmth to a space that requires heating, or vice versa. They are particularly useful in industries that require large-scale temperature control, such as food processing, pharmaceuticals, and chemical manufacturing. The market for industrial heat pumps is driven by factors like increasing energy efficiency demands, growing industrialization, and the need for sustainable heating solutions. Additionally, advancements in technology have led to the development of more efficient and cost-effective heat pump systems, further fueling market growth.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
End-user
Paper And Pulp
Food And Beverage
Chemical
Automotive
Others
Type
Air-to-air Heat Pumps
Air-to-water Heat Pumps
Water Source Heat Pumps
Ground Source Heat Pumps
Hybrid Heat Pumps
Geography
Europe
APAC
North America
Middle East And Africa
South America
7
Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
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SOURCE Technavio
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