Europe and Asia Pacific Industrial Heat Pump Market Forecast to 2030 - Regional Analysis - by Heat Source (Water, Air, Geothermal, Waste Heat); End-user (Energy and Power, Manufacturing, Chemicals, Food and Beverages, Wood Products, Others); and Type [Closed-Cycle Mechanical Heat Pumps, Open-Cycle Mechanical Vapor Compression (MVC) Heat Pumps, Open-Cycle Thermocompression Heat Pumps, Closed-Cycle Absorption Heat Pumps]
Europe and Asia Pacific Industrial Heat Pump Market the market was valued at US$ 1,257.36 million in 2022 and is expected to reach US$ 2,299.35 million by 2030; it is anticipated to register a CAGR of 7.8% from 2022 to 2030.
Market Introduction
Strict regulations and international agreements, such as the Kigali Amendment to the Montreal Protocol, mandate the phasing out of high-GWP refrigerants. Heat pump systems utilizing lower-GWP refrigerants allow industries to comply with these regulations, avoiding penalties and aligning with global efforts to reduce greenhouse gas emissions. Industrial heat pump market players adopting environmentally friendly practices gain a positive public image and enhance brand reputation. Industries that incorporate low-GWP refrigerants in heat pump systems help to enhance their green brand image, which can attract environmentally conscious customers and partners. Industries that adopt heat pump systems with low-GWP refrigerants gain a competitive edge by offering environmentally conscious solutions. This can differentiate them in the industrial heat pump market and attract clients who prioritize sustainability. The emergence of lower global warming potential (GWP) refrigerants is providing significant opportunities for the industrial heat pump market growth due to their alignment with environmental regulations, improved efficiency, and enhanced sustainability.
Industrial heat pumps can efficiently utilize excess renewable energy generated from sources such as solar and wind power. During times of surplus energy production, heat pumps can convert and store this energy in the form of heat, ensuring its utilization even when renewable energy generation is low. This synergy contributes to a more sustainable energy mix. The integration of renewable energy sources with heat pumps helps industries shift away from fossil fuels, reducing greenhouse gas emissions which is boosting to the industrial heat pump market growth. This aligns with global efforts to mitigate climate change and adhere to environmental regulations, making heat pump solutions an attractive option for industries aiming to decarbonize their operations. Renewable energy integration with industrial heat pumps is expected to provide significant market growth opportunities by aligning with sustainability goals, improving energy efficiency, and reducing operational costs for industries, creating a win-win scenario for industries, consumers, and the environment.
Key Market Segments
Industrial heat pump market is gaining potentially opportunities in energy & power, manufacturing, chemicals, food & beverages, paper & pulp, and wood products industries. Other end-use industries include agricultural, indoor cultivation, textiles, pharmaceuticals, cement, and concrete processing. The increasing focus on lowering environmental pollution and reducing the carbon footprint are major benefits accelerating the demand for industrial heat pumps. Industrial heat pumps can potentially increase energy efficiency and decrease CO2 emissions. Industrial heat pumps offer various opportunities for manufacturing processes and operations. Industrial heat pumps primarily utilize waste process heat as the heat source to deliver heat at higher temperatures for application in industrial processes. Industrial heat pumps are active heat-recovery systems that boost waste heat temperature in an industrial process. An industrial heat pump is larger and has a more advanced capacity than a residential or commercial heat pump and is largely designed for higher operating load factors, discharge temperatures, and consistency. Additional features such as control systems, instrumentation, and power to withstand hazardous environments are also evident, making the industrial heat pumps more attractive in various end-user industries such as chemical processing, paper and pulp, manufacturing, and power which is contributing to the Europe and Asia Pacific industrial heat pump market growth.
Major Sources and Companies Listed
A few major primary and secondary sources referred to for preparing the report on the industrial heat pump market are company websites, annual reports, financial reports, national government documents, and statistical databases. The Europe and Asia Pacific industrial heat pump market players in report includes Mitsubishi Heavy Industries, Daikin Industries Ltd, Danfoss A/S, Emerson Electric, Johnson Controls International Plc, Robert Bosch GmbH, Siemens AG, Carrier, Swegon, and Atlas Copco AB. These players are involved in various strategic initiatives such as new product development, partnerships, agreement, and mergers & acquisitions to strengthen their position in Europe and Asia Pacific industrial heat pump market.
Reasons to buy report
- To understand the business landscape in the Europe and Asia Pacific industrial heat pump market and identify market segments that are most likely to guarantee a strong return.
- To stay ahead of the race by comprehending the ever-changing competitive landscape for the Europe and Asia Pacific industrial heat pump market.
- To efficiently plan M&A and partnership deals in the Europe and Asia Pacific industrial heat pump market by identifying market segments with the most promising probable sales.
- To help take knowledgeable business decisions from a comprehensive analysis of the market's performance of various segments of the Europe and Asia Pacific industrial heat pump market.
- To obtain revenue forecast for market by various segments from 2022 to 2030 in Europe and Asia Pacific.
1. Introduction
1.1 The Insight Partners Research Report Guidance
1.2 Market Segmentation
2. Executive Summary
2.1 Key Insights
2.2 Market Attractiveness
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Industrial Heat Pump Market Landscape
4.1 Overview
4.2 PEST Analysis
4.3 Ecosystem Analysis
4.3.1 Raw Material Suppliers and Component Suppliers:
4.3.2 Industrial Heat Pump Manufacturers:
4.3.3 End Users:
5. Industrial Heat Pump Market - Key Industry Dynamics
5.1 Industrial Heat Pump Market - Key Industry Dynamics
5.2 Market Drivers
5.2.1 Significant Reduction in CO2 Emissions
5.2.2 Demand for Energy-Efficient Solutions
5.2.3 Favorable Government Policies
5.3 Market Restraints
5.3.1 High Installation Cost
5.3.2 Shortage of Skilled Workers
5.4 Market Opportunities
5.4.1 Renewable Energy Integration
5.4.2 Emergence of Lower Global Warming Potential (GWP) Refrigerants
5.5 Future Trends
5.5.1 Rapid Innovations
5.6 Impact of Drivers and Restraints:
6. Industrial Heat Pump Market - Global Market Analysis
6.1 Industrial Heat Pump Market Revenue (US$ Million), 2022 – 2030
6.2 Industrial Heat Pump Market Forecast and Analysis
7. Industrial Heat Pump Market Analysis – Heat Source
7.1.1 Industrial Heat Pump Market, By Heat Source (2022 and 2030)
7.2 Water
7.2.1 Overview
7.2.2 Water Market, Revenue and Forecast to 2030 (US$ Million)
7.3 Air
7.3.1 Overview
7.3.2 Air Market, Revenue and Forecast to 2030 (US$ Million)
7.4 Geothermal
7.4.1 Overview
7.4.2 Geothermal Market, Revenue and Forecast to 2030 (US$ Million)
7.5 Waste Heat
7.5.1 Overview
7.5.2 Waste Heat Market, Revenue and Forecast to 2030 (US$ Million)
8. Industrial Heat Pump Market Analysis – End User
8.1.1 Industrial Heat Pump Market, By End User (2022 and 2030)
8.2 Energy & Power
8.2.1 Overview
8.2.2 Energy & Power Market, Revenue and Forecast to 2030 (US$ Million)
8.3 Manufacturing
8.3.1 Overview
8.3.2 Manufacturing Market, Revenue and Forecast to 2030 (US$ Million)
8.4 Chemicals
8.4.1 Overview
8.4.2 Chemicals Market, Revenue and Forecast to 2030 (US$ Million)
8.5 Food & Beverages
8.5.1 Overview
8.5.2 Food & Beverages Market, Revenue and Forecast to 2030 (US$ Million)
8.6 Paper & Pulp
8.6.1 Overview
8.6.2 Paper & Pulp Market, Revenue and Forecast to 2030 (US$ Million)
8.7 Wood Products
8.7.1 Overview
8.7.2 Wood Products Market, Revenue and Forecast to 2030 (US$ Million)
8.8 Others
8.8.1 Overview
8.8.2 Others Market, Revenue and Forecast to 2030 (US$ Million)
9. Industrial Heat Pump Market Analysis – Type
9.1.1 Industrial Heat Pump Market, By Type (2022 and 2030)
9.2 Closed Cycle Mechanical Heat Pumps
9.2.1 Overview
9.2.2 Closed Cycle Mechanical Heat Pumps Market, Revenue and Forecast to 2030 (US$ Million)
9.3 Open Cycle MVC Heat Pumps
9.3.1 Overview
9.3.2 Open Cycle MVC Heat Pumps Market, Revenue and Forecast to 2030 (US$ Million)
9.4 Open Cycle Thermocompression Heat Pumps
9.4.1 Overview
9.4.2 Open Cycle Thermocompression Heat Pumps Market, Revenue and Forecast to 2030 (US$ Million)
9.5 Closed Cycle Absorption Heat Pumps
9.5.1 Overview
9.5.2 Closed Cycle Absorption Heat Pumps Market, Revenue and Forecast to 2030 (US$ Million)
10. Industrial Heat Pump Market- Country Analysis
10.1 Overview
10.2 Austria Industrial Heat Pump Market Revenue and Forecasts to 2030 (US$ Mn)
10.2.1 Austria Industrial Heat Pump Market Breakdown by Heat Source
10.2.2 Austria Industrial Heat Pump Market Breakdown by End User
10.2.3 Austria Industrial Heat Pump Market Breakdown by Type
10.3 Norway Industrial Heat Pump Market Revenue and Forecasts to 2030 (US$ Mn)
10.3.1 Norway Industrial Heat Pump Market Breakdown by Heat Source
10.3.2 Norway Industrial Heat Pump Market Breakdown by End User
10.3.3 Norway Industrial Heat Pump Market Breakdown by Type
10.4 France Industrial Heat Pump Market Revenue and Forecasts to 2030 (US$ Mn)
10.4.1 France Industrial Heat Pump Market Breakdown by Heat Source
10.4.2 France Industrial Heat Pump Market Breakdown by End User
10.4.3 France Industrial Heat Pump Market Breakdown by Type
10.5 India Industrial Heat Pump Market Revenue and Forecasts to 2030 (US$ Mn)
10.5.1 India Industrial Heat Pump Market Breakdown by Heat Source
10.5.2 India Industrial Heat Pump Market Breakdown by End User
10.5.3 India Industrial Heat Pump Market Breakdown by Type
10.6 Indonesia Industrial Heat Pump Market Revenue and Forecasts to 2030 (US$ Mn)
10.6.1 Indonesia Industrial Heat Pump Market Breakdown by Heat Source
10.6.2 Indonesia Industrial Heat Pump Market Breakdown by End User
10.6.3 Indonesia Industrial Heat Pump Market Breakdown by Type
10.7 Malaysia Industrial Heat Pump Market Revenue and Forecasts to 2030 (US$ Mn)
10.7.1 Malaysia Industrial Heat Pump Market Breakdown by Heat Source
10.7.2 Malaysia Industrial Heat Pump Market Breakdown by End User
10.7.3 Malaysia Industrial Heat Pump Market Breakdown by Type
10.8 Thailand Industrial Heat Pump Market Revenue and Forecasts to 2030 (US$ Mn)
10.8.1 Thailand Industrial Heat Pump Market Breakdown by Heat Source
10.8.2 Thailand Industrial Heat Pump Market Breakdown by End User
10.8.3 Thailand Industrial Heat Pump Market Breakdown by Type
10.9 Vietnam Industrial Heat Pump Market Revenue and Forecasts to 2030 (US$ Mn)
10.9.1 Vietnam Industrial Heat Pump Market Breakdown by Heat Source
10.9.2 Vietnam Industrial Heat Pump Market Breakdown by End User
10.9.3 Vietnam Industrial Heat Pump Market Breakdown by Type
11. Industrial Heat Pump Market – Impact of COVID-19 Pandemic
11.1 Pre & Post Covid-19 Impact
12. Competitive Landscape
12.1 Company Positioning & Concentration
13. Industry Landscape
13.1 Overview
13.2 Market Initiative
13.3 New Product Development
13.4 Merger and Acquisition
14. Company Profiles
14.1 Mitsubishi Heavy Industries Ltd
14.1.1 Key Facts
14.1.2 Business Description
14.1.3 Products and Services
14.1.4 Financial Overview
14.1.5 SWOT Analysis
14.1.6 Key Developments
14.2 Robert Bosch GmbH
14.2.1 Key Facts
14.2.2 Business Description
14.2.3 Products and Services
14.2.4 Financial Overview
14.2.5 SWOT Analysis
14.2.6 Key Developments
14.3 Daikin Industries Ltd
14.3.1 Key Facts
14.3.2 Business Description
14.3.3 Products and Services
14.3.4 Financial Overview
14.3.5 SWOT Analysis
14.3.6 Key Developments
14.4 Carrier Global Corp
14.4.1 Key Facts
14.4.2 Business Description
14.4.3 Products and Services
14.4.4 Financial Overview
14.4.5 SWOT Analysis
14.4.6 Key Developments
14.5 Emerson Electric Co
14.5.1 Key Facts
14.5.2 Business Description
14.5.3 Products and Services
14.5.4 Financial Overview
14.5.5 SWOT Analysis
14.5.6 Key Developments
14.6 Swegon Group AB
14.6.1 Key Facts
14.6.2 Business Description
14.6.3 Products and Services
14.6.4 Financial Overview
14.6.5 SWOT Analysis
14.6.6 Key Developments
14.7 Johnson Controls International Plc
14.7.1 Key Facts
14.7.2 Business Description
14.7.3 Products and Services
14.7.4 Financial Overview
14.7.5 SWOT Analysis
14.7.6 Key Developments
14.8 Siemens AG
14.8.1 Key Facts
14.8.2 Business Description
14.8.3 Products and Services
14.8.4 Financial Overview
14.8.5 SWOT Analysis
14.8.6 Key Developments
14.9 Atlas Copco AB
14.9.1 Key Facts
14.9.2 Business Description
14.9.3 Products and Services
14.9.4 Financial Overview
14.9.5 SWOT Analysis
14.9.6 Key Developments
14.10 Danfoss AS
14.10.1 Key Facts
14.10.2 Business Description
14.10.3 Products and Services
14.10.4 Financial Overview
14.10.5 SWOT Analysis
14.10.6 Key Developments
15. Appendix
15.1 About The Insight Partners
List of Tables
Table 1. Industrial Heat Pump Market Revenue and Forecasts To 2030 (US$ Million)
Table 2. Industrial Heat Pump Market Revenue and Forecasts To 2030 (US$ Million) – Heat Source
Table 3. Industrial Heat Pump Market Revenue and Forecasts To 2030 (US$ Million) – End User
Table 4. Industrial Heat Pump Market Revenue and Forecasts To 2030 (US$ Million) – Type
Table 5. Austria Industrial Heat Pump Market Revenue and Forecasts To 2030 (US$ Mn) – By Heat Source
Table 6. Austria Industrial Heat Pump Market Revenue and Forecasts To 2030 (US$ Mn) – By End User
Table 7. Austria Industrial Heat Pump Market Revenue and Forecasts To 2030 (US$ Mn) – By Type
Table 8. Norway Industrial Heat Pump Market Revenue and Forecasts To 2030 (US$ Mn) – By Heat Source
Table 9. Norway Industrial Heat Pump Market Revenue and Forecasts To 2030 (US$ Mn) – By End User
Table 10. Norway Industrial Heat Pump Market Revenue and Forecasts To 2030 (US$ Mn) – By Type
Table 11. France Industrial Heat Pump Market Revenue and Forecasts To 2030 (US$ Mn) – By Heat Source
Table 12. France Industrial Heat Pump Market Revenue and Forecasts To 2030 (US$ Mn) – By End User
Table 13. France Industrial Heat Pump Market Revenue and Forecasts To 2030 (US$ Mn) – By Type
Table 14. India Industrial Heat Pump Market Revenue and Forecasts To 2030 (US$ Mn) – By Heat Source
Table 15. India Industrial Heat Pump Market Revenue and Forecasts To 2030 (US$ Mn) – By End User
Table 16. India Industrial Heat Pump Market Revenue and Forecasts To 2030 (US$ Mn) – By Type
Table 17. Indonesia Industrial Heat Pump Market Revenue and Forecasts To 2030 (US$ Mn) – By Heat Source
Table 18. Indonesia Industrial Heat Pump Market Revenue and Forecasts To 2030 (US$ Mn) – By End User
Table 19. Indonesia Industrial Heat Pump Market Revenue and Forecasts To 2030 (US$ Mn) – By Type
Table 20. Malaysia Industrial Heat Pump Market Revenue and Forecasts To 2030 (US$ Mn) – By Heat Source
Table 21. Malaysia Industrial Heat Pump Market Revenue and Forecasts To 2030 (US$ Mn) – By End User
Table 22. Malaysia Industrial Heat Pump Market Revenue and Forecasts To 2030 (US$ Mn) – By Type
Table 23. Thailand Industrial Heat Pump Market Revenue and Forecasts To 2030 (US$ Mn) – By Heat Source
Table 24. Thailand Industrial Heat Pump Market Revenue and Forecasts To 2030 (US$ Mn) – By End User
Table 25. Thailand Industrial Heat Pump Market Revenue and Forecasts To 2030 (US$ Mn) – By Type
Table 26. Vietnam Industrial Heat Pump Market Revenue and Forecasts To 2030 (US$ Mn) – By Heat Source
Table 27. Vietnam Industrial Heat Pump Market Revenue and Forecasts To 2030 (US$ Mn) – By End User
Table 28. Vietnam Industrial Heat Pump Market Revenue and Forecasts To 2030 (US$ Mn) – By Type
List of Figures
Figure 1. Industrial Heat Pump Market Segmentation, By Geography
Figure 2. PEST Analysis
Figure 3. Ecosystem: Industrial Heat Pump Market
Figure 4. Impact Analysis of Drivers and Restraints
Figure 5. Industrial Heat Pump Market Breakdown by Geography, 2022 and 2030 (%)
Figure 6. Industrial Heat Pump Market Revenue (US$ Million), 2022 – 2030
Figure 7. Industrial Heat Pump Market Share (%) – Heat Source, 2022 and 2030
Figure 8. Water Market Revenue and Forecasts To 2030 (US$ Million)
Figure 9. Air Market Revenue and Forecasts To 2030 (US$ Million)
Figure 10. Geothermal Market Revenue and Forecasts To 2030 (US$ Million)
Figure 11. Waste Heat Market Revenue and Forecasts To 2030 (US$ Million)
Figure 12. Industrial Heat Pump Market Share (%) – End User, 2022 and 2030
Figure 13. Energy & Power Market Revenue and Forecasts To 2030 (US$ Million)
Figure 14. Manufacturing Market Revenue and Forecasts To 2030 (US$ Million)
Figure 15. Chemicals Market Revenue and Forecasts To 2030 (US$ Million)
Figure 16. Food & Beverages Market Revenue and Forecasts To 2030 (US$ Million)
Figure 17. Paper & Pulp Market Revenue and Forecasts To 2030 (US$ Million)
Figure 18. Wood Products Market Revenue and Forecasts To 2030 (US$ Million)
Figure 19. Others Market Revenue and Forecasts To 2030 (US$ Million)
Figure 20. Industrial Heat Pump Market Share (%) – Type, 2022 and 2030
Figure 21. Closed Cycle Mechanical Heat Pumps Market Revenue and Forecasts To 2030 (US$ Million)
Figure 22. Open Cycle MVC Heat Pumps Market Revenue and Forecasts To 2030 (US$ Million)
Figure 23. Open Cycle Thermocompression Heat Pumps Market Revenue and Forecasts To 2030 (US$ Million)
Figure 24. Closed Cycle Absorption Heat Pumps Market Revenue and Forecasts To 2030 (US$ Million)
Figure 25. Industrial Heat Pump Market Breakdown by Country, 2022 and 2030 (%)
Figure 26. Austria Industrial Heat Pump Market Revenue and Forecasts To 2030 (US$ Mn)
Figure 27. Norway Industrial Heat Pump Market Revenue and Forecasts To 2030 (US$ Mn)
Figure 28. France Industrial Heat Pump Market Revenue and Forecasts To 2030 (US$ Mn)
Figure 29. India Industrial Heat Pump Market Revenue and Forecasts To 2030 (US$ Mn)
Figure 30. Indonesia Industrial Heat Pump Market Revenue and Forecasts To 2030 (US$ Mn)
Figure 31. Malaysia Industrial Heat Pump Market Revenue and Forecasts To 2030 (US$ Mn)
Figure 32. Thailand Industrial Heat Pump Market Revenue and Forecasts To 2030 (US$ Mn)
Figure 33. Vietnam Industrial Heat Pump Market Revenue and Forecasts To 2030 (US$ Mn)
Figure 34. Company Positioning & Concentration
- Mitsubishi Heavy Industries
- Daikin Industries Ltd
- Danfoss A/S
- Emerson Electric
- Johnson Controls International Plc
- Robert Bosch GmbH
- Siemens AG
- Carrier
- Swegon
- Atlas Copco AB
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