Global Industrial Heat Pump Market projected to grow at a CAGR of 7.4% from 2024 to 2033

WILMINGTON, DE, UNITED STATES, November 29, 2024 /EINPresswire.com/ --

According to a new report published by Allied Market Research, the industrial heat pump market size 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.

An industrial heat pump is a device that transfers heat from a lower-temperature source to a higher-temperature sink, enabling efficient energy use in various industrial processes. It works on the principle of thermodynamics, using external energy to capture and upgrade waste heat from industrial operations or the environment such as air or water.

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The Asia-Pacific region is anticipated to grow at the fastest CAGR of 7.8% during the forecast period. As energy prices continue to fluctuate, industries in the Asia-Pacific region are increasingly seeking cost-effective solutions to manage their energy expenditures.

Industrial heat pumps offer a way to improve energy efficiency by recovering and upgrading waste heat or utilizing low-grade heat sources. This capability helps reduce dependence on expensive fossil fuels and lowers operational costs that makes heat pumps a preferable option for businesses aiming to mitigate the impact of rising energy prices.

Key players in the global industrial heat pump industry include 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, and Emerson Electric Co.

The growing focus on decarbonization is significantly driving the demand for industrial heat pumps, as industries aim to reduce their carbon emissions and transition to cleaner, more sustainable energy solutions.

Industrial heat pumps are uniquely positioned to support decarbonization efforts because they operate by moving heat rather than producing it through combustion, which reduces the reliance on fossil fuels.

As compared to traditional heating systems that generate large amounts of greenhouse gases, industrial heat pumps use electricity to transfer heat from one area to another, often harnessing renewable energy sources such as wind or solar.

This shift toward electrification of industrial processes is critical to achieving net-zero emissions. All these factors are expected to drive the industrial heat pump market trend during the forecast period.

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As industries increasingly seek energy-efficient and sustainable solutions, advancements in heat pump technology have led to improved performance, reliability, and efficiency. Innovations in materials, design, and control systems have allowed manufacturers to develop industrial heat pumps that operate at higher capacities and temperatures, that makes them suitable for a broader range of industrial applications.

These advancements are helping overcome some of the traditional limitations of heat pumps, such as their efficiency at higher temperature levels, thus expanding their potential use in more energy-intensive industries such as petrochemicals, metallurgy, and food processing. All these factors are anticipated to offer new growth opportunities in the industrial heat pump market forecast.

On the basis of end use, the market is classified into Lumber drying, pulp and paper manufacturing, petroleum refining, food and beverages, chemical, utilities, district heating, and others. The petroleum refining segment is anticipated to grow at the fastest CAGR of 8.9% during the forecast period.

As petroleum refining is a highly energy-intensive industry, integrating industrial heat pumps allows refiners to recycle low-grade waste heat into valuable energy. This process helps in reducing fuel consumption, lowering operational costs, and decreasing carbon footprints, aligning with global sustainability goals and stringent environmental regulations.

The rising cost of energy sources such as natural gas and oil, is pushing refiners to seek more energy-efficient technologies. Industrial heat pumps significantly reduce energy consumption by utilizing waste heat from various processes, such as distillation and fractionation, and elevating it to useful temperatures. This decreases the refinery's reliance on external energy sources and contributes to long-term cost savings.

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On the basis of capacity, the market is classified into less Than 500 kW, 500 kW to 2 MW, 2 MW - 5 MW, and more than 5 MW. The more than 5 MW segment is anticipated to grow at the fastest CAGR of 8.1% during the forecast period.

Industrial heat pumps with capacities exceeding 5 MW represent a significant advancement in the field of thermal energy management. These high-capacity systems are designed to meet the substantial heating and cooling demands of large-scale industrial processes, such as those found in the chemical, petrochemical, and food processing industries.

By harnessing and upgrading waste heat from various industrial activities, these heat pumps enhance overall energy efficiency and reduce operational costs.

On the basis of source, the market is segmented into air, water, and ground. The ground segment is anticipated to grow at the fastest CAGR of 8.6% during the forecast period.

Ground source heat pumps (GSHPs) work by circulating a fluid through underground pipes, known as a ground loop, where the fluid absorbs or dissipates heat depending on the season. This heat is then transferred to the industrial facility through a heat exchanger.

Ground source heat pumps are particularly well-suited for industrial applications due to their capacity to handle large heating and cooling loads. They are used in a variety of settings, including manufacturing plants, warehouses, and large commercial buildings. The system's ability to provide consistent temperature control also helps in maintaining optimal conditions for industrial processes, which is critical for quality and safety.

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On the basis of system type, market is divided into closed loop and open cycle. The open cycle segment is anticipated to grow at the fastest CAGR of 7.7% during the forecast period.

An open cycle system in an industrial heat pump operates by utilizing a continuous flow of air or water as the working fluid, which is drawn from the environment and then expelled after heat transfer. In this system, the heat pump extracts thermal energy from the incoming fluid (air or water) and transfers it to another medium, usually water or air, that needs to be heated. The process begins with the working fluid entering the heat pump, where it absorbs heat and increases in temperature. This heated fluid is then directed to a heat exchanger or a similar device, where it releases its thermal energy to the medium that requires heating.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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