INDUSTRIALHEATPUMPMARKETGLOBAL ANALYSIS REPORT2024-2030Published by: Rahul, Marketing Head
Market Size &Overview: The Industrial Heat Pump Market was valued at approximately USD 9.38 billionin2023and is projected to reach nearly USD 15.86 billion by 2030, growing at a CompoundAnnualGrowth Rate (CAGR) of 7.8% from 2024 to 2030. Industrial heat pumps are devicesthattransfer heat from low-temperature sources to high-temperature sinks using mechanical orthermal energy. They are utilized across various applications, including heating andcoolingof buildings, product drying, and industrial processes.
Market Growth &OpportunitiesThe market's expansion is primarily driven by the increasing recognition of industrial heat pumps as a vital technology for heat decarbonization. In 2021, approximately 190 million heat pump units were operational in buildings worldwide, with significant growth observed in regions such as North America, Europe, and parts of Asia. This surge is attributed to heightened policy support, energy security concerns, and the pursuit of climate objectives. Despite these advancements, heat pumps currently address onlyabout 10% of the global heating demand in buildings, indicating substantial potential for future growth. To align with the Net ZeroEmissions by 2050 Scenario, the global heat pump market share needs to reach about 600 million units by 2030, covering at least 20% of global heating requirements. Achieving this target necessitates further policy support, technological innovation, cost reductions, and the removal of market barriers. Sample Request
Market Segmentationby Source vAir vWater vGround by System vClosed Loop vOpen Cycle
Regional Analysis: North America: The region has witnessed a steady increase in heat pump adoption, driven by policy support andafocus on energy efficiency. The United States, in particular, has seen record growth in heat pumpsales, contributing to the market's expansion. Europe: Europe experienced a 23% decline in heat pump sales in 2024, returning to pre-Ukraine war levels. Thisdownturn is attributed to political uncertainties, changes in support schemes, and economic challenges. Despitehigh gas prices and energy security concerns, approximately two million units were sold, mirroring 2021figures. The European Heat Pump Association emphasizes the need for prioritizing heat pumps to achieve energysecurityand reduce reliance on foreign gas. Asia-Pacific (APAC): The APAC region has seen significant growth in heat pump adoption, particularly inChinaandJapan. This growth is driven by increasing demand for energy-efficient solutions and supportive governmentpolicies promoting sustainable technologies
Regional Analysis North America Europe Asia Pacific Middle East and Africa South America Regional Analysis 2025-2030 Customized Report Request
Merges and AcquisitionqWhile specific mergers and acquisitions in the industrial heat pump sector were not detailed in the provided sources, themarket is characterized by strategic collaborations and investments aimed at advancing heat pump technologies. Industryplayers are actively engaging in partnerships to enhance their market position and technological capabilities. Buy This Report
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