Favorable Government Policies Boost Europe and Asia Pacific Industrial Heat Pump Market Growth
According to our latest market study on "Industrial Heat Pump Market Forecast to 2030 – Europe and Asia Pacific Analysis – by Heat Source, End User, and Type," 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.
In order to increase the adoption of industrial heat pumps, governments of several developed and developing countries are implementing favorable policies such as tax benefits and subsidies. Governments worldwide are recognizing the importance of industrial heat pumps in replacing fossil fuel-based heating systems to reduce carbon emissions and exposure to the fossil fuel market. As a result, policymakers are focusing on promoting the use of industrial heat pumps through subsidies, tax benefits, and government funding. The favorable policies encourage private and public players to increase the industrial heat pump market share. Several European countries are imposing bans on fossil fuel heating, which is driving the Europe and Asia Pacific growth. Below mentioned are such restrictions imposed by European countries:
Austria | France |
Ban on the installation of oil/coal boilers from 2020 (only new buildings) | Stepwise de facto ban on oil boilers and gas boilers in new buildings (for certain housing types) from 2022 |
Such standard control and bans at the point of sale or manufacturer can be more equitable than voluntary programs, such as tax benefits and incentives, which are driving the Europe and Asia Pacific industrial heat pump market.
Rapid innovations in the industrial heat pump market are significantly reshaping trends and driving transformative changes. These innovations are being driven by advancements in technology, materials, design, and energy efficiency, and they are influencing various aspects of the industry. Innovations are addressing efficient heat distribution methods within industrial facilities, ensuring that heat is delivered precisely where it is needed. For instance, in May 2023, Daikin introduced the Trailblazer HP, an innovative air-cooled scroll chiller that employs heat pump technology to provide both heating and cooling for commercial buildings & industrial processes using electricity as its power source. The introduction of the Trailblazer HP reflects Daikin's commitment to innovation and its commitment to providing advanced solutions that address the changing needs of commercial and industrial clients. In order to stay relevant in the competition, market players are collaborating to enhance their offerings with industry-leading technologies. For instance, in July 2022, BASF and MAN Energy Solutions entered into a strategic partnership for the building of an industrial-scale heat pump at the BASF facility. Under this project, the companies are collaborating to establish low-CO2 technologies in chemical production and reduce the site’s natural gas consumption. These rapid innovations collectively shift the trends in the Europe and Asia Pacific industrial heat pump market by making them more versatile, efficient, and sustainable. They are likely to open up new possibilities for industries to decarbonize their operations, enhance energy efficiency, and contribute to the transition toward a more sustainable energy landscape.
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 are among the key industrial heat pump market players profiled during the study on the Europe and Asia Pacific industrial heat pump market. In addition, several other important industrial heat pump market players were studied and analyzed during this study to get a holistic view of the Europe and Asia Pacific industrial heat pump market and its ecosystem.
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