The industrial heat pump market was valued at US$ 1,257.36 million in 2022 and is projected to reach US$ 2,299.35 million by 2030; it is expected to register a CAGR of 7.8% during 2022–2030.
Analyst Perspective:
European member states are taking proactive steps to decarbonize the heating market, which is substantially impacting the hydronic heat pump sector as well as the industrial heat pump market. From 2010 to 2020, the hydronic heat pump market has demonstrated steady growth. However, with the inception of initiatives such as the Green Deal and the influence of the REPowerEU plan, the heat pump market started experiencing tremendous growth, accounting for a production of 1.6 million heat pumps in 2022. The rise in production is projected to continue, surging to 3.5 million heat pumps in 2023 due to the rapid transition from traditional heating (gas) to heat pumps. In line with this trajectory, Daikin envisions a remarkable growth of the European heating industry. By 2030, the market is expected to expand to 14 million heating systems, with a substantial portion (10 million) being represented by hydronic heat pumps. This forecast indicates a seismic shift from the current landscape, where only two out of every ten heating systems are heat pumps. By 2030, seven out of every ten heating systems will be powered by heat pumps, such future scenarios are anticipated to offer opportunities for the Europe and Asia Pacific industrial heat pump market growth.
Market Overview:
Industrial heat pumps are a type of active heat-recovery equipment. Industrial heat pumps are an effective and cost-efficient solution for the generation of heat and cold. They uplift the temperature by absorbing thermal energy from an existing low-temperature heat source and circulating it to a warmer space. Geothermal heat pumps improve efficiency and reduce the energy consumption of heating and cooling systems in the industrial sector. Growing focus on low carbon emissions to lower environmental pollution and increasing inclination toward energy-efficient pumps drive the growth of Europe and Asia Pacific industrial heat pump market.
Further, the Europe and Asia Pacific industrial heat pump market is witnessing potential growth 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 is accelerating the demand for industrial heat pumps. These pumps can potentially increase energy efficiency and decrease CO2 emissions. Industrial heat pumps have a potential use in the energy & power sector as they help in power generation. An industrial heat pump can generate electricity by utilizing solar energy in a wide wavelength, incorporating light range and infrared ranges. High-end industrial heat pumps are primarily utilized in the manufacturing industry because of their energy efficiency, cost-effectiveness, and sustainability. The chemical industry is one of the most energy-demanding sectors. The limitation of using fossil fuels, the requirement for energy independence, and the environmental challenges of greenhouse gas emissions are major factors influencing the industrial heat pump market growth in the chemical industry.
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Europe and Asia Pacific Industrial Heat Pump Market: Strategic Insights
Market Size Value in US$ 1,257.36 million in 2022 Market Size Value by US$ 2,299.35 million by 2030 Growth rate CAGR of 7.8% from 2022 to 2030 Forecast Period 2022-2030 Base Year 2022
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Europe and Asia Pacific Industrial Heat Pump Market: Strategic Insights
| Market Size Value in | US$ 1,257.36 million in 2022 |
| Market Size Value by | US$ 2,299.35 million by 2030 |
| Growth rate | CAGR of 7.8% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
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Market Driver:
Significant Reduction in CO2 Emissions Boosting the Europe and Asia Pacific Industrial Heat Pump Market Growth
According to a white paper published by the Danish Technological Institute, the industrial process contributes to 20% of the total greenhouse gas emissions in European countries. Governments of various countries in Europe are focusing on reducing greenhouse emissions to stay within the 1.5°C scenario of the Paris Climate Agreement. Apart from Europe, various developed and developing countries are setting their net zero carbon emissions goals over the next couple of decades which are contributing to the industrial heat pump market growth. Greenhouse gases are the primary sources of global warming (GW) and climate change. Such gases absorb the infrared energy and re-emit it into space, half of which returns to the Earth as heat, subsequently adding to the warmth coming from the Earth's surface. Small businesses and large industries emanate various carbon compounds, such as carbon dioxide, since they are using fossil fuels, which is known as "carbon footprint." Industrial heat pump technologies are helping significantly reduce CO2 emissions arising from industrial processes. As a result, several governments and private and public industrial heat pump market players are investing in procuring industrial heat pumps.
Segmental Analysis:
The heat source segment of the industrial heat pump market is categorized into water, air, geothermal, and waste heat. Heat pumps, a segment of industrial heat pump market have become increasingly important to improve energy efficiency and reduce CO2 emissions. An industrial heat pump primarily sources heat from the geothermal energy accumulated in the ground, surrounding air, water, or waste heat from industrial processes. The pump then amplifies and passes on the heat to where it is required. In addition, geothermal heat pumps improve efficiency and decrease the energy consumption of heating and cooling systems in the industrial sector. Thus, the growing focus on low carbon emissions to lower environmental pollution and inclination toward energy-efficient pumps are increasing the industrial heat pump market share.
Industrial heat pump market provides several opportunities for all manufacturing procedures and processes. Industrial heat pumps employ waste process heat as the heat source to provide heat at higher temperatures for application in industrial processes, heating and preheating procedures, or space cooling and heating in the industry. In various applications, they can substantially decrease fossil fuel utilization and greenhouse gas discharges in washing, drying, evaporation, and distillation procedures. Industrial heat pumps are used in food & beverage processing, wood, paper & pulp, manufacturing, textiles, chemicals, and other noteworthy end- use industries of industrial heat pump market.
Regional Analysis:
European As per the European Heat Pump Association (EHPA), France stands out as the foremost market for heat pump sales in Europe, with the sale of ~400,000 units in 2020. Following France, Italy and Germany secured the second and third positions in terms of heat pump sales, with figures exceeding 230,000 and 140,000 units sold, respectively. This robust market performance highlights the increasing adoption of heat pump technology as a sustainable and energy-efficient solution for heating and cooling needs across Europe. France has enacted energy transition laws that mandate a reduction in carbon emissions, which encourages industries to explore cleaner heating options such as heat pumps. For instance, in August 2023, Ademe, the environmental agency of France, initiated a tender process focused on large-scale solar thermal installations and heat pumps intended for the generation of hot water. This initiative reflects Ademe's commitment to promoting renewable energy sources and energy-efficient technologies to address heating needs while contributing to the reduction of carbon emissions. Such initiatives are increasing the industrial heat pump market.
Key Player Analysis:
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 operating across different regions.
Recent Developments:
Inorganic and organic strategies such as mergers and acquisitions are highly adopted by companies in the Europe and Asia Pacific industrial heat pump market. A few recent developments by key industrial heat pump market players are listed below:
Year | News | Region |
2023 | MHI invested in Advanced Ionics Inc. The investment was executed through Mitsubishi Heavy Industries America Inc, which joins a consortium of investors, including bp. Ventures (bp), Clean Energy Ventures (CEV), and others. | Europe |
2023 | Owing to a significant increase in growth of industrial heat pump market , Bosch had been investing heavily in expanding its European heat-pump development and manufacturing network since 2018. | Global |
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Heat Source, End-User, and Type
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
According to a white paper published by the Danish Technological Institute, the industrial process contributes to 20% of the total greenhouse gas emissions in European countries. Governments of various countries in Europe are focusing on reducing greenhouse emissions to stay within the 1.5°C scenario of the Paris Climate Agreement. Industrial heat pump technologies are helping significantly reduce CO2 emissions arising from industrial processes. As a result, several governments and private and public players are investing in procuring industrial heat pumps.
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. 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.
The Europe and Asia Pacific industrial heat pump market in India is gaining traction as the country focuses on achieving energy efficiency and sustainability, as well as reducing carbon emissions. The growing industrial sector in India demands significant amounts of process heat. Heat pumps can provide efficient heating solutions and reduce energy consumption.
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. These rapid innovations collectively shift the trends in the 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, and Siemens AG are the top five key market players operating in the Europe and Asia Pacific industrial heat pump market.
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
The List of Companies - Europe and Asia Pacific Industrial Heat Pump Market
- 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
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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