Europe and Asia Pacific Industrial Heat Pump Market Outlook and Strategic Insights by 2030

Historic Data: 2020-2021 | Base Year: 2022 | Forecast Period: 2023-2030

Europe and Asia Pacific Industrial Heat Pump Market Size and Forecasts (2020 - 2030), Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: By Heat Source (Water, Air, Geothermal, and Waste Heat), End-User (Energy and Power, Manufacturing, Chemicals, Food and Beverages, Wood Products, and Others), and Type [Closed-Cycle Mechanical Heat Pumps, Open-Cycle Mechanical Vapor Compression (MVC) Heat Pumps, Open-Cycle Thermocompression Heat Pumps, and Closed-Cycle Absorption Heat Pumps]

Report Date : Sep 2023
Report Code : TIPRE00030050

Category : Manufacturing and Construction
Status : Published

Available Report Formats :
No. of Pages : 116

Page Updated: Sep 2023

Analysis Strategic Insights Market Drivers Regional Insights Report Scope Recent Developments FAQs

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

Europe and Asia Pacific Industrial Heat Pump Market

Market Size 2022
US$ 1,257.36 Million

Market Size 2030
US$ 2,299.35 Million

Market Dynamics

GROWTH DRIVERS
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FUTURE TRENDS
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OPPORTUNITIES
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Regional Overview

Europe

Asia-Pacific

Market Segmentation

Heat Source

Water
Air
Geothermal
Waste Heat

End-User

Energy and Power
Manufacturing
Chemicals
Food and Beverages
Wood Products

Type

Closed-Cycle Mechanical Heat Pumps
Open-Cycle Mechanical Vapor Compression Heat Pumps
Open-Cycle Thermocompression Heat Pumps
Closed-Cycle Absorption Heat Pumps

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Europe and Asia Pacific Industrial Heat Pump MarketReport Scope

Europe and Asia Pacific Industrial Heat Pump Market Report Scope

Report Attribute	Details
Market size in 2022	US$ 1,257.36 Million
Market Size by 2030	US$ 2,299.35 Million
CAGR (2022 - 2030)	7.8%
Historical Data	2020-2021
Forecast period	2023-2030
Segments Covered	By Heat Source Water Air Geothermal Waste Heat By End-User Energy and Power Manufacturing Chemicals Food and Beverages Wood Products By Type Closed-Cycle Mechanical Heat Pumps Open-Cycle Mechanical Vapor Compression Heat Pumps Open-Cycle Thermocompression Heat Pumps Closed-Cycle Absorption Heat Pumps
Regions and Countries Covered	Europe UK Germany France Russia Italy Rest of Europe Asia-Pacific China India Japan Australia Rest of Asia-Pacific
Market leaders and key company profiles	Mitsubishi Heavy Industries Daikin Industries Ltd Danfoss A/S Emerson Electric Johnson Controls International Plc Robert Bosch GmbH Siemens AG Carrier Swegon

Frequently Asked Questions

What are reasons behind 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. 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.

What are market opportunities for the Europe and Asia Pacific industrial heat pump market?

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.

Which country to dominate the Europe and Asia Pacific industrial heat pump market in the forecast period?

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.

What is the future trend for 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. 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.

Who are the major vendors in the 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, and Siemens AG are the top five key market players operating in the Europe and Asia Pacific industrial heat pump market.

Research Manager

Nivedita Upadhyay

Manager,
Market Research & Consulting

Nivedita is an accomplished research professional with over 9 years of experience in Market Research and Business Consulting. Currently serving as a Project Manager in the ICT domain at The Insight Partners, she brings deep expertise in managing and executing Syndicated, Custom, Subscription-based, and Consulting research assignments across diverse technology sectors.

With a proven track record of delivering data-driven analysis and actionable insights, Nivedita has been a key contributor to several critical projects. Her work involves end-to-end project execution—right from understanding client objectives, analyzing market trends, to deriving strategic recommendations. She has collaborated extensively with leading ICT companies, helping them identify market opportunities and navigate industry shifts.

Nivedita holds an MBA in Management from IMS, Dehradun. Prior to joining The Insight Partners, she gained valuable experience at MarketsandMarkets and Future Market Insights in Pune, where she held various research roles and built a strong foundation in industry analysis and client engagement.

What are the Europe and Asia Pacific Industrial Heat Pump Market report deliverables?

Historical Analysis (2 Years), Base Year, Forecast (7 Years) with CAGR
PEST and SWOT Analysis
Market Size Value / Volume - Regional, Country
Industry and Competitive Landscape
Excel Dataset

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