The global industrial heat pumps market size is expected to grow by USD 144.04 million as per Technavio. This marks a significant market slow down compared to the 2019 growth estimates due to the impact of the COVID-19 pandemic in the first half of 2020. However, steady growth is expected to continue throughout the forecast period, and the market is expected to grow at a CAGR of 4%. Request free sample pages
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Technavio has announced its latest market research report titled Global Industrial Heat Pumps Market 2020-2024 (Graphic: Business Wire)
Read the 120-page report with TOC on "Industrial Heat Pumps Market Analysis Report by End-user (Paper and pulp, Food and beverage, Chemical, Automotive, and Others) and Geography (Europe, APAC, North America, MEA, and South America), and the Segment Forecasts, 2020-2024".
The market is driven by the growing focus on high-temperature heat pumps. In addition, the advent of smart heat pumps is anticipated to boost the growth of the industrial heat pumps market.
Most heat pumps available in the market are limited to supplying a heat sink temperature of 194°F. These heat pumps are, therefore, ideal for residential and commercial applications that require a low heat sink temperature. However, such temperature constraints restrict the use of heat pumps in industrial activities where the temperature goes beyond 194°F. To cater to the high temperature requirements of industries, vendors are shifting their focus toward high-temperature heat pumps. HeatUp is one such project, which aims to extend the temperature range for heat pumps beyond 392°F by using natural working fluids such as butane, ammonia (NH3), and water (H2O). The project is supported by the Norwegian Research Council, which offered a budget of USD 1.9 million from May 2015 to May 2019. With the ongoing efforts to improve the temperature range of heat pumps, such products will gain prominence in several industries, thereby fueling the growth of the global industrial heat pumps market during the forecast period.
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Major Five Industrial Heat Pumps Companies:
Daikin Industries Ltd.
DAIKIN INDUSTRIES operates its business across segments such as air conditioning, chemicals, oil hydraulics, and defense. The company offers a wide range of heat pumps. Enfinity Vertical Floor Mounted Water Source Heat Pumps and Enfinity Console In-Room Water Source Heat Pumps are some of the popular offerings by the company.
Emerson Electric Co.
Emerson Electric Co operates its business across two segments, namely automation solutions and commercial and residential solutions. The company offers Vilter single-screw compressors.
Johnson Controls International Plc
Johnson Controls Plc operates its business across two segments, namely Building Technologies Solutions and Power Solutions. The company offers a wide range of heat pumps. Some of the products offered by the company include SABROE HeatPAC, YHAP-C Absorption Heat Pumps, and Water Source Heat Pumps.
Mitsubishi Electric Corp.
Mitsubishi Electric Corp. operates its business across various segments such as energy and electric systems, industrial automation systems, information and communication systems, electronic devices, home appliances, and others. The company offers a wide range of heat pumps. Some of the popular offerings by the company include air-to-water reversible heat pumps, air-to-water heat pumps (only heating), water-to-water reversible heat pumps, water-to-water heat pumps (heating only), and water-to-water heat pumps (reversible on the hydraulic side).
Robert Bosch GmbH
Robert Bosch GmbH operates its business across segments such as mobility solutions, industrial technology, consumer goods, and energy and building technology. The company offers a wide range of heat pumps. Some of the popular offerings by the company include Scroll Water Source Heat Pump and GHP AWO 38 Heat Pump.
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Industrial Heat Pumps End-user Outlook (Revenue, USD mn, 2020-2024)
- Paper and pulp
- Food and beverage
Industrial Heat Pumps Regional Outlook (Revenue, USD mn, 2020-2024)
- North America
- South America
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