The global industrial heat pumps market is expected to post a CAGR of close to 5% during the period 2019-2023, according to the latest market research report by Technavio.
Most of the heat pumps available in the market are limited to supplying a heat sink temperature of 194°F, that reduces their use in industrial activities where the temperature mostly reaches beyond 194°F. The metal, chemical and petrochemical, and paper and pulp industries involve various operations such as washing, evaporation, and drying, for which the heat temperature requirement is more than 302°F. Therefore, vendors in the market are shifting their focus toward the development of high-temperature heat pumps to cater to these high-temperature requirements from several industries. These ongoing efforts to improve the temperature range of heat pumps will fuel the growth of the market during the forecast period.
As per Technavio, the advent of smart heat pumps will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global industrial heat pumps market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global industrial heat pumps market: Emerging demand for advanced heat pumps
To improve performance and efficiency, vendors in the heat pump market are upgrading products with additional features. Innovations in compressor design, such as two-speed compressors, allow industrial heat pumps to perform extreme heating or cooling with high efficiency while significantly reducing power consumption. Another innovation includes the integration of heat pumps with furnace systems to create dual-fuel heat pumps. This helps industrial heat pumps to choose the fuel source according to the specific condition. Such advances in technology will increase the demand for industrial heat pumps during the forecast period.
Industries are increasingly adopting advanced industrial pumps owing to the rising cost of energy and the environmental effects due to the emission of a high amount of carbon from fossil fuel-based energy sources. The use of heat pumps helps in reducing carbon emissions in industrial facilities and offers cost benefits to end-users. With the increase in strict regulatory norms on energy efficiency, the demand for industrial heat pumps will increase significantly, says a senior analyst at Technavio.
Global industrial heat pumps market: Segmentation analysis
This market research report segments the global industrial heat pumps market by end-users (paper and pulp, food and beverage, chemical, automotive, and others) and geographic regions (Europe, APAC, North America, MEA, and South America).
The Europe region led the market in 2018 with a market share of over 30%, followed by APAC and North America respectively. Although the APAC region held a smaller market share than Europe, it is expected to register the highest incremental growth during the forecast period.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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