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, Manufacturi

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]

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 grow at a CAGR of 7.8% during 2022–2030.

Europe and Asia Pacific are two major regions contributing to the industrial heat pump market growth. France and India are among the major industrial heat pump market due to their increasing demand for energy-efficient and low-carbon emission equipment. Increasing industrialization and large-scale establishment of manufacturing plants fueling the demand for industrial heat pumps. In addition, government initiatives to reduce industrial carbon footprint and boost the adoption of alternative sustainable types of equipment are also boosting the Europe and Asia Pacific industrial heat pump market growth.

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 major industrial heat pump market players. New product development, research, and development activities for introducing new advanced features, and strategic business alliances to expand the product reach in different geographic locations are the strategies followed by such major industrial heat pump market players to strengthen their foothold in the market.

The heat source segment of the Europe and Asia Pacific industrial heat pump market is categorized into water, air, geothermal, and waste heat. Water is one of the potential heat sources of industrial heat pumps. The major water sources primarily comprise ground water, cooling water from industrial procedures, processed water chilled before application, or sewage water. In addition, seawater and rivers can be utilized as heat sources for industrial heat pumps. A water source heat pump (WSHP) moves the compressor into the indoor unit and restores the outdoor coil with a heat exchanger that utilizes a building loop of water instead of the outside air; most water source heat pumps use the compressor, which is designed to be a scroll or rotary. Industrial heat pumps operate like conventional heat pumps but utilize water as the medium for heat transmission. It can accumulate heat energy in water to offer heating and cooling services. The water-based industrial heat pumps can be integrated with hydronic systems. They can also be combined with fan coil units or other water-based distribution systems. The water-based heat pumps leverage water sources without depending on fossil fuels, thus lowering greenhouse gas emissions. Water heat pumps are a path for renewable energy integration, boosting sustainable and clean energy applications. The application of water heat pumps is rising in the industrial sectors, and it is expected to contribute to the Europe and Asia Pacific industrial heat pump market growth in the coming years.

According to Heat Pump Association Austria, in 2021, the total sales volume of heat pumps, considering the domestic and export markets across all applications and power classes, experienced a notable increase. The sales figures grew from 50,210 units in 2020 to 57,399 units in 2021, representing a substantial growth rate of 14.3%. This growth was primarily driven by expansion in the domestic industrial heat pump market, which exhibited a remarkable increase of 21.6% in the same period. Additionally, the export market also witnessed substantial growth at a slightly lower rate of 1.9%. The use of heat pumps increased for space heating applications across all power classes up to 350 kW in the domestic industrial heat pump market. An industrial heat pump is an energy-efficient, eco-friendly solution that fulfills the need for sustainable heating and hot water systems. All these factors are boosting the industrial heat pump market in Austria.

The industrial heat pump market in Norway is witnessing major growth due to various factors, including the government’s commitment to sustainability, energy efficiency goals, and the need to reduce carbon emissions. Collaborations between industry players, research institutions, and technology providers drive the advancement of heat pump solutions tailored for Norway’s industrial landscape. For instance, in November 2022, Tequs, a Norwegian heat pump innovator, joined forces with Rivacold, an Italian HVAC&R manufacturer, to develop an innovative water-to-water CO2 (R744) heat pump tailored for commercial use in Norway. According to the co-founder and CEO of Tequs, this new heat pump was meticulously designed to address smaller-scale CO2 heat pumps that can deliver capacities ranging from 15 kW to 800 kW (equivalent to 4.3 to 227.5 metric ton of refrigeration). This partnership aims to meet the specific needs of the commercial sector in Norway, where there is a growing demand for heat pumps that combine energy efficiency, environmental sustainability, and versatile capacity ranges