Europe Industrial Heat Pump Market Size, Share, Growth Analysis, By Product(Air Source, Ground Source, Water Source, Closed Cycle Mechanical), By Application(Residential, Commercial and Industrial), By Region - Industry Forecast 2024-2031


Report ID: SQMIR20I2271 | Region: Regional | Published Date: April, 2024
Pages: 202 |Tables: 66 |Figures: 70

Europe Industrial Heat Pump Market Insights

Europe Industrial Heat Pump Market size was valued at USD 14.10 Billion in 2022 and is poised to grow from USD 16.71 Billion in 2023 to USD 64.97 Billion by 2031, at a CAGR of 18.50% during the forecast period (2024-2031).

The European industrial heat pump market is currently experiencing steady growth due to increasing awareness of environmental sustainability and energy efficiency. Businesses across various sectors are recognizing the benefits of industrial heat pumps in reducing energy consumption and greenhouse gas emissions.

This growing demand is driven by a combination of factors, including stringent regulatory measures aimed at reducing carbon footprints, incentives for adopting energy-efficient technologies, and a shift towards more sustainable industrial processes.

Market players in this industry are focusing on innovation and technological advancements to offer more efficient and cost-effective solutions, further fueling the market's expansion. As the world continues to prioritize sustainable practices, the European industrial heat pump market is poised for continued growth and development.

Market Snapshot - 2024-2031

Global Market Size

USD 14.10 Billion

Largest Segment

Industrial

Fastest Growth

Industrial

Growth Rate

18.50% CAGR

Europe Industrial heat pump market ($ Bn)
Country Share for GERMANY Region (%)

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Europe Industrial Heat Pump Market Segmental Analysis

The Europe Industrial heat pump market is segmented on the basis of Product, application and region. Based on product the market is segmented as Air Source, Ground Source, Water Source, Closed Cycle Mechanical, Open Cycle Mechanical Vapor Compression, Open Cycle Thermocompression, Closed Cycle Absorption. Based on application, it is segregated into Residential, Commercial and Industrial. Based on region, the market is segmented into Germany, France, Spain, and Italy.

Analysis by Product

Air source heat pumps currently dominate the market due to their significant adoption and flexibility. They are distinctly smooth to install, making them a favored choice for both residential and business packages. Their performance has stepped forward over time, and they may be value-powerful in comparison to other options, making them the pass-to answer for plenty purchasers.

However, Ground supply warmness pumps, also known as geothermal warmness pumps, are the fastest-growing phase in the marketplace. Their boom is attributed to their excessive performance and decreased environmental impact. As clients become greater environmentally conscious, ground source heat pumps, which harness the regular temperature of the earth, are gaining popularity for his or her sustainability and lengthy-time period fee financial savings. Additionally, government incentives and regulations selling renewable power sources have expanded their adoption.

Analysis by Application

The business area dominates the marketplace for heat pumps due to its massive electricity requirements and the growing emphasis on sustainable commercial methods. Industrial facilities are adopting warmth pumps to enhance energy performance and reduce operational charges, making it the leading application segment. Moreover, authorities incentives and guidelines selling energy-efficient technology have similarly elevated adoption inside the commercial sector.

However, the industrial area is the fastest-growing application segment in the warmth pump market.This growth is attributed to rising awareness among businesses about the benefits of heat pumps for heating, cooling, and hot water generation. Commercial buildings, such as offices, hotels, and retail spaces, are increasingly integrating heat pump systems to meet energy efficiency targets, reduce operational expenses, and demonstrate environmental responsibility.

Europe Industrial heat pump market by Application

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Europe Industrial Heat Pump Market Regional Insights

Germany has mounted itself as the dominating force inside the European business heat pump market. This management is attributed to Germany's robust dedication to renewable electricity and power performance tasks, sponsored by using strong industrial sectors. The us of a's progressive era panorama and properly-hooked up manufacturing capabilities have positioned it as a main producer and adopter of business heat pump systems. Germany's strategic guidelines and investments in sustainable solutions make a contribution to its dominance within the marketplace.

However, Spain is emerging as the fastest-growing marketplace for industrial warmness pumps in Europe. This boom is in general driven via Spain's growing emphasis on renewable electricity sources and weather-conscious rules. Favorable authorities incentives, including subsidies and tax blessings, have advocated fast adoption of industrial warmness pumps, particularly in energy-extensive industries like production and agriculture. Spain's sunny climate also complements the performance of heat pump systems, making it an appealing destination for each nearby and worldwide investors on this sector.

Europe Industrial heat pump market by Geography
  • Largest
  • Fastest

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Europe Industrial Heat Pump Market Dynamics

Drivers

Environmental Regulations

  • As governments and international bodies enforce stricter emissions and energy efficiency standards, industries are compelled to adopt heat pump technologies to reduce their carbon footprint and comply with these regulations. This regulatory pressure is propelling the adoption of industrial heat pumps across various sectors.

Restraints

High Initial Investment Costs

  • A large restraint in the marketplace is the high initial funding expenses related to commercial heat pump structures. The prematurely prices for buying and putting in these systems may be large, deterring a few businesses from embracing this technology. However, lengthy-time period operational financial savings and environmental benefits often outweigh the preliminary financial burden, making it a count of overcoming the initial capital outlay.

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Europe Industrial Heat Pump Market Competitive Landscape

The aggressive panorama in the European industrial warmness pump marketplace is characterised by using a diverse array of corporations vying for market percentage. These businesses are engaged in severe competition driven by using innovation, product development, and expanding their provider offerings.

With a focal point on sustainability and power efficiency, market players are striving to offer modern solutions to fulfill the evolving wishes of business clients. Partnerships and collaborations in the enterprise are also common, as they enable businesses to leverage each other's strengths and sources to gain a competitive side.

Additionally, market entrants are challenged to navigate a complex regulatory environment and address various patron needs throughout one-of-a-kind commercial sectors, further including to the aggressive dynamics of this market.

Top Player’s Company Profiles

  • Bosch Thermotechnik (Germany)
  • Danfoss (Denmark)
  • Daikin (Japan)
  • Mitsubishi Electric (Japan)
  • Carrier (US)
  • Trane (US)
  • Viessmann (Germany)
  • Baxi Group (Italy)
  • Vaillant Group (Germany)
  • Remeha (Netherlands)
  • Hitachi (Japan)
  • Swegon (Sweden)
  • Eurofred (Spain)
  • Aeroterma (Italy)
  • Eberspächer (Germany)

Recent Developments

  • January 2023: Carrier announced the launch of its new industrial heat pump solution, the Carrier AquaEdge 3000i. The heat pump is designed to provide heating and cooling for industrial processes at temperatures up to 150°C.
  • March 2023: Bosch announced the launch of its new industrial heat pump solution, the Bosch Climate 5000i. The heat pump is designed to provide heating and cooling for industrial processes at temperatures up to 140°C.
  • June 2023: The European Commission announced a new plan to support the deployment of industrial heat pumps in Europe. The plan aims to install 20 gigawatts of industrial heat pumps by 2025 and 100 gigawatts by 2030. The plan includes a number of financial incentives and technical support measures to help businesses switch to industrial heat pumps.

Europe Industrial Heat Pump Key Market Trends

  • Electrification of Industrial Processes: Companies are transitioning from conventional fossil fuel-primarily based heating systems to electric warmth pumps, pushed through the need to lessen carbon emissions and achieve electricity efficiency. Electrification aligns with Europe's sustainability desires, and advancements in heat pump generation make this transition an increasing number of viable across a huge range of industries, from production to agriculture, fostering a greater green and fee-effective method to industrial heating.

Europe Industrial Heat Pump Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.

According to Europe Industrial warmth pump marketplace evaluation, the market has been regularly evolving, with a developing emphasis on sustainability and strength performance. Market dynamics are usually formed with the aid of stringent environmental regulations, which can be compelling industries to adopt heat pump technology to reduce carbon emissions. As governments and corporations try to gain net-0 emissions objectives, the marketplace is poised for persevered increase.

Looking beforehand, future insights advise several key trends. First, innovation in heat pump technology will drive multiplied efficiency and performance, making those structures even more attractive to a broader range of industrial applications.

Additionally, we can count on more collaboration between enterprise stakeholders, together with producers, policymakers, and research establishments, to boost up the adoption of heat pumps.

Furthermore, the electrification of commercial approaches will preserve to gain momentum, aligning with Europe's broader push towards clean strength resources. The integration of renewable electricity sources, inclusive of solar and wind, into heat pump systems will similarly decorate their sustainability and reduce operating costs.

Finally, the marketplace is in all likelihood to witness geographical expansion, with organizations increasingly more focused on rising markets within Europe, which include Eastern Europe, in which business modernization and sustainability efforts are at the rise.

Overall, the European industrial heat pump market seems poised for strong growth inside the coming years because it plays a pivotal role in Europe's transition to a greener, greater sustainable industrial panorama.

Report Metric Details
Market size value in 2022 USD 14.10 Billion
Market size value in 2031 USD 64.97 Billion
Growth Rate 18.50%
Base year 2023
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Product
    • Air Source, Ground Source, Water Source, Closed Cycle Mechanical, Open Cycle Mechanical Vapor Compression, Open Cycle Thermocompression, and Closed Cycle Absorption
  • Application
    • Residential, Commercial and Industrial
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Bosch Thermotechnik (Germany)
  • Danfoss (Denmark)
  • Daikin (Japan)
  • Mitsubishi Electric (Japan)
  • Carrier (US)
  • Trane (US)
  • Viessmann (Germany)
  • Baxi Group (Italy)
  • Vaillant Group (Germany)
  • Remeha (Netherlands)
  • Hitachi (Japan)
  • Swegon (Sweden)
  • Eurofred (Spain)
  • Aeroterma (Italy)
  • Eberspächer (Germany)
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Europe Industrial Heat Pump Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Europe Industrial Heat Pump Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Europe Industrial Heat Pump Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Europe Industrial Heat Pump Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Europe Industrial Heat Pump Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Europe Industrial Heat Pump Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Europe Industrial Heat Pump Market size was valued at USD 14.10 Billion in 2022 and is poised to grow from USD 16.71 Billion in 2023 to USD 64.97 Billion by 2031, at a CAGR of 18.50% during the forecast period (2024-2031).

The aggressive panorama in the European industrial warmness pump marketplace is characterised by using a diverse array of corporations vying for market percentage. These businesses are engaged in severe competition driven by using innovation, product development, and expanding their provider offerings. 'Bosch Thermotechnik (Germany)', 'Danfoss (Denmark)', 'Daikin (Japan)', 'Mitsubishi Electric (Japan)', 'Carrier (US)', 'Trane (US)', 'Viessmann (Germany)', 'Baxi Group (Italy)', 'Vaillant Group (Germany)', 'Remeha (Netherlands)', 'Hitachi (Japan)', 'Swegon (Sweden)', 'Eurofred (Spain)', 'Aeroterma (Italy)', 'Eberspächer (Germany)'

As governments and international bodies enforce stricter emissions and energy efficiency standards, industries are compelled to adopt heat pump technologies to reduce their carbon footprint and comply with these regulations. This regulatory pressure is propelling the adoption of industrial heat pumps across various sectors.

Electrification of Industrial Processes: Companies are transitioning from conventional fossil fuel-primarily based heating systems to electric warmth pumps, pushed through the need to lessen carbon emissions and achieve electricity efficiency. Electrification aligns with Europe's sustainability desires, and advancements in heat pump generation make this transition an increasing number of viable across a huge range of industries, from production to agriculture, fostering a greater green and fee-effective method to industrial heating.

Germany has mounted itself as the dominating force inside the European business heat pump market. This management is attributed to Germany's robust dedication to renewable electricity and power performance tasks, sponsored by using strong industrial sectors. The us of a's progressive era panorama and properly-hooked up manufacturing capabilities have positioned it as a main producer and adopter of business heat pump systems. Germany's strategic guidelines and investments in sustainable solutions make a contribution to its dominance within the marketplace.

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