USD 11.9 billion
Europe Industrial Heat Pump Market Size, Share, Growth Analysis, By Product(Air Source, Ground Source), By Application(Residential, Commercial and Industrial) - Industry Forecast 2023-2030
Report ID:
SQMIG20I2228 |
Region:
Global |
Published Date: July, 2037
Pages:
202
|
Tables:
66 |
Figures:
70
Europe Industrial Heat Pump Market Insights
Europe Industrial Heat Pump Market size was valued at USD 11.9 billion in 2021 and is poised to grow from USD 14.10 billion in 2022 to USD 54.83 billion by 2030, growing at a CAGR of 18.5% in the forecast period (2023-2030).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 - 2023-2030
Global Market Size
Largest Segment
Industrial
Fastest Growth
Industrial
Growth Rate
18.5% CAGR
Europe Industrial heat pump market ($ Bn)
Country Share for GERMANY Region (%)
Europe Industrial heat pump market by application ($ Bn)
Europe Industrial heat pump market by application (%)
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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 widespread adoption and versatility. They are relatively easy to install, making them a preferred choice for both residential and industrial applications. Their efficiency has improved over the years, and they are cost-effective compared to other options, making them the go-to solution for many consumers.
However, Ground source heat pumps, also known as geothermal heat pumps, are the fastest-growing segment in the market. Their growth is attributed to their high efficiency and reduced environmental impact. As consumers become more environmentally conscious, ground source heat pumps, which harness the consistent temperature of the earth, are gaining popularity for their sustainability and long-term cost savings. Additionally, government incentives and regulations promoting renewable energy sources have accelerated their adoption.
Analysis by Application
The industrial sector dominates the market for heat pumps due to its significant energy requirements and the growing emphasis on sustainable industrial processes. Industrial facilities are adopting heat pumps to improve energy efficiency and reduce operational costs, making it the leading application segment. Moreover, government incentives and regulations promoting energy-efficient technologies have further accelerated adoption in the industrial sector.
However, the commercial sector is the fastest-growing application segment in the heat 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, 2021 (%)
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Europe Industrial Heat Pump Market Regional Insights
Germany has established itself as the dominating force in the European industrial heat pump market. This leadership is attributed to Germany's strong commitment to renewable energy and energy efficiency initiatives, backed by robust industrial sectors. The country's innovative technology landscape and well-established manufacturing capabilities have positioned it as a leading producer and adopter of industrial heat pump systems. Germany's strategic policies and investments in sustainable solutions contribute to its dominance in the market.
However, Spain is emerging as the fastest-growing market for industrial heat pumps in Europe. This growth is primarily driven by Spain's increasing emphasis on renewable energy sources and climate-conscious policies. Favorable government incentives, such as subsidies and tax benefits, have encouraged rapid adoption of industrial heat pumps, particularly in energy-intensive industries like manufacturing and agriculture. Spain's sunny climate also enhances the efficiency of heat pump systems, making it an attractive destination for both local and international investors in this sector.
Europe Industrial heat pump market by Geography, 2023-2030
- 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 significant restraint in the market is the high initial investment costs associated with industrial heat pump systems. The upfront expenses for purchasing and installing these systems can be substantial, deterring some businesses from embracing this technology. However, long-term operational savings and environmental benefits often outweigh the initial financial burden, making it a matter of overcoming the initial capital outlay.
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Europe Industrial Heat Pump Market Competitive Landscape
The competitive landscape in the European industrial heat pump market is characterized by a diverse array of companies vying for market share. These companies are engaged in intense competition driven by innovation, product development, and expanding their service offerings.
With a focus on sustainability and energy efficiency, market players are striving to provide cutting-edge solutions to meet the evolving needs of industrial clients. Partnerships and collaborations within the industry are also common, as they enable companies to leverage each other's strengths and resources to gain a competitive edge.
Additionally, market entrants are challenged to navigate a complex regulatory environment and address varying customer demands across different industrial sectors, further adding to the competitive 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
- June 2022: Trane unveiled the expansion of its versatile air-source heat pump units with R-454B refrigerant. The new range is equipped with 4 Sintesis Balance CMAF tubes to deliver efficient heating & cooling with an operating capacity ranging between 150 kW to 1,400 kW.
- September 2022: Danfoss announced the launch of its new high-temperature heat pump solution, the Danfoss DX Heat Pump. The heat pump is designed to provide heating and cooling for industrial processes at temperatures up to 180°C.
- 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 traditional fossil fuel-based heating systems to electric heat pumps, driven by the need to reduce carbon emissions and achieve energy efficiency. Electrification aligns with Europe's sustainability goals, and advancements in heat pump technology make this transition increasingly viable across a wide range of industries, from manufacturing to agriculture, fostering a more eco-friendly and cost-effective approach 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 heat pump market analysis, the market has been steadily evolving, with a growing emphasis on sustainability and energy efficiency. Market dynamics are primarily shaped by stringent environmental regulations, which are compelling industries to adopt heat pump technologies to reduce carbon emissions. As governments and businesses strive to achieve net-zero emissions targets, the market is poised for continued growth.
Looking ahead, future insights suggest several key developments. First, innovation in heat pump technology will drive increased efficiency and performance, making these systems even more attractive to a broader range of industrial applications.
Additionally, we can anticipate greater collaboration between industry stakeholders, including manufacturers, policymakers, and research institutions, to accelerate the adoption of heat pumps.
Furthermore, the electrification of industrial processes will continue to gain momentum, aligning with Europe's broader push toward clean energy sources. The integration of renewable energy sources, such as solar and wind, into heat pump systems will further enhance their sustainability and reduce operating costs.
Finally, the market is likely to witness geographical expansion, with companies increasingly targeting emerging markets within Europe, such as Eastern Europe, where industrial modernization and sustainability efforts are on the rise.
Overall, the European industrial heat pump market appears poised for robust growth in the coming years as it plays a pivotal role in Europe's transition to a greener, more sustainable industrial landscape.
| Report Metric | Details |
|---|---|
| Market size value in 2021 | USD 11.9 billion |
| Market size value in 2030 | USD 54.83 billion |
| Growth Rate | 18.5% |
| Base year | 2021 |
| Forecast period | 2023-2030 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| 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 |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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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
- Exhibit: Impact analysis of DROC, 2021
- 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
- Exhibit: Impact analysis of DROC, 2021
- 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
- Competitive rivalry
- 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(%)
- Total number of companies covered
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.
Europe Industrial Heat Pump Market Report Snapshots
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