Industrial Heat Pump Market Analysis

Product (Air Source, Ground Source, Water Source, Closed Cycle Mechanical Heat Pump, Open Cycle Mechanical Vapor Compression Heat Pump, Open Cycle Mechanical Thermocompression Heat Pump, Closed Cycle absorption Heat Pump)

Air source heat pump segment is set to capture over 64.2% industrial heat pump market share by 2037. Heat pumps are used in several industrial processes such as evaporation processes, distillation, dehumidification, and water heating or cooling applications. Also, these products can achieve carbon neutrality and enhance comfort as well as efficiency. Food & beverage, petroleum, and chemical are key end-use sectors of industrial heat pumps that are projected to drive market growth.  For example, in February 2024, Ingersoll Rand acquired Friulair to broaden its air treatment expertise, strengthen its presence in the food and beverage (F&B), and pharmaceutical industries, and present new chiller and heat pump technologies.

Capacity (< 500 kW, 500 kW to 2 MW, 2 MW - 5 MW, > 5 MW)

By the end of 2037, < 500 kW segment is estimated to dominate around 50.2% industrial heat pump market share, owing to the growing demand for these pumps in power plants and several other heavy industries. This dominance is due to a positive approach by industries to increase energy-efficient solutions while decreasing carbon footprints and operational costs. Additionally, a growing technological development across various industries including chemical processing, manufacturing, paper & pulp, and food & beverage are others to meet their precise heating and cooling needs that will foster the industry.

Our in-depth analysis of the global industrial heat pump market includes the following segments: