To get the exact yearly growth variance and the Y-O-Y growth rate, Talk to our analyst.
Key Market Dynamics:
- Market Driver
- Market Challenges
The rising focus on improving energy efficiency by industries and growing focus on high-temperature heat pumps are some of the key market drivers. However, factors such as high initial cost and limitations of heat pumps will challenge market growth.
To learn about additional key drivers, trends, and challenges available with Technavio. Read our FREE Sample Report right now!
Key Segment Analysis
The industrial heat pumps market report is segmented by End-user (Paper and pulp, Food and beverage, Chemical, Automotive, and Others) and Geography (Europe, APAC, North America, MEA, and South America). The paper and pulp end-user segment held the largest industrial heat pumps market share in 2020. The segment will account for the highest share throughout the forecast period mainly due to the growing adoption of these pumps in the paper and pulp industry. In terms of Geography,
Europe will be the leading region with 32% of the market's growth during the forecast period. Germany and Italy are the key markets for industrial heat pumps in the region. Several countries in the region are actively adopting advanced heating technologies to reduce greenhouse gas (GHG) and carbon emissions from industrial processes. Most countries in Europe have self-initiated mandates to meet their sustainable climate goals. The need to adhere to such emission-related regulations will increase the demand for industrial heat pumps in Europe.
View our sample report for additional insights into the contribution of all the segments and regional opportunities in the report.
Top Vendor Landscape
The industrial heat pumps market is fragmented and the vendors are deploying various organic and inorganic growth strategies to compete in the market. A number of local and regional vendors currently provide high-tech and highly customized products at competitive prices than international vendors. Companies are engaging in strategic partnerships to strengthen their product portfolios and emerge as market leaders.
Strategic Initiatives and Product Launch Highlights
Daikin Industries Ltd
- In January 2021, the company announced the acquisition of ABCO HVACR Supply + Solutions. This would strengthen distribution in New York, New Jersey, and surrounding states.
- In December 2020, the company announced the acquisition of the air handling unit (AHU) manufacturer Citizen Industries Ltd.
Danfoss AS
- In January 2021, the company announced the acquisition of Artemis Intelligent Power Ltd (AIP), an R&D and engineering company based in Edinburgh, Scotland, specializing in hydraulic system development.
- In June 2021, the company announced the appointment of Maria Fernanda Souto as the Head of its newly launched Group Strategy function.
Some other top companies covered in this report are:
- Carrier Global Corp.
- Daikin Industries Ltd.
- Danfoss AS
- Emerson Electric Co.
- Johnson Controls International Plc
- Lennox International Inc.
- Mitsubishi Electric Corp.
- NIBE Industrier AB
- Rheem Manufacturing Co.
- Robert Bosch GmbH
- To gain access to more vendor profiles with their key offerings available with Technavio, Click Here
Related Reports:
Pumps Market by Product, End-user, and Geography - Forecast and Analysis 2022-2026
Industrial Peristaltic Pumps Market by End-user and Geography - Forecast and Analysis 2022-2026
Industrial Heat Pumps Market Scope |
Report Coverage |
Details |
Page number |
120 |
Base year |
2020 |
Forecast period |
2021-2025 |
Growth momentum & CAGR |
Accelerate at a CAGR of over 5.33% |
Market growth 2021-2025 |
$ 562.43 million |
Market structure |
Fragmented |
YoY growth (%) |
6.07 |
Regional analysis |
Europe, APAC, North America, MEA, and South America |
Performing market contribution |
Europe at 32% |
Key consumer countries |
US, Japan, China, Germany, and Italy |
Competitive landscape |
Leading companies, competitive strategies, consumer engagement scope |
Companies profiled |
Carrier Global Corp., Daikin Industries Ltd., Danfoss AS, Emerson Electric Co., Johnson Controls International Plc, Lennox International Inc., Mitsubishi Electric Corp., NIBE Industrier AB, Rheem Manufacturing Co., and Robert Bosch GmbH |
Market Dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Key Topics Covered:
Executive Summary
Market Landscape
- Market ecosystem
- Value chain analysis
Market Sizing
- Market definition
- Market segment analysis
- Market size 2020
- Market outlook: Forecast for 2020 - 2025
Five Forces Analysis
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by End-user
- Market segments
- Comparison by End-user
- Paper and pulp - Market size and forecast 2020-2025
- Food and beverage - Market size and forecast 2020-2025
- Chemical - Market size and forecast 2020-2025
- Automotive - Market size and forecast 2020-2025
- Others - Market size and forecast 2020-2025
- Market opportunity by End-user
Customer landscape
Geographic Landscape
- Geographic segmentation
- Geographic comparison
- Europe - Market size and forecast 2020-2025
- APAC - Market size and forecast 2020-2025
- North America - Market size and forecast 2020-2025
- MEA - Market size and forecast 2020-2025
- South America - Market size and forecast 2020-2025
- Key leading countries
- Market opportunity by geography
- Market drivers
- Market challenges
- Market trends
Vendor Landscape
- Overview
- Vendor landscape
- Landscape disruption
Vendor Analysis
- Vendors covered
- Market positioning of vendors
- Carrier Global Corp.
- Daikin Industries Ltd.
- Danfoss AS
- Emerson Electric Co.
- Johnson Controls International Plc
- Lennox International Inc.
- Mitsubishi Electric Corp.
- NIBE Industrier AB
- Rheem Manufacturing Co.
- Robert Bosch GmbH
Appendix
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
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SOURCE Technavio
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