LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global industrial heat pumps market is expected to grow at a CAGR of close to 5% during the forecast period.
This research report titled ‘Global Industrial Heat Pump Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This report also includes an up to date analysis and forecasts for various market segments and all geographical regions.
Heat pumps are deemed as the most efficient and cost-effective heating unit in the market. They are environment-friendly and can reduce carbon footprint and energy bills drastically. Although the market for industrial heat pumps is significantly smaller when compared to residential heat pumps, there is significant potential for growth in the industrial heat pumps market.
“The global upward trend of manufacturing resurgence is expected to drive the demand for energy. Long-term cost savings offset the extra money being paid while installing heat pumps. The growing stringent emission norms and focus on maximizing efficiency will lead to the increase in demand for industrial heat pumps during the forecast period,” says Gaurav Mohindru, a lead analyst at Technavio for unit operations research.
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The market research analysis categorizes the global industrial heat pumps market into four major end-user segments. They are:
- Paper and pulp
- Food and beverage
- Chemicals
- Automotive
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Paper and pulp
The paper and pulp industry uses heat pumps for operations such as the concentration of black liquor, process water heating, product dying, and flash-steam recovery. Paper producers are making investments in environmental protection and energy optimization programs, which is resulting in an increase in momentum for industrial heat pumps.
“The increase in demand for paper in emerging countries and the need for packaging and labeling from various e-commerce platforms is leading to a boom in the paper and pulp industry. This will translate into an increase in the number of paper production facilities that deploy heat pumps,” says Gaurav.
Food and beverage
The food and beverage industry is another key user of industrial heat pumps. Processes such as alcohol manufacturing, beer brewing, sugar refining, corn syrup manufacturing, dairy products, and general food-product manufacturing use heat pumps for various operations. For instance, in alcohol manufacturing, heat pumps are used to concentrate waste liquids, whereas, in sugar refining, heat pumps are used to concentrate sugar solutions.
Rising population and improvements in the economy are factors leading to an increase in food consumption. The increasing consumption is proportional to increasing production. As a result, the increase in the number of production facilities and expansion of product portfolios will drive the demand for heat pumps in the food and beverage industry.
Chemicals
The chemical industry includes specialty chemicals, commodity chemicals, agricultural chemicals, pharmaceutical chemicals, basic chemicals, and consumer products. The chemical industry is highly influenced by the economic health of countries. The current upswing in the global economy will have a positive impact on the growth of this segment.
Industrial heat pumps are equipment that increases the temperature of waste heat stream to a higher and more useful temperature through active heat recovery. This heat can be further used to replace the purchased energy, thus resulting in cost savings.
Automotive
The global automotive industry consists of light commercial vehicles, trucks, buses, and passenger cars. Low interest rates and low fuel prices were identified as the key factors that will drive the growth of the automotive market. The stable outlook of the overall automotive industry and rapidly growing demand in APAC should provide an impetus to the forged components market in this sector. Therefore, the future of heat pumps in the automotive sector looks promising.
The top vendors highlighted by Technavio’s market research analysts in this report are:
- Daikin
- Mitsubishi Electric
- Emerson
- Bosch Thermotechnik
- Johnson Controls
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