Global Industrial Heat Pumps Market 2019-2023
About this market
The rising cost of energy and the environmental effects due to the emission of a high amount of carbon from fossil fuel-based energy sources have increased the focus of industries on adopting industrial pumps. Moreover, the new regulatory norms are now focusing on curbing the high energy costs and carbon emissions in industrial applications, thereby creating opportunities for industrial heat pumps. With an increase in energy costs and the strictness of regulatory compliance on energy efficiency, the use of energy-efficient solutions becomes important in industries. This is expected to fuel the adoption of industrial heat pumps during the forecast period. Technavio’s analysts have predicted that the industrial heat pumps market will register a CAGR of close to 5% by 2023.
Growing focus on high-temperature heat pumps
Most of the heat pumps available in the market are limited to supplying a heat sink temperature of 194°F. These heat pumps are, therefore, ideal for residential and commercial applications requiring a low heat sink temperature. Therefore, to cater to these high temperature requirements by industries, vendors are shifting their focus toward high-temperature heat pumps.
High initial cost and limitations of heat pumps
Industrial heat pumps are extensively used to heat and cool controlled spaces. Though they are energy-efficient and have a low environmental impact, their initial cost is higher than of substitutes such as furnace and boilers. While large business enterprises can afford to install expensive heat pumps, small-and medium-sized businesses with a limited budget and low profit margins are apprehensive of such heavy investments.
For the detailed list of factors that will drive and challenge the growth of the industrial heat pumps market during the 2019-2023, view our report.
The market appears to be moderately fragmented and with the presence of several vendors. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market’s competitive landscape and offering information on the products offered by companies.
Technavio Announces the Publication of its Research Report – Global Industrial Heat Pumps Market 2019-2023
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is the advent of smart heat pumps.”
According to the report, one of the major drivers for this market is the emerging regulations and increasing government initiatives to reduce emissions.
Further, the report states that one of the major factors hindering the growth of this market is the lack of awareness about the benefits of heat pumps.
Emerson Electric Co
Mitsubishi Electric Corporation
Robert Bosch GmbH
UNITED TECHNOLOGIES (Carrier)
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