Industrial Heat Pumps Market Analysis Europe,APAC,North America,Middle East and Africa,South America - US,Japan,China,Germany,Italy - Size and Forecast 2023-2027
| Published: Dec 2022 | Pages: 191 | SKU: IRTNTR41529 |
Industrial Heat Pumps Market Forecast 2023-2027
The industrial heat pump market is estimated to grow by USD 666.06 million at a CAGR of 5.66% between 2022 and 2027. The rising focus on improving energy efficiency by industries is leading to increased adoption of high-temperature heat pumps, which are more energy-efficient compared to traditional heating systems. The growing focus on high-temperature heat pumps is also driven by their ability to provide both heating and cooling solutions, making them versatile and suitable for various applications. Additionally, the emerging regulations and increasing government initiatives to reduce emissions are encouraging industries to adopt more sustainable heating and cooling solutions, further driving the demand for high-temperature heat pumps.
It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
What will be the size of the Market During the Forecast Period?
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Market Segmentation
This report extensively covers market segmentation by end-user (paper and pulp, food and beverage, chemical, automotive, and others), type (air-to-air heat pumps, air-to-water heat pumps, water source heat pumps, ground source heat pumps, and hybrid heat pumps), and geography (Europe, APAC, North America, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
By End-User
The market share growth by the paper and pulp segment will be significant during the forecast period. The manufacturing process of the paper and pulp industry is highly energy-intensive. Within this manufacturing process, the drying process consumes the largest proportion of energy during the production process.
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The paper and pulp segment was valued at USD 572.52 million in 2017. The pulp and paper industry, owing to its high energy consumption, is under tremendous pressure from various environmental bodies. Thus, owing to their ability to reduce the consumption of greenhouse gases, are deemed to be a viable solution for the paper and pulp industry. Several environmental regulations have been put in place for the paper and pulp industry to reduce energy consumption and limit the volumes of greenhouse gases arising from paper and pulp manufacturing. The regulatory bodies ensure limited emissions and high energy efficiency in paper and pulp manufacturing facilities. The high competition in the paper and pulp industry and the need for sustainable solutions to reduce the environmental footprints in the paper and pulp industry are likely to create opportunities for companies in the future. Therefore, the demand in the paper and pulp industry will rise at a high pace during the forecast period.
By Region
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Europe is estimated to contribute 32% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
Europe has been the largest contributor of revenue to the global market over the past few years, which is a trend that is expected to continue during the forecast period. Several countries in the region are actively adopting advanced heating technologies to reduce greenhouse gas (GHG) and carbon emissions from these processes. Most countries in Europe have self-initiated mandates to meet their sustainable climate goals. Several regulations, especially related to industries, have been enforced to reduce carbon emissions and achieve energy efficiency. The need to adhere to such emission-related regulations will increase the demand in Europe.
Among industries, chemical and automotive will be the major contributors of revenue to the market in Europe. The growth of the automotive industry in Europe will be driven by the rising demand for electric and hybrid vehicles. Several automobile manufacturers have planned to launch new electric vehicle (EV) models and invest in EV and battery manufacturing facilities during the forecast period.
Market Dynamics
The market is driven by the increasing demand for energy-efficient solutions in buildings and industrial processes to support decarbonization efforts. With growing policy support and initiatives like the REPowerEU initiative, there is a rising focus on transitioning from fossil fuels to renewable energy sources. Heat pump units are experiencing a surge in sales growth, driven by the need for energy security and the reduction of CO2 emissions. The market is also influenced by factors such as national electricity generation portfolios, energy performance, and policies aimed at promoting renewable energy targets and banning fossil fuels. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Key Market Driver
The rising focus on improving energy efficiency by industries is notably driving market growth. The escalating cost of energy and the environmental repercussions of high carbon emissions from fossil fuel-based energy sources has intensified industries' focus on adopting more sustainable practices. Industries such as pulp and paper, chemicals, and similar sectors are major energy consumers due to their use of energy-intensive equipment like pumps, blowers, and motors. This high energy consumption is influenced by factors such as electricity tariffs, energy pricing, taxes and levies, performance-based labels, building codes and standards, renewable energy targets, and the shift away from fossil fuels. Additionally, the use of air heat pumps and other renewable energy sources is becoming more prominent in these industries.
Furthermore, new regulatory standards are increasingly aimed at reducing high energy costs and carbon emissions in these applications, thus creating opportunities. The utilization of heat pumps in industries is also effective in reducing carbon emissions, assisting industries in meeting their energy efficiency goals. This contributes to decarbonization efforts and aligns with policies supporting net zero emissions. Additionally, it helps mitigate the impact of energy prices on industries. Besides lowering carbon emissions, heat pumps offer significant cost advantages to end-users. As energy costs rise and regulatory requirements for energy efficiency become stricter, the adoption of energy-efficient solutions in industries is expected to increase during the forecast period.
Significant Market Trend
Emerging demand for advanced heat pumps is a major trend in the market. companies operating in the market upgrade these with additional features to improve performance. Innovations in compressor designs, such as two-speed compressors, enable them to perform extreme heating or cooling with high efficiency. This new compressor technology significantly reduces power consumption.
The integration of these with furnace systems to create dual-fuel heat pumps is an innovation. This helps them to choose the fuel source according to the specific condition. The high initial cost of this integrated system can reduce their adoption in the initial phase of their launch. Variable-speed or dual-speed motors can be installed on indoor fans (blowers), outdoor fans, or both. The use of this technology ensures streamlined movement of air, reduces energy wastage, and minimizes noise which is expected to increase its usage and hence propel the growth of the market during the forecast period.
Major Market Challenge
The high initial cost and limitations are major challenges impeding the market growth. They 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 substitutes such as furnaces and boilers. While large business enterprises can afford to install expensive, small- and medium-sized businesses with a limited budget and low-profit margins are apprehensive of such heavy investments. With the increase in the cost of refrigerants, the overall operating cost rises, which deters companies from investing.
One of the major constraints is their low operating range. These pumps work efficiently in low temperatures. When the temperature increases or reduces significantly, these pumps do not work efficiently and require more energy. The combination of these with a furnace can overcome this challenge, but this hybrid system is more expensive than these, which can hinder the growth of the overall market during the forecast period.
Key Market Customer Landscape
The market forecasting, report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Market Customer Landscape
Who are the Major Market Companies?
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Carrier Global Corp. - The company operates under multiple segments, including HVAC and refrigeration, among others, with a high focus on HVAC.? The company under this segment?offers products, controls, services, and solutions to meet the heating and cooling, and ventilation needs of residential and commercial customers. The company's key offerings include Aquasnap air.
The market report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
- Bard HVAC
- Daikin Industries Ltd.
- Danfoss AS
- Emerson Electric Co
- Johnson Controls International Plc.
- Lennox International Inc.
- LG Electronics Inc.
- MAYEKAWA MFG. CO. LTD.
- Meier Tobler AG
- Mitsubishi Electric Corp.
- NIBE Industrier AB
- OCHSNER Warmepumpen GmbH
- Oilon Group Oy
- Rheem Manufacturing Co.
- Robert Bosch GmbH
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
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Heat Pump market - The market share is expected to increase by USD 35.20 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 8.64%.
Segment Overview
The market research report forecasts market growth by revenue at global, regional & country levels and analyzes the latest trends and growth opportunities from 2017 to 2027.
- End-user Outlook
- Paper and pulp
- Food and beverage
- Chemical
- Automotive
- Others
- Type Outlook
- Air-to-air heat pumps
- Air-to-water heat pumps
- Water source heat pumps
- Ground source heat pumps
- Hybrid heat pumps
- Region Outlook
- North America
- The U.S.
- Canada
- Europe
- The U.K.
- Germany
- France
- Rest of Europe
- APAC
- China
- India
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- South America
- Chile
- Brazil
- Argentina
- North America
Market Analyst Overview
.The market is experiencing a surge in demand driven by the need for decarbonization and the shift towards more sustainable energy sources. With the fossil fuels ban gaining traction, industries are turning to alternatives like heat pump systems to reduce their carbon footprint. The market is witnessing increased adoption across the industrial, commercial, and residential sectors due to their power efficiency and easy installation. Additionally, factors such as automatic operation, electric shock resistance, and the ability to provide hot water further enhance their appeal. As governments implement supportive policies, the market is expected to continue its growth trajectory.
The market is witnessing substantial growth driven by factors such as the European Union's focus on decarbonization and the rising demand for carbon-neutral solutions. With increasing space cooling demand and the need for efficient power generation, heat pumps are gaining popularity as an alternative to traditional natural gas-fired condensing boilers. The market is also influenced by recent events like the Russian invasion of Ukraine, leading to considerations such as the Defense Production Act and the use of financial instruments. As industries seek low-temperature heat sources to reduce fuel costs and enhance business prospects, the market is poised for further expansion. The industrial sector and commercial sector are key drivers, with global sales expected to rise, especially in regions experiencing rapid industrialization. Government policies play a crucial role in shaping market trends, influencing factors such as set-up costs, safety awareness, quality, and capacity of heat pump systems, whether in closed-loop or open-cycle configurations.
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Market Scope |
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Report Coverage |
Details |
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Page number |
191 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.66% |
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Market growth 2023-2027 |
USD 666.06 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
5.04 |
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Regional analysis |
Europe, APAC, North America, Middle East and Africa, and South America |
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Performing market contribution |
Europe at 32% |
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Key countries |
US, Japan, China, Germany, and Italy |
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Competitive landscape |
Leading companies, Market Positioning of companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Bard HVAC, Carrier Global Corp., Daikin Industries Ltd., Danfoss AS, Emerson Electric Co, Johnson Controls International Plc., Lennox International Inc., LG Electronics Inc., MAYEKAWA MFG. CO. LTD., Meier Tobler AG, Mitsubishi Electric Corp., NIBE Industrier AB, OCHSNER Warmepumpen GmbH, Oilon Group Oy, Rheem Manufacturing Co., Robert Bosch GmbH, Robur Spa, Sirac Air Conditioning Equipments Co. Ltd., Systemair AB, and Toshiba Corp. |
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Market dynamics |
Parent market analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
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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. |
What are the Key Data Covered in this Market Report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the market growth and forecasting of the market between 2023 and 2027
- Precise estimation of the size of the market size and its contribution to the parent market
- Accurate predictions about upcoming market trends and analysis and changes in consumer behavior
- Growth of the market industry across Europe, North America, APAC, South America, and Middle East and Africa
- Thorough market growth analysis of the market’s competitive landscape and detailed information about companies
- Comprehensive market analysis and report on the factors that will challenge the market research and growth of market companies
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
- 1.1 Market overview
- Exhibit 01: Executive Summary – Chart on Market Overview
- Exhibit 02: Executive Summary – Data Table on Market Overview
- Exhibit 03: Executive Summary – Chart on Global Market Characteristics
- Exhibit 04: Executive Summary – Chart on Market by Geography
- Exhibit 05: Executive Summary – Chart on Market Segmentation by End-user
- Exhibit 06: Executive Summary – Chart on Market Segmentation by Type
- Exhibit 07: Executive Summary – Chart on Incremental Growth
- Exhibit 08: Executive Summary – Data Table on Incremental Growth
- Exhibit 09: Executive Summary – Chart on Vendor Market Positioning
2 Market Landscape
- 2.1 Market ecosystem
- Exhibit 10: Parent market
- Exhibit 11: Market Characteristics
3 Market Sizing
- 3.1 Market definition
- Exhibit 12: Offerings of vendors included in the market definition
- 3.2 Market segment analysis
- Exhibit 13: Market segments
- 3.3 Market size 2022
- 3.4 Market outlook: Forecast for 2022-2027
- Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ million)
- Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ million)
- Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
- Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)
4 Historic Market Size
- 4.1 Global industrial heat pumps market 2017 - 2021
- Exhibit 18: Historic Market Size – Data Table on Global industrial heat pumps market 2017 - 2021 ($ million)
- 4.2 End-user Segment Analysis 2017 - 2021
- Exhibit 19: Historic Market Size – End-user Segment 2017 - 2021 ($ million)
- 4.3 Type Segment Analysis 2017 - 2021
- Exhibit 20: Historic Market Size – Type Segment 2017 - 2021 ($ million)
- 4.4 Geography Segment Analysis 2017 - 2021
- Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ million)
- 4.5 Country Segment Analysis 2017 - 2021
- Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ million)
5 Five Forces Analysis
- 5.1 Five forces summary
- Exhibit 23: Five forces analysis - Comparison between 2022 and 2027
- 5.2 Bargaining power of buyers
- Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027
- 5.3 Bargaining power of suppliers
- Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027
- 5.4 Threat of new entrants
- Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027
- 5.5 Threat of substitutes
- Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027
- 5.6 Threat of rivalry
- Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027
- 5.7 Market condition
- Exhibit 29: Chart on Market condition - Five forces 2022 and 2027
6 Market Segmentation by End-user
- 6.1 Market segments
- Exhibit 30: Chart on End-user - Market share 2022-2027 (%)
- Exhibit 31: Data Table on End-user - Market share 2022-2027 (%)
- 6.2 Comparison by End-user
- Exhibit 32: Chart on Comparison by End-user
- Exhibit 33: Data Table on Comparison by End-user
- 6.3 Paper and pulp - Market size and forecast 2022-2027
- Exhibit 34: Chart on Paper and pulp - Market size and forecast 2022-2027 ($ million)
- Exhibit 35: Data Table on Paper and pulp - Market size and forecast 2022-2027 ($ million)
- Exhibit 36: Chart on Paper and pulp - Year-over-year growth 2022-2027 (%)
- Exhibit 37: Data Table on Paper and pulp - Year-over-year growth 2022-2027 (%)
- 6.4 Food and beverage - Market size and forecast 2022-2027
- Exhibit 38: Chart on Food and beverage - Market size and forecast 2022-2027 ($ million)
- Exhibit 39: Data Table on Food and beverage - Market size and forecast 2022-2027 ($ million)
- Exhibit 40: Chart on Food and beverage - Year-over-year growth 2022-2027 (%)
- Exhibit 41: Data Table on Food and beverage - Year-over-year growth 2022-2027 (%)
- 6.5 Chemical - Market size and forecast 2022-2027
- Exhibit 42: Chart on Chemical - Market size and forecast 2022-2027 ($ million)
- Exhibit 43: Data Table on Chemical - Market size and forecast 2022-2027 ($ million)
- Exhibit 44: Chart on Chemical - Year-over-year growth 2022-2027 (%)
- Exhibit 45: Data Table on Chemical - Year-over-year growth 2022-2027 (%)
- 6.6 Automotive - Market size and forecast 2022-2027
- Exhibit 46: Chart on Automotive - Market size and forecast 2022-2027 ($ million)
- Exhibit 47: Data Table on Automotive - Market size and forecast 2022-2027 ($ million)
- Exhibit 48: Chart on Automotive - Year-over-year growth 2022-2027 (%)
- Exhibit 49: Data Table on Automotive - Year-over-year growth 2022-2027 (%)
- 6.7 Others - Market size and forecast 2022-2027
- Exhibit 50: Chart on Others - Market size and forecast 2022-2027 ($ million)
- Exhibit 51: Data Table on Others - Market size and forecast 2022-2027 ($ million)
- Exhibit 52: Chart on Others - Year-over-year growth 2022-2027 (%)
- Exhibit 53: Data Table on Others - Year-over-year growth 2022-2027 (%)
- 6.8 Market opportunity by End-user
- Exhibit 54: Market opportunity by End-user ($ million)
7 Market Segmentation by Type
- 7.1 Market segments
- Exhibit 55: Chart on Type - Market share 2022-2027 (%)
- Exhibit 56: Data Table on Type - Market share 2022-2027 (%)
- 7.2 Comparison by Type
- Exhibit 57: Chart on Comparison by Type
- Exhibit 58: Data Table on Comparison by Type
- 7.3 Air-to-air heat pumps - Market size and forecast 2022-2027
- Exhibit 59: Chart on Air-to-air heat pumps - Market size and forecast 2022-2027 ($ million)
- Exhibit 60: Data Table on Air-to-air heat pumps - Market size and forecast 2022-2027 ($ million)
- Exhibit 61: Chart on Air-to-air heat pumps - Year-over-year growth 2022-2027 (%)
- Exhibit 62: Data Table on Air-to-air heat pumps - Year-over-year growth 2022-2027 (%)
- 7.4 Air-to-water heat pumps - Market size and forecast 2022-2027
- Exhibit 63: Chart on Air-to-water heat pumps - Market size and forecast 2022-2027 ($ million)
- Exhibit 64: Data Table on Air-to-water heat pumps - Market size and forecast 2022-2027 ($ million)
- Exhibit 65: Chart on Air-to-water heat pumps - Year-over-year growth 2022-2027 (%)
- Exhibit 66: Data Table on Air-to-water heat pumps - Year-over-year growth 2022-2027 (%)
- 7.5 Water source heat pumps - Market size and forecast 2022-2027
- Exhibit 67: Chart on Water source heat pumps - Market size and forecast 2022-2027 ($ million)
- Exhibit 68: Data Table on Water source heat pumps - Market size and forecast 2022-2027 ($ million)
- Exhibit 69: Chart on Water source heat pumps - Year-over-year growth 2022-2027 (%)
- Exhibit 70: Data Table on Water source heat pumps - Year-over-year growth 2022-2027 (%)
- 7.6 Ground source heat pumps - Market size and forecast 2022-2027
- Exhibit 71: Chart on Ground source heat pumps - Market size and forecast 2022-2027 ($ million)
- Exhibit 72: Data Table on Ground source heat pumps - Market size and forecast 2022-2027 ($ million)
- Exhibit 73: Chart on Ground source heat pumps - Year-over-year growth 2022-2027 (%)
- Exhibit 74: Data Table on Ground source heat pumps - Year-over-year growth 2022-2027 (%)
- 7.7 Hybrid heat pumps - Market size and forecast 2022-2027
- Exhibit 75: Chart on Hybrid heat pumps - Market size and forecast 2022-2027 ($ million)
- Exhibit 76: Data Table on Hybrid heat pumps - Market size and forecast 2022-2027 ($ million)
- Exhibit 77: Chart on Hybrid heat pumps - Year-over-year growth 2022-2027 (%)
- Exhibit 78: Data Table on Hybrid heat pumps - Year-over-year growth 2022-2027 (%)
- 7.8 Market opportunity by Type
- Exhibit 79: Market opportunity by Type ($ million)
8 Customer Landscape
- 8.1 Customer landscape overview
- Exhibit 80: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria
9 Geographic Landscape
- 9.1 Geographic segmentation
- Exhibit 81: Chart on Market share by geography 2022-2027 (%)
- Exhibit 82: Data Table on Market share by geography 2022-2027 (%)
- 9.2 Geographic comparison
- Exhibit 83: Chart on Geographic comparison
- Exhibit 84: Data Table on Geographic comparison
- 9.3 Europe - Market size and forecast 2022-2027
- Exhibit 85: Chart on Europe - Market size and forecast 2022-2027 ($ million)
- Exhibit 86: Data Table on Europe - Market size and forecast 2022-2027 ($ million)
- Exhibit 87: Chart on Europe - Year-over-year growth 2022-2027 (%)
- Exhibit 88: Data Table on Europe - Year-over-year growth 2022-2027 (%)
- 9.4 APAC - Market size and forecast 2022-2027
- Exhibit 89: Chart on APAC - Market size and forecast 2022-2027 ($ million)
- Exhibit 90: Data Table on APAC - Market size and forecast 2022-2027 ($ million)
- Exhibit 91: Chart on APAC - Year-over-year growth 2022-2027 (%)
- Exhibit 92: Data Table on APAC - Year-over-year growth 2022-2027 (%)
- 9.5 North America - Market size and forecast 2022-2027
- Exhibit 93: Chart on North America - Market size and forecast 2022-2027 ($ million)
- Exhibit 94: Data Table on North America - Market size and forecast 2022-2027 ($ million)
- Exhibit 95: Chart on North America - Year-over-year growth 2022-2027 (%)
- Exhibit 96: Data Table on North America - Year-over-year growth 2022-2027 (%)
- 9.6 Middle East and Africa - Market size and forecast 2022-2027
- Exhibit 97: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
- Exhibit 98: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
- Exhibit 99: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
- Exhibit 100: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)
- 9.7 South America - Market size and forecast 2022-2027
- Exhibit 101: Chart on South America - Market size and forecast 2022-2027 ($ million)
- Exhibit 102: Data Table on South America - Market size and forecast 2022-2027 ($ million)
- Exhibit 103: Chart on South America - Year-over-year growth 2022-2027 (%)
- Exhibit 104: Data Table on South America - Year-over-year growth 2022-2027 (%)
- 9.8 US - Market size and forecast 2022-2027
- Exhibit 105: Chart on US - Market size and forecast 2022-2027 ($ million)
- Exhibit 106: Data Table on US - Market size and forecast 2022-2027 ($ million)
- Exhibit 107: Chart on US - Year-over-year growth 2022-2027 (%)
- Exhibit 108: Data Table on US - Year-over-year growth 2022-2027 (%)
- 9.9 Japan - Market size and forecast 2022-2027
- Exhibit 109: Chart on Japan - Market size and forecast 2022-2027 ($ million)
- Exhibit 110: Data Table on Japan - Market size and forecast 2022-2027 ($ million)
- Exhibit 111: Chart on Japan - Year-over-year growth 2022-2027 (%)
- Exhibit 112: Data Table on Japan - Year-over-year growth 2022-2027 (%)
- 9.10 China - Market size and forecast 2022-2027
- Exhibit 113: Chart on China - Market size and forecast 2022-2027 ($ million)
- Exhibit 114: Data Table on China - Market size and forecast 2022-2027 ($ million)
- Exhibit 115: Chart on China - Year-over-year growth 2022-2027 (%)
- Exhibit 116: Data Table on China - Year-over-year growth 2022-2027 (%)
- 9.11 Germany - Market size and forecast 2022-2027
- Exhibit 117: Chart on Germany - Market size and forecast 2022-2027 ($ million)
- Exhibit 118: Data Table on Germany - Market size and forecast 2022-2027 ($ million)
- Exhibit 119: Chart on Germany - Year-over-year growth 2022-2027 (%)
- Exhibit 120: Data Table on Germany - Year-over-year growth 2022-2027 (%)
- 9.12 Italy - Market size and forecast 2022-2027
- Exhibit 121: Chart on Italy - Market size and forecast 2022-2027 ($ million)
- Exhibit 122: Data Table on Italy - Market size and forecast 2022-2027 ($ million)
- Exhibit 123: Chart on Italy - Year-over-year growth 2022-2027 (%)
- Exhibit 124: Data Table on Italy - Year-over-year growth 2022-2027 (%)
- 9.13 Market opportunity by geography
- Exhibit 125: Market opportunity by geography ($ million)
10 Drivers, Challenges, and Trends
- 10.1 Market drivers
- 10.2 Market challenges
- 10.3 Impact of drivers and challenges
- Exhibit 126: Impact of drivers and challenges in 2022 and 2027
- 10.4 Market trends
11 Vendor Landscape
- 11.1 Overview
- 11.2 Vendor landscape
- Exhibit 127: Overview on Criticality of inputs and Factors of differentiation
- 11.3 Landscape disruption
- Exhibit 128: Overview on factors of disruption
- 11.4 Industry risks
- Exhibit 129: Impact of key risks on business
12 Vendor Analysis
- 12.1 Vendors covered
- Exhibit 130: Vendors covered
- 12.2 Market positioning of vendors
- Exhibit 131: Matrix on vendor position and classification
- 12.3 Bard HVAC
- Exhibit 132: Bard HVAC - Overview
- Exhibit 133: Bard HVAC - Product / Service
- Exhibit 134: Bard HVAC - Key offerings
- 12.4 Carrier Global Corp.
- Exhibit 135: Carrier Global Corp. - Overview
- Exhibit 136: Carrier Global Corp. - Business segments
- Exhibit 137: Carrier Global Corp. - Key news
- Exhibit 138: Carrier Global Corp. - Key offerings
- Exhibit 139: Carrier Global Corp. - Segment focus
- 12.5 Daikin Industries Ltd.
- Exhibit 140: Daikin Industries Ltd. - Overview
- Exhibit 141: Daikin Industries Ltd. - Business segments
- Exhibit 142: Daikin Industries Ltd. - Key news
- Exhibit 143: Daikin Industries Ltd. - Key offerings
- Exhibit 144: Daikin Industries Ltd. - Segment focus
- 12.6 Danfoss AS
- Exhibit 145: Danfoss AS - Overview
- Exhibit 146: Danfoss AS - Business segments
- Exhibit 147: Danfoss AS - Key news
- Exhibit 148: Danfoss AS - Key offerings
- Exhibit 149: Danfoss AS - Segment focus
- 12.7 Emerson Electric Co
- Exhibit 150: Emerson Electric Co - Overview
- Exhibit 151: Emerson Electric Co - Business segments
- Exhibit 152: Emerson Electric Co - Key news
- Exhibit 153: Emerson Electric Co - Key offerings
- Exhibit 154: Emerson Electric Co - Segment focus
- 12.8 Johnson Controls International Plc.
- Exhibit 155: Johnson Controls International Plc. - Overview
- Exhibit 156: Johnson Controls International Plc. - Business segments
- Exhibit 157: Johnson Controls International Plc. - Key news
- Exhibit 158: Johnson Controls International Plc. - Key offerings
- Exhibit 159: Johnson Controls International Plc. - Segment focus
- 12.9 Lennox International Inc.
- Exhibit 160: Lennox International Inc. - Overview
- Exhibit 161: Lennox International Inc. - Business segments
- Exhibit 162: Lennox International Inc. - Key offerings
- Exhibit 163: Lennox International Inc. - Segment focus
- 12.10 LG Electronics Inc.
- Exhibit 164: LG Electronics Inc. - Overview
- Exhibit 165: LG Electronics Inc. - Business segments
- Exhibit 166: LG Electronics Inc. - Key news
- Exhibit 167: LG Electronics Inc. - Key offerings
- Exhibit 168: LG Electronics Inc. - Segment focus
- 12.11 MAYEKAWA MFG. CO. LTD.
- Exhibit 169: MAYEKAWA MFG. CO. LTD. - Overview
- Exhibit 170: MAYEKAWA MFG. CO. LTD. - Product / Service
- Exhibit 171: MAYEKAWA MFG. CO. LTD. - Key news
- Exhibit 172: MAYEKAWA MFG. CO. LTD. - Key offerings
- 12.12 Mitsubishi Electric Corp.
- Exhibit 173: Mitsubishi Electric Corp. - Overview
- Exhibit 174: Mitsubishi Electric Corp. - Business segments
- Exhibit 175: Mitsubishi Electric Corp. - Key news
- Exhibit 176: Mitsubishi Electric Corp. - Key offerings
- Exhibit 177: Mitsubishi Electric Corp. - Segment focus
- 12.13 NIBE Industrier AB
- Exhibit 178: NIBE Industrier AB - Overview
- Exhibit 179: NIBE Industrier AB - Business segments
- Exhibit 180: NIBE Industrier AB - Key news
- Exhibit 181: NIBE Industrier AB - Key offerings
- Exhibit 182: NIBE Industrier AB - Segment focus
- 12.14 OCHSNER Warmepumpen GmbH
- Exhibit 183: OCHSNER Warmepumpen GmbH - Overview
- Exhibit 184: OCHSNER Warmepumpen GmbH - Product / Service
- Exhibit 185: OCHSNER Warmepumpen GmbH - Key offerings
- 12.15 Oilon Group Oy
- Exhibit 186: Oilon Group Oy - Overview
- Exhibit 187: Oilon Group Oy - Product / Service
- Exhibit 188: Oilon Group Oy - Key offerings
- 12.16 Rheem Manufacturing Co.
- Exhibit 189: Rheem Manufacturing Co. - Overview
- Exhibit 190: Rheem Manufacturing Co. - Product / Service
- Exhibit 191: Rheem Manufacturing Co. - Key offerings
- 12.17 Robert Bosch GmbH
- Exhibit 192: Robert Bosch GmbH - Overview
- Exhibit 193: Robert Bosch GmbH - Business segments
- Exhibit 194: Robert Bosch GmbH - Key news
- Exhibit 195: Robert Bosch GmbH - Key offerings
- Exhibit 196: Robert Bosch GmbH - Segment focus
13 Appendix
- 13.1 Scope of the report
- 13.2 Inclusions and exclusions checklist
- Exhibit 197: Inclusions checklist
- Exhibit 198: Exclusions checklist
- 13.3 Currency conversion rates for US$
- Exhibit 199: Currency conversion rates for US$
- 13.4 Research methodology
- Exhibit 200: Research methodology
- Exhibit 201: Validation techniques employed for market sizing
- Exhibit 202: Information sources
- 13.5 List of abbreviations
- Exhibit 203: List of abbreviations
- in manufacturing industry: Market dynamics in some major processes and discrete industries are changing drastically, and manufacturers are gradually feeling the brunt of excessive demand fluctuations. The fluctuating prices of oil and gas and metals in the global market and the shortage of a skilled workforce worldwide have directly affected the profitability of manufacturing companies. A sudden and unexpected shift in market dynamics can drastically impact manufacturing processes and investments in capital goods.
- slowdown in the automotive industry: High motorization rates in North America and Europe, the increase in tariffs on imported vehicles in the US and China, and the global economic slowdown are likely to reduce vehicle sales in the coming years. Anticipating a decline in vehicle sales, several vehicle manufacturers are halting their vehicle production. For instance, in March 2019, Ford announced the shutdown of its three vehicle-manufacturing sites in Russia. Similarly, in August 2019, Mahindra and Mahindra Ltd. stopped vehicle production at its manufacturing units in India for 8-14 days. During the same month, Maruti Suzuki announced that it had cut its vehicle production for the sixth consecutive month in 2019. In August 2019, Honda announced a halt in car production at its Argentina-based manufacturing plants. Such a slowdown in the automotive industry is expected to hamper the growth of the market during the forecast period.
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
- Manufacturers and suppliers
- Channel partners
- Industry experts
- Strategic decision makers
Secondary sources
- Industry journals and periodicals
- Government data
- Financial reports of key industry players
- Historical data
- Press releases
DATA ANALYSIS
Data Synthesis
- Collation of data
- Estimation of key figures
- Analysis of derived insights
Data Validation
- Triangulation with data models
- Reference against proprietary databases
- Corroboration with industry experts
REPORT WRITING
Qualitative
- Market drivers
- Market challenges
- Market trends
- Five forces analysis
Quantitative
- Market size and forecast
- Market segmentation
- Geographical insights
- Competitive landscape
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industrial heat pumps market market
Key Questions Answered
- What are the key global market and the regional market share?
- What are the revenue-generating key market segments?
- What are the key factors driving and challenging this market’s growth?
- Who are the key market vendors and their growth strategies?
- What are the latest trends influencing the growth of this market?
- What are the variables influencing the market growth in the primary regions?
- What are the factors influencing the growth of the parent market?
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