Shifting inclination towards sustainability to drive industrial heat pump consumption in Europe
Europe industrial heat pump demand to rise with increasing product usage in the reduction of carbon emission
The Europe industrial heat pump market is slated to record substantial proceeds through the forthcoming years. This can be ascribed to the product’s ability to support fuel cost savings, promote new business opportunities, and making an enterprise’s heat supply carbon neutral.
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Instead of burning fuel for cooling and heating purposes, heat pumps make the efficient utilization of a range of heat sources comprising industrial waste heat, rivers, sea, lakes, waste water, and geothermal or ambient air. Another alternative for driving heat pumps is to utilize electricity generated from renewable resources. This makes the heat supply entirely carbon-neutral.
Driven by such factors, the Europe industrial heat pump market share is anticipated to surpass a valuation of USD 300 million through 2027.
This growth is accredited to the modularity and scalability of industrial heat pumps which makes them suitable for a range of applications. These pumps find usage in numerous process industries such as paper, textile, petrochemicals, machinery & equipment, rubber & plastic, wood, metal, food & beverages, and others.
Moreover, in data centers, the use of industrial heat pumps help in the reduction of electricity costs and CO2 emissions with a direct supply of cooling energy. While taking part in power markets can help in opening up new revenue streams, the use of different types of industrial heat pumps helps in balancing the demand and supply of renewable energy while simultaneously providing cold and hot thermal energy.
The pumps are also used in urban, municipal, and large facilities for providing warm water and district heating for small towns, urban quarters, and large facilities such as shopping malls, universities, and airports.
Efforts taken up by key industrial heat pump manufacturers to boost product demand
Prominent industrial heat pump manufacturers are focusing on the formulation and implementation of corporate expansion strategies such as mergers, acquisitions, and product developments for enhancing product penetration and increasing their geographical footprint.
Citing an instance for the same, in December 2020, Emerson entered into a contract with French industrial refrigeration solutions manufacturer, Clauger. The Vilter product team at Emerson worked in collaboration with Clauger for the creation of an industrial heat pump solution to be launched in the European market. The product innovation was impelled by the surging demand for reduction of carbon footprints of agribusiness manufacturers in France.
While such developments are set to bolster product demand through the ensuing years, the installation of industrial heat pumps is expected to record considerable upsurge in Norway due to the ongoing efforts toward the promotion of sustainability by policy makers.
What challenges are likely to hinder industrial heat pump installation in Europe?
The product installation is likely to be impacted by the requirement of special planning permissions in the regions of Northern Ireland and Wales, whereas in Scotland and England, the nature of requirements is dependent on the size and location of property.
However, the rising applications of industrial heat pumps across the regions is set to overpower the negatives, thus enabling the market to expand profusely through the coming years.
In a nutshell, rising advancements in technology and an escalation in the number of product innovations by major industry participants will boost Europe industrial heat pump market size over the projected span.
