The United States is entering a new industrial investment cycle. Manufacturers are modernizing facilities, utilities are preparing for new electric load growth, and states are competing to attract the next generation of advanced manufacturing. Industrial electrification represents a significant opportunity to strengthen American manufacturing, expand domestic supply chains, create jobs, reduce exposure to fuel price volatility, and support long-term industrial competitiveness.

This study, prepared for the Renewable Thermal Collaborative (RTC) and the Industrial Heat Pump Alliance (IHPA), estimates the economic opportunity associated with accelerated industrial electrification between 2026 and 2035. The analysis evaluates both deployment of electrified industrial technologies and the domestic manufacturing capacity needed to support deployment at scale.
Over the next ten years, under an accelerated deployment scenario, industrial electrification could create:

• $254 billion in investment

• $471 billion in economic output

• $185 billion in GDP growth

• 1.66 million jobs