The report titled "Europe Heat Pump Market Analysis and Forecast, 2019-2028" analyzes the regional and European markets according to the heat pump type, rated capacity, end user and region. The report is comprehensive and provides a detailed historical and forecast market size along with an extensive market trend analysis. The report on the heat pump includes market share analysis, the production capacity of the leading firms, a summary of the competition, government regulations, the impact of the Russia and Ukraine war, regional economic scenarios, trade embargoes, geopolitical concerns, strategic imperatives, the most important consumers, future strategies and plans, potential growth areas, and competition analysis for the most prominent and regional producers.
Market Overview and Dynamics: European heat pump market is primarily driven by the speedier replacement of inefficient and existing fuel-based boilers
Europe heat pump market is expected to grow strongly at a CAGR of 12.5% over the forecast period of 2022-2028. Climate factors, speedier replacement of surviving and inefficient fuel-based boilers, initiative schemes in various markets, and technological advancement are some of the main factors that are expected to boost the demand for the European heat pump market.
Many European countries are introducing strengthened regulations governing new buildings, such as the RT2012 regulation in France, which has further pushed the adoption of energy-efficient heat pumps. Moreover, the soaring natural gas prices have raised the specter of cold homes and inflated energy bills for millions of people to overwinter in Europe, which also has augmented the demand for heat pumps. During the forecast period of 2022-2028, gas-fired boilers are expected to drive the market further, as more people rely on them for heat and hot water.
France is the dominant region in the European Heat Pump Market.
France is the leading nation within the Europe heat pump market due to the strength of the companies capable of adapting to changing conditions to ensure high levels of activity. Germany, Spain, and Sweden are also believed to have the majority of the share. However, Poland is expected to increase at a double-digit rate over the forecast period.
As per the Federation of European Heating, Ventilation and Air Conditioning Associations (REHVA), 87% of the European market volume was sold in only 10 countries. The leading European heat pump market in 2021 included France (394,129 units purchased; -0.7% growth vs. 2020), Italy (232,834; +12.2 %), Germany (140,390; +37.2%), Spain (127,856; -0.2%), and Sweden (107,723; +4.4%).
The Nordic countries show prominent market penetration for heat pumps in the construction stock and have also seen substantial shares of this technology used in the renovation industry. Additionally, Sweden, Norway, Denmark, and Finland have seen an increase of 677 units. The decline in Norway (-13 233)) has been offset by increases of Denmark (5 5117), Sweden (4 701), and Finland (4 093).
Segmental Analysis
- Based on type, the water source heat pumps market is expanding at a strong rate. The primary market-driving factor for these heat pumps will be their superior operational efficiency in comparison to other heat pumps.
- Water source heat pump (WHSP) systems are a popular choice for commercial buildings where multiple zones of control are desired. They can also easily be installed in residencies. The usage of water source heat pumps breaks down to regular 60 percent new construction and 40 percent retrofit and replacement.
- Based on end user, the residential heat pump market has been steadily increasing for the last five years in most countries. However, this global figure hides very different situations depending on the type of buildings.
- The top three countries, France, Germany, and Italy accounted for half of the heat pump sales in 2021. Germany, Spain, and Sweden are accompanied by government incentives at both national and local levels.
- Moreover, technology has developed to help make heat pumps an attractive option. For instance, the arrival to the market of optimized high-temperature heat pumps enables the replacement of existing combustion boilers without the need to update or modify existing radiators.
Competition Analysis: Regional Players Dominate the Domestic Markets
Due to the presence of many well-established companies in the Europe Heat Pump sector, there is intense competition. The European heat pump sector is widely spread across all countries with a mix of small, medium-sized – often locally operating - businesses to large multinational companies. The latter especially will have the potential to drive the growth and secure the European-wide deployment of heat pumps.
These players have invested in the Europe heat pump market in order to help the market to grow significantly during the forecast period. Some of the attempts made by these players are mergers and acquisitions
- In August 2022, Enphase Energy Inc, a global energy technology company and the world’s leading supplier of microinverter-based solar and battery systems acquired a Germany-based heat pump company GreenCom Networks.
- In August 2020, NIBE Industries AB has signed an agreement to acquire 100% of the shares in the German heat pump manufacturer Waterkotte Gmbh.
Some of the prominent players operating in the Europe heat pumps market include Aermec S.p.A., Viessmann Group, Vaillant Group, WOLF - a company of the Centrotec SE, Bosch, Carrier, Daikin, Denso, Ochsner, Vivreco, Mitsubishi Electric, Trane, Rheem, Evi Heat AB, Argoclima S.p.A, Midea, Enertech AB, KRONOTERM d.o.o, Danfoss, and Johnson Control among others.
RationalStat has segmented the Europe heat pump market on the basis of type, rated capacity, end user, and region
- By Type
- Air/Water
- Air/air
- Ground Source (Geothermal)
- Others (Hybrid etc.)
- Payload
- Up to 10 kW
- 10-20 kW
- 20-30 kW
- 30-100 kW
- 100 – 500 kW
- More than 500 kW+
- By End User
- Residential
- Non-residential
- Business Spaces
- Public Spaces
- Data Centers
- Industrial
- Food
- Others
- By Region
- Western Europe
- Germany
- UK
- France
- Spain
- Italy
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- Rest of Eastern Europe
- Western Europe
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