Europe Heat Pump Market Analysis and Forecast till 2028
$2,380.00 – $4,800.00
Strengthened legislation governing new builds in many European countries drives the Europe heat pump market
The Europe heat pump market is projected to exhibit a CAGR of around 12.5% during the forecast period. In 2021, around 2.5 million heat pumps were sold in Europe, approximately 580,000 more than in 2020. Over the past decade, the European market for heat pumps has been growing at a steady pace. The key driver for the market growth has been the introduction of strengthened legislation governing new builds in many European countries, ranging from general regulations in France such as RT2012, which sets the new minimum standard of thermal insulation of dwellings, to a ban on combustion boilers in the Netherlands.
Alongside this, there have been a number of initiatives in recent years, particularly in France, Germany, and Italy, to promote heat pumps in the replacement market, accompanied by government incentives at both national and local levels. At the same time, 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.
Moreover, there has been an increase in the installation of heat pumps in Europe which further gives a boost to the market growth.
Up to 10 kW is expected to be the largest contributor to the heat pump market
Based on rated capacity, the heat pump market is dominated by up to 10 kW. The segmental growth is attributed to the major advantages offered by these pumps as well as their suitability for single-family residential houses. Further, on the basis of end user, the residential segment is estimated to hold a prominent share of the Europe heat pump market. The segmental growth is attributed to supportive government initiatives to enhance energy efficiency in the residential sector. In addition, the resumption of work and production activities also supported the heat pump market growth.
Western Europe to dominate the Europe heat pump market
Geographically, Western Europe dominates the Europe heat pump market owing to the high sales of heat pumps in the region. Government policies to decarbonize the building and construction sector, advancements in heat pump technology, and the Covid pandemic has helped the residential sales of heat pumps.
According to European Heat Pump Association, 87% of the European market volume was sold in only ten countries. The five biggest European heat pump markets in 2020 were France (394,129 units sold; −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 biggest absolute gains were achieved in Germany (38,040), Italy (25,324), Poland (18,504), the Netherlands (13,475), and Denmark (5,117).
Market Structure and Competitive Landscape
The presence of various manufacturers and suppliers in the market makes the Europe heat pump market fragmented in nature. Some of the prominent players operating in 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, Trane, NIBE Industries AB, and others. These players 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 July 2022, Daikin Europe N.V. announced an investment of 300 million euros to establish a new factory in ?ód?, Poland, which will be Daikin’s first production base in the country. The new factory will manufacture residential heat pump units and start operations in July 2024, in addition to the existing European production bases in Belgium, the Czech Republic, and Germany.
- In August 2020, NIBE Industries AB has signed an agreement to acquire 100% of the shares in the German heat pump manufacturer Waterkotte Gmbh.
Key Market Segmentation
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.)
- By Rated Capacity
- 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
- 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
Research Methodology
RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients for the Europe heat pump market. We combine a varied range of industry experience, data analytics, and experts’ viewpoint to create a research methodology for market sizing and forecasting.
RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:
- Defining the problem by understanding the type of market and data required by the client.
- Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
- Formulating a hypothesis to create market numbers, forecasts, influencing factors, and their relevance.
- Evaluating and analyzing the data by referring to data sources utilized and leveraged.
- Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.
Secondary Sources
- Annual reports, company filings, investor presentations, product catalogs, and company documents
- Industry and market-related documents available in the public domain
- Paid databases including Bloomberg, Factiva, S&P Capital IQ, FactSet, Refinitiv Eikon, ICIS, EUWID, and Thomson Reuters, among others
- Whitepapers, research papers, and industry blogs.
Why Buy this Report?
The report is intended for heat pump manufacturers, third-party distributors & dealers, raw material suppliers, government organizations, educational organizations, regulatory agencies, and market research firms, among others. The report provides an in-depth analysis of market size, consumption patterns, ongoing market trends and challenges, and future market opportunities. The report will serve as a source for a 360-degree analysis of the market thoroughly delivering insights to clients to find the right answers to their business questions.
Frequently Asked Questions (FAQs)
The Europe Heat Pump market is expected to grow at a CAGR of around 12.5% during the forecast period 2022-2028.
Western Europe is dominating the Europe Heat Pump market in 2021.
The Europe Heat Pump market is estimated at around US$ 14.1 billion in 2021.
Regional governments in Europe are encouraging the adoption of renewable energy systems for use in heating and cooling operations .
Major companies operating in the Europe Heat Pump market include Aermec S.p.A., Viessmann Group, Vaillant Group, WOLF – a company of the Centrotec SE, Bosch, Carrier, Daikin, Denso, Ochsner, Vivreco, Trane, NIBE Industries AB, and others.
| REGION | Europe |
|---|---|
| RELEASE YEAR | 2022 |
| RESEARCH CODE | RST-SAR-088 |
| ADDITIONAL FEATURE | 24×7 Post sales support and 15% free customization |
| User License | Single User/Team License, Corporate License |
Table of Contents
1. Market Introduction
1.1. Scope of Study
1.2. Problem Statement
1.3. Market Segmentation
2. Assumptions and Acronyms
3. Executive Summary
3.1. Europe Market in 2022
3.2. Analyst Insights & Recommendations
3.3. Growth Opportunities and Key Strategies
3.4. Supply-side and Demand-side Trends
4. Research Methodology
5. Analysis of COVID-19 Impact and Road Ahead
6. Analysis of Russo-Ukraine War Impact
6.1. Sanctions Imposed on Russia by Europe
6.2. Trade Impact
6.3. Resource Impact
6.4. Economy Impact
7. Market Indicators and Background
7.1. Macro-Economic Factors
7.2. Forecasting Factors
Robust assessment of various factors including industrial performance, industry players’ expenditures, and economic conditions, among others
7.3. Supply Chain & Value Chain Analysis
7.4. Industry SWOT Analysis
7.5. PESTLE Analysis
Robust assessment of various factors including political, economic, social, technological, legal, and environmental affecting the regional market growth
7.6. Porter’s Five Forces Analysis
8. Government Laws and Industry Regulations
9. Europe and Regional Market Dynamics
9.1. Drivers
9.2. Restraints
9.3. Trends
9.4. Opportunities
10. Parent Market Overview: Europe HVAC Market
10.1. By Product
10.2. By Country
11. Pricing Analysis
11.1. By Type
11.1.2. Air/air
11.1.3. Ground Source (Geothermal)
11.1.4. Others (Hybrid etc.)
11.2. By Region
11.2.1. Europe
11.2.2. US
11.2.3. Asia Pacific
11.2.4. Rest of the World
12. Europe Geothermal Heat Pumps Penetration/Adoption Analysis (per 1,000 households)
12.1. By Country
12.1.1. Sweden
12.1.2. Germany
12.1.3. France
12.1.4. Finland
12.1.5. Switzerland
12.1.6. Rest of the European Countries
13. Europe Segmental Analysis: (Market Value in US$ Million & Market Volume in ‘000 Units)
13.1. Europe Heat Pumps Market Analysis and Forecast by Type
13.1.1. Segment Overview
13.1.1.1. Air/Water
13.1.1.2. Air/air
13.1.1.3. Ground Source (Geothermal)
13.1.1.4. Others (Hybrid etc.)
13.2. Europe Heat Pumps Market Analysis and Forecast by Rated Capacity
13.2.1. Segment Overview
13.2.1.1. Up to 10 kW
13.2.1.2. 10-20 kW
13.2.1.3. 20-30 kW
13.2.1.4. 30-100 kW
13.2.1.5. 100 – 500 kW
13.2.1.6. More than 500 kW
13.3. Europe Heat Pumps Market Analysis and Forecast by End User
13.3.1. Segment Overview
13.3.1.2. Non-Residential
13.4. Europe Heat Pumps Market Analysis and Forecast by Region
13.4.1. Western Europe
13.4.1.1. Germany
13.4.1.2. UK
13.4.1.3. France
13.4.1.4. Spain
13.4.1.5. Italy
13.4.1.6. Sweden
13.4.1.7. Rest of Western Europe
13.4.2. Eastern Europe
13.4.2.1. Russia
13.4.2.2. Poland
13.4.2.3. Rest of Eastern Europe
14. Regional Analysis
14.1. Western Europe Heat Pumps Market Analysis and Forecast 2017-2028 (US$ Million & ‘000 Units)
14.1.1. Regional Market Overview and Key Takeaways
14.1.2. Western Europe Heat Pumps Market Analysis and Forecast by Type
14.1.3. Western Europe Heat Pumps Market Analysis and Forecast by Rated Capacity
14.1.4. Western Europe Heat Pumps Market Analysis and Forecast by End User
14.1.5. Western Europe Heat Pumps Market Analysis and Forecast by Country
14.1.5.1. Germany
14.1.5.2. UK
14.1.5.3. France
14.1.5.4. Spain
14.1.5.5. Italy
14.1.5.6. Sweden
14.1.5.7. Rest of Western Europe
14.2. Eastern Europe Heat Pumps Market Analysis and Forecast 2017-2028 (US$ Million & ‘000 Units)
14.2.1. Regional Market Overview and Key Takeaways
14.2.2. Eastern Europe Heat Pumps Market Analysis and Forecast by Type
14.2.3. Eastern Europe Heat Pumps Market Analysis and Forecast by Rated Capacity
14.2.4. Eastern Europe Heat Pumps Market Analysis and Forecast by End User
14.2.5. Eastern Europe Heat Pumps Market Analysis and Forecast by Country
14.2.5.1. Russia
14.2.5.2. Poland
14.2.5.3. Rest of Eastern Europe
15. Competitive Landscape
15.1. Competition Dashboard
15.1.1. Europe and Regional Market Share Analysis
15.1.1.1. Major OEMs/Brands and their Market Share
15.1.1.1.1. By Country
15.1.1.1.2. By Product
15.1.2. Market Structure
15.2. Competitive Benchmarking
15.3. Key Strategy Analysis
15.4. Company Profiles
15.4.1. Aermec S.p.A.
15.4.1.1. Company Overview
15.4.1.2. Product/Service Offerings
15.4.1.3. Key Financials
15.4.1.4. Recent Developments
15.4.2. Viessmann Group
15.4.2.1. Company Overview
15.4.2.2. Product/Service Offerings
15.4.2.3. Financials
15.4.2.4. Recent Developments
15.4.3. Vaillant Group
15.4.3.1. Company Overview
15.4.3.2. Product/Service Offerings
15.4.3.3. Financials
15.4.3.4. Recent Developments
15.4.4. WOLF – a company of the Centrotec SE
15.4.4.1. Company Overview
15.4.4.2. Product/Service Offerings
15.4.4.3. Financials
15.4.4.4. Recent Developments
15.4.5. Bosch
15.4.5.1. Company Overview
15.4.5.2. Product/Service Offerings
15.4.5.3. Financials
15.4.5.4. Recent Developments
15.4.6. Carrier Corporation
15.4.6.1. Company Overview
15.4.6.2. Product/Service Offerings
15.4.6.3. Financials
15.4.6.4. Recent Developments
15.4.7. Daikin Industries Ltd.
15.4.7.1. Company Overview
15.4.7.2. Product/Service Offerings
15.4.7.3. Financials
15.4.7.4. Recent Developments
15.4.8. Denso
15.4.8.1. Company Overview
15.4.8.2. Product/Service Offerings
15.4.8.3. Financials
15.4.8.4. Recent Developments
15.4.9. OCHSNER
15.4.9.1. Company Overview
15.4.9.2. Product/Service Offerings
15.4.9.3. Financials
15.4.9.4. Recent Developments
15.4.10. Vivreco Group
15.4.10.1. Company Overview
15.4.10.2. Product/Service Offerings
15.4.10.3. Financials
15.4.10.4. Recent Developments
15.4.11. Mitsubishi Electric
15.4.11.1. Company Overview
15.4.11.2. Product/Service Offerings
15.4.11.3. Financials
15.4.11.4. Recent Developments
15.4.12. Trane
15.4.12.1. Company Overview
15.4.12.2. Product/Service Offerings
15.4.12.3. Financials
15.4.12.4. Recent Developments
15.4.13. Rheem
15.4.13.1. Company Overview
15.4.13.2. Product/Service Offerings
15.4.13.3. Financials
15.4.13.4. Recent Developments
15.4.14. Evi Heat AB
15.4.14.1. Company Overview
15.4.14.2. Product/Service Offerings
15.4.14.3. Financials
15.4.14.4. Recent Developments
15.4.15. NIBE Industries AB
15.4.15.1. Company Overview
15.4.15.2. Product/Service Offerings
15.4.15.3. Financials
15.4.15.4. Recent Developments
15.4.16. Midea Group
15.4.16.1. Company Overview
15.4.16.2. Product/Service Offerings
15.4.16.3. Financials
15.4.16.4. Recent Developments
15.4.17. Enertech AB (CTC)
15.4.17.1. Company Overview
15.4.17.2. Product/Service Offerings
15.4.17.3. Financials
15.4.17.4. Recent Developments
15.4.18. KRONOTERM d.o.o.
15.4.18.1. Company Overview
15.4.18.2. Product/Service Offerings
15.4.18.3. Financials
15.4.18.4. Recent Developments
15.4.19. Danfoss
15.4.19.1. Company Overview
15.4.19.2. Product/Service Offerings
15.4.19.3. Financials
15.4.19.4. Recent Developments
15.4.20. Johnson Controls
15.4.20.1. Company Overview
15.4.20.2. Product/Service Offerings
15.4.20.3. Financials
15.4.20.4. Recent Developments
A comprehensive list of more than 60 heat pump manufacturers operating in Europe will be provided in the spreadsheet with tentative market share and geographical reach
16. Disclaimer
List of Figures/Tables
List of Figures
Figure 01: Europe Heat Pump Market Volume (‘000 units), 2019-2021
Figure 02: Europe Heat Pump Market Volume (‘000 units) & Y-o-Y Growth (%) Analysis, 2022–2028
Figure 03: Heat Pump, Pricing Analysis per unit (US$), in 2022
Figure 04: Heat Pump, Pricing Forecast per unit (US$), in 2028
Figure 05: Europe Heat Pump Market Value Analysis (US$ Mn), 2019-2021
Figure 06: Europe Heat Pump Market Size (US$ Mn) & Y-o-Y Growth (%) Analysis, 2022–2028
Figure 07: Europe Heat Pump Market Size and Market Share Analysis (%) by Damage Type, 2022 & 2028
Figure 08: Europe Heat Pump Market Y-o-Y Analysis (%) by Damage Type, 2022-2028
Figure 09: Europe Heat Pump Market Size and Market Share Analysis (%) by Mobile Type, 2022 & 2028
Figure 10: Europe Heat Pump Market Y-o-Y Analysis (%) by Mobile Type, 2022-2028
Figure 11: Europe Heat Pump Market Size and Market Share Analysis (%) by Price Range, 2022 & 2028
Figure 12: Europe Heat Pump Market Y-o-Y Analysis (%) by Price Range, 2022-2028
Figure 13: Europe Heat Pump Market Size and Market Share Analysis (%) by Providers, 2022 & 2028
Figure 14: Europe Heat Pump Market Y-o-Y Analysis (%) by Providers, 2022-2028
Figure 15: Europe Heat Pump Market Size and Market Share Analysis (%) by Region, 2022 & 2028
Figure 16: Europe Heat Pump Market Y-o-Y Growth (%) by Region, 2022–2028
Figure 17: Western Europe Heat Pump Market Size and Market Share Analysis (%) by Damage Type, 2022 & 2028
Figure 18: Western Europe Heat Pump Market Size and Market Share Analysis (%) by Mobile Type, 2022 & 2028
Figure 19: Western Europe Heat Pump Market Size and Market Share Analysis (%) by Price Range, 2022 & 2028
Figure 20: Western Europe Heat Pump Market Size and Market Share Analysis (%) by Providers, 2022 & 2028
Figure 21: Western Europe Heat Pump Market Size and Market Share Analysis (%) by Country, 2022 & 2028
Figure 22: Eastern Europe Heat Pump Market Size and Market Share Analysis (%) by Damage Type, 2022 & 2028
Figure 23: Eastern Europe Heat Pump Market Size and Market Share Analysis (%) by Mobile Type, 2022 & 2028
Figure 24: Eastern Europe Heat Pump Market Size and Market Share Analysis (%) by Providers, 2022 & 2028
Figure 25: Eastern Europe Heat Pump Market Size and Market Share Analysis (%) by Country, 2022 & 2028
List of Tables
Table 1: Europe Heat Pump Market Value (US$ Mn) Analysis and Forecast 2019-2028, by Damage Type
Table 2: Europe Heat Pump Market Volume (‘000 units) Analysis and Forecast 2019-2028, by Damage Type
Table 3: Europe Heat Pump Market Value (US$ Mn) Analysis and Forecast 2019-2028, by Mobile Type
Table 4: Europe Heat Pump Market Volume (‘000 units) Analysis and Forecast 2019-2028, by Mobile Type
Table 5: Europe Heat Pump Market Value (US$ Mn) Analysis and Forecast 2019-2028, by Price Range
Table 6: Europe Heat Pump Market Volume (‘000 units) Analysis and Forecast 2019-2028, by Price Range
Table 7: Europe Heat Pump Market Value (US$ Mn) Analysis and Forecast 2019-2028, by Providers
Table 8: Europe Heat Pump Market Volume (‘000 units) Analysis and Forecast 2019-2028, by Providers
Table 9: Europe Heat Pump Market Value (US$ Mn) Analysis and Forecast 2019-2028, by Region
Table 10: Europe Heat Pump Market Volume (‘000 units) Analysis and Forecast 2019-2028, by Region
Table 11: Western Europe Heat Pump Market Value (US$ Mn) Analysis and Forecast 2019-2028, by Damage Type
Table 12: Western Europe Heat Pump Market Volume (‘000 units) Analysis and Forecast 2019-2028, by Damage Type
Table 13: Western Europe Heat Pump Market Value (US$ Mn) Analysis and Forecast 2019-2028, by Mobile Type
Table 14: Western Europe Heat Pump Market Volume (‘000 units) Analysis and Forecast 2019-2028, by Mobile Type
Table 15: Western Europe Heat Pump Market Value (US$ Mn) Analysis and Forecast 2019-2028, by Price Range
Table 16: Western Europe Heat Pump Market Volume (‘000 units) Analysis and Forecast 2019-2028, by Price Range
Table 17: Western Europe Heat Pump Market Value (US$ Mn) Analysis and Forecast 2019-2028, by Providers
Table 18: Western Europe Heat Pump Market Volume (‘000 units) Analysis and Forecast 2019-2028, by Providers
Table 19: Western Europe Heat Pump Market Value (US$ Mn) Analysis and Forecast 2019-2028, by Country
Table 20: Western Europe Heat Pump Market Volume (‘000 units) Analysis and Forecast 2019-2028, by Country
Table 21: Eastern Europe Heat Pump Market Value (US$ Mn) Analysis and Forecast 2019-2028, by Damage Type
Table 22: Eastern Europe Heat Pump Market Volume (‘000 units) Analysis and Forecast 2019-2028, by Damage Type
Table 23: Eastern Europe Heat Pump Market Value (US$ Mn) Analysis and Forecast 2019-2028, by Mobile Type
Table 24: Eastern Europe Heat Pump Market Volume (‘000 units) Analysis and Forecast 2019-2028, by Mobile Type
Table 25: Eastern Europe Heat Pump Market Value (US$ Mn) Analysis and Forecast 2019-2028, by Price Range
Table 26: Eastern Europe Heat Pump Market Volume (‘000 units) Analysis and Forecast 2019-2028, by Price Range
Table 27: Eastern Europe Heat Pump Market Value (US$ Mn) Analysis and Forecast 2019-2028, by Providers
Table 28: Eastern Europe Heat Pump Market Volume (‘000 units) Analysis and Forecast 2019-2028, by Providers
Table 29: Eastern Europe Heat Pump Market Value (US$ Mn) Analysis and Forecast 2019-2028, by Country
Table 30: Eastern Europe Heat Pump Market Volume (‘000 units) Analysis and Forecast 2019-2028, by Country
Every Sample Includes
Research Methodology
Complete Table of Contents, List of Charts and Tables
Exclusive Facts & Illustrations
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