Europe Heat Pump Market Size By Product (Air Source, Ground Source, Water Source), By Application (Residential, Commercial, Industrial), Industry Analysis Report, Country Outlook, Competitive Market Share & Forecast, 2020 – 2026

Industry Trends

Europe heat pump market size exceeded USD 11 billion in 2019 and is projected to witness over 8% CAGR during 2020 & 2026. Continuous government efforts to curb CO₂ emissions coupled with rising environmental concerns have elevated the demand for sustainable heating systems across the region.
 

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Heat pumps offer an energy-efficient way to provide space heating and domestic hot water by harnessing thermal energy. Increasing number of household units coupled with the growing urban population is augmenting the demand of several space heating systems which in turn is complementing the Europe heat pump industry trends. Ongoing investments toward the establishment of green building infrastructure will further enhance the market size of heat pump units substantially.
 

The ongoing COVID-19 pandemic has triggered large scale economic disruption across major countries in the world. Temporary shutdown of business activities and infrastructural projects on account of government imposed lockdowns has impeded the Europe heat pump market growth. In addition, resource shortage leading to disruptions in supply chains has additionally restricted product deployment extensively. Although the market demand is expected to regain its strength by the end of 2020, with resumption in manufacturing operations in several nations.
 

The study describes a detailed analysis of industry trends across Europe segmented on a country basis across product and applications. Furthermore, the market forecasts & estimates are in line with the data represented by authorities including the European Heat Pump Association, Building Services Research and Information Association, International Energy Agency (IEA), United Nations Environment Programme, Energy Efficiency Association for heating, cooling and CHP, and company press releases.
 

Low carbon footprint along with longer lifespan will propel the market outlook of air source heat pump (ASHP)

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Europe heat pump market from ASHP is expected to witness a growth of over 8% through 2026. Lower running cost, longer lifespan, less maintenance requirement, and ease of installation are some of the imperative features which will complement the product adoption over the forecast timeline. Ability to provide space heating in conjunction with water heating, will positively impact the demand air source heat pump in Europe. In addition, technological expansion leading to the development of specially designed pumps for harsh climatic conditions will further create a positive business scenario for the market.
 

Surge in the installation of energy efficient heating systems coupled with rising urban population will stimulate the product demand

Introduction of stringent regulatory mandates toward energy conservation coupled with growing urban population has significantly raised demand for heat pump units across residential establishments. Increasing living standards coupled with the surging requirement for compact and efficient heating technologies are anticipated to play a vital role in raising the product penetration over the coming years. Increasing investments toward the refurbishment of building structures with the installation sustainable solutions will boost the industry landscape.
 

Ongoing technological advancements in terms of cost reduction and energy efficiency across France will enhance the market statistics for heat pump

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Surging demand for energy efficient heating systems will expand the France heat pump market by 6% between 2020 and 2026. Adverse environmental impact has pushed the government to reduce CO₂ emissions by introducing fiscal support policies & schemes, which is stimulating the product adoption. The interest in clean energy heating units has also increased dramatically as a response to the rising electricity prices, ongoing technological advancements and cost reduction which will further enhance the business outlook.
 

Strategic collaboration and product innovations acting as the focal point for leading market players

The leading market players are aiming on developing new innovative products with advanced features to improve their market share in the heat pump industry. In addition, strategic alliances and collaborations are among the important strategies followed by the industry players to achieve a competitive edge in the European market. Moreover, prominent industry participants are focusing on R&D operations by enhancing the manufacturing process to achieve economies of scale and increase heat pump market share.
 

The prominent players profiled in the Europe heat pump market report includes Mitsubishi Electric Corporation, MODINE Manufacturing Company, Viessmann, Daikin, Bosch Thermotechnology, Danfoss, Finn Geotherm UK Limited, Solarbayer GmbH amongst other players.
 

Europe heat pump market research report includes in-depth coverage of the industry with estimates & forecast in terms of “USD” & “000 Units” from 2015 to 2026, for the following segments:
 

By Product

• Air Source
• Ground Source
• Water Source

By Application

• Residential
• Commercial
• Industrial

The above information has been provided for the following countries:

• Europe
  • Austria
  • Norway
  • Denmark
  • Finland
  • France
  • Germany
  • Italy
  • Switzerland
  • Spain
  • Sweden
  • UK
  • Netherlands