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Europe Heat Pump Market Size

Report ID: GMI4839
Published Date: Jun 2023
Report Format: PDF

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Europe Heat Pump Market Size

Europe Heat Pump Market size valued at USD 17.1 billion in 2023 and is set to grow at a CAGR of 18% between 2024 and 2032. Europe industry growth is owing to the increasing demand for efficient apace heating technologies along with the accelerating development across buildings infrastructure. The increasing demand for energy-efficient units in the residential and commercial sectors, combined with the ongoing replacement of existing heating systems to reduce carbon emissions. The global market size of heat pump is poised to reach USD 165.2 billion by 2032.

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Furthermore, significant variation in the climatic conditions across several geographies attributed by the elevating pollution and global warming levels along with accelerating demand for advanced technologies in the heat pump systems have led to augment the product deployment across the region.

Europe Heat Pump Market Report Attributes
Report Attribute	Details
Base Year:	2023
Europe Heat Pump Market Size in 2023:	USD 17.1 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	18%
2032 Value Projection:	USD 78 Billion
Historical Data for:	2019 to 2023
No. of Pages:	430
Tables, Charts & Figures:	526
Segments covered:	Product, ApplicationProduct, Application and Country
Growth Drivers:	Positive transition towards clean energy alternatives Growing demand for advanced space heating technologies Positive outlook towards adoption of energy efficient systems
Pitfalls & Challenges:	High initial deployment cost

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A heat pump is an electrical device that moves heat from one location to another through the circulating refrigerants experiencing compression, evaporation, and condensation. The systems are a part of building Heating, Ventilation, and Air Conditioning (HVAC) solutions and are designed to serve the heating & cooling requirements with minimal environmental impact.

Authors: Ankit Gupta, Divyendu Sharma

Frequently Asked Questions (FAQ) :

The market size for heat pump in Europe was surpassed USD 17.1 billion in 2023 and is estimated to exhibit 18% CAGR between 2024 and 2032, owing to the rapid consumer inclination toward efficient apace heating technologies and consistent development of residential and commercial infrastructure.

Europe air source heat pump industry is primed to grow substantially over 2023-2032, attributed to the rapid shift toward reliable, user-friendly, and efficient space heating systems.

The residential heat pump market across Europe is anticipated to expand at over 18% CAGR through 2032, owing to rapid urbanization and stringent government mandates for energy conservation.

Prominent firms in this industry include Trane, Viessmann, Bosch Thermotechnology Ltd., Panasonic Corporation, STIEBEL ELTRON GmbH & Co. KG, Gree Electric Appliances, Inc., SAMSUNG, NIBE Industrier AB, Mitsubishi Electric Corporation, DAIKIN INDUSTRIES, Ltd., LG Electronics, Finn Geotherm UK Limited, and A. O. Smith.