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Europe Heat Pump Market Trends

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

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Europe Heat Pump Market Trends

Rapid technological innovations by key companies, shifting consumer preferences, presence of favorable financial incentive programs, and growing measures to diminish the overall carbon footprint are some of the key imperatives propelling the Europe heat pump industry landscape. The industry is poised for transformation on account of the significant advancements in various heat pump technologies coupled with the rising demand for energy-efficient & eco-friendly heating and cooling solutions.

For instance, in June 2022, Daikin Europe introduced a new series of air to water heat pump systems called Daikin Altherma 3 M in small capacities of 4, 6, and 8 kW to cater to small capacity requirements. These new product line utilize R-32 refrigerant and employ a monobloc design, which simplifies installation and operation. Moreover, rapid increase in demand for low carbon space heating & cooling systems and technologies, driven by ambitious heat pump deployment targets and initiatives have created a positive industry outlook.

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.