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Europe Heat Pump Water Heater Market Trends

Report ID: GMI6302
Published Date: Jul 2023
Report Format: PDF

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Europe Heat Pump Water Heater Business Trends

The Europe heat pump water heater market is anticipated to witness a significant momentum on account of the rising demand for reliable hot water and along with the government legislation directing the replacement of existing heating systems from sustainable heating and hot water solutions to limit the GHG emissions. The paradigm shift toward adoption of energy-efficient systems coupled with the rising income levels of consumer and introduction of enhanced technological units are some of the key factors stimulating the industry growth.

Growing utilization of fossil fuels has elevated the carbon footprint across the region, fueling the demand for clean and sustainable heat pump water heater technologies. Moreover, the industry's expansion is being shaped by ongoing advancements towards a decarbonized economy, driven by legislative energy policies and incentives. The increasing demand for high-level flexibility and comfort, coupled with a rise in refurbishment activities, is expected to further boost the Europe heat pump water heater market growth.

Authors: Ankit Gupta, Divyendu Sharma

Frequently Asked Questions (FAQ) :

The market size for heat pump water heater in Europe exceeded USD 590 million in 2022 and will observe 17% CAGR from 2023 to 2032, due to the rising demand for reliable and efficient hot water solutions across various application verticals.

The residential application segment held over 79% of the market revenue share in 2022, driven by the rapidly increasing urban population along with the higher government focus on energy conservation through strict mandates.

Demand for heat pump water heaters in Germany surpassed USD 109 million in 2022 and will witness fast-paced growth through 2032, owing to the rapid development of commercial & residential infrastructure in the country.

Some of the key Europe heat pump water heater market players include A.O. Smith Water Products Company B.V., Daikin, STIEBEL ELTRON GmbH & Co. KG, Glen Dimplex Group, Panasonic Marketing Europe GmbH, SAMSUNG, LG Electronics, Ariston Holding N.V., Haier A/C, and Hubbell Heaters.