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Air Source Heat Pump Market size in Europe worth over $27 Bn by 2030

  • Published Date: August 16, 2022

Europe Air Source Heat Pump Market size is set to surpass USD 27 billion by 2030, according to a new research report by Global Market Insights Inc.

The report cites the growing demand for efficient heating & cooling solutions due to fluctuating temperatures during extreme climatic conditions as a major driver for the industry growth. Additionally, the region has substantially transitioned to low-carbon heat pump systems functioning at a wide temperature range, replacing fossil-fuel-powered boilers and effectively catering to heating and cooling requirements.

Although air source heat pump systems operate on clean and sustainable sources, the initial deployment costs of these systems are high in comparison to traditional heat pumps. Furthermore, increased acceptance of other clean energy alternatives such as solar heating and district heating across various applications may negatively impact market demand. However, the adoption of the air source heat pump technology can be facilitated by clean energy policy frameworks, favorable regulations, and stricter norms for carbon emissions.

In terms of product, the Europe air source heat pump market is segmented into the air to water and air to air. The air to air segment is slated to depict a growth rate of 8% through 2030. This growth can be credited to easier installation operations, low operational costs, and fewer requirements for maintenance.

Air-to-air heat pumps capture air from the outside to fulfill heating and cooling requirements across establishments. These systems can provide heating in winter and cooling in summer, which may increase product adoption.

Browse key industry insights spread across 415 pages with 697 market data tables & 31 figures & charts from the report, “Europe Air Source Heat Pump Market Size By Product (Air to Air, Air to Water), By Application (Residential {[Single Family, Multi Family], Product [Domestic Hot Water Heat Pump, Room Heat Pump]}, Commercial {Education, Healthcare, Retail, Logistics & Transportation, Offices, Hospitality}), COVID-19 Impact Analysis, Country Outlook, Application Potential, Competitive Market Share & Forecast, 2022 – 2030” in detail along with the table of contents:

Many colder European countries have adopted these heat pumps for various properties owing to increased subsidies for replacing oil boilers, improved energy efficiency, and higher energy prices. As per Finnish Heat Pump Association SULPU, air-to-air heat pump sales increased by 105% in the first two quarters of 2022.

The residential segment is estimated to attain 8% CAGR till 2030. This growth is attributed to rapid urbanization, increasing expenditure for constructing domestic establishments, and the availability of innovative residential infrastructure. Moreover, the residential sector has increasingly adopted space heating over the years. In Europe, Estonia (34% of households), Finland (41% of households), Sweden (43% of households), and Norway (60% of households) have witnessed the highest penetration of heat pumps in the region, thus favoring the industry expansion.

From a regional standpoint, France is expected to become a lucrative revenue source for the Europe air source heat pump market, impelled by the increasing acceptance of low-carbon heating systems. In addition, the implementation of a favorable regulatory framework with new financial allowances and significant deployment objectives may impact industry dynamics.

Major companies operating in the European air source heat pump market include Trane, NIBE Industrier AB, Glen Dimplex Group, Panasonic Corporation, Viessman, A. O. Smith, SAMSUNG, Vaillant Group, Daikin, Lochinvar, Carrier, Bosch Thermotechnology Ltd., Finn Geotherm UK Limited, Swegon Group AB, STIEBEL ELTRON GmbH & Co. KG, Mitsubishi Electric Corporation, GREE ELECTRIC APPLIANCES, INC., TOSHIBA CORPORATION, LG Electronics, Lennox International Inc., and Rheem Manufacturing Company. These leasers are focusing on expanding their regional, national, and global footprints by forming strategic partnerships to reinforce their market positions.

Authors: Ankit Gupta, Divyendu Sharma