Europe Heat Pump Water Heater Market Size – By Capacity, By Application (Residential {Single Family, Multi Family}, Commercial, Industrial), By Operation, By Type, By Refrigerant (R410A, R134A, R744, R290, R32), & Forecast, 2024 - 2032

Europe Heat Pump Water Heater Market Size – By Capacity, By Application (Residential {Single Family, Multi Family}, Commercial, Industrial), By Operation, By Type, By Refrigerant (R410A, R134A, R744, R290, R32), & Forecast, 2024 - 2032

Europe Heat Pump Water Heater Market Size

Europe Heat Pump Water Heater Market was valued at USD 1.2 billion in 2023 and is set to grow at a CAGR of over 17% from 2024 to 2032. The increasing demand for advanced water heating systems designed for efficient operations round the year will boost the industry growth.

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Additionally, soaring investments in constructing new residential and commercial buildings, alongside a rising energy appetite in water heating will further add to the industry landscape. As per the data updated by the Italian National Institute of Statistics in 2024, the total number of new residential dwellings totaled over 14.7 thousand units in first quarter of 2024, growing from 14.4 thousand units in the corresponding period last year.
 

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Europe Heat Pump Water Heater Market Trends

Europe heat pump water heater industry is set to observe significant expansion owing to the stern energy efficiency standards, growing emphasis on reducing carbon footprints, continuous advancements, and encouraging decarbonization goals. A heat pump water heater is a type of air to water heat pump or hydronic heat pump designed to deliver better energy-efficiency than conventional electric water heaters, while lowering GHG emissions. Moreover, various nations have introduced various incentive programs including subsidies, tax rebates, and grants to encourage the installation of heat pump systems.

Europe Heat Pump Water Heater Market Analysis

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The heat pump water heaters with capacity ratings of > 50 - ≤ 100 gallons is set to cross USD 1 billion by 2032. Leading manufacturers are developing large capacity systems with easily mounted design to ensure ample hot water provision catering to the industry growth. Moreover, the escalating energy consumption for water heating across large multi-family households and commercial establishments coupled with the increasing financial backing from respective authorities will boost the industry outlook.

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Residential application vertical is projected to witness more than 16.5% CAGR through 2032, owing to a wide range of factors including robust population growth, a surge in housing construction and renovation, and intensive efforts to transition from traditional units. For example, as per the data updated by the Office for National Statistics, UK in July 2024, the construction output value for public new housing in the Great Britain surpassed USD 630 million in January 2024, increasing about 10.4% from around USD 571 million during the same period in 2023.

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Germany heat pump water heater market is likely to exceed USD 1 billion by 2032, driven by rising developments in new housing units and retrofitting, alongside the implementation of incentives and policies promoting energy-efficient water heating systems. Furthermore, the continuous ventures by various players to intensify their R&D unveiling products with advanced features & technologies will sway the industry outlook.

For instance, in March 2023, Midea Group unveiled its eco-friendly water and space heating products at ISH Frankfurt 2023 in Germany. The company's building technology division present a range of carbon-neutral heat pump units, including the R290 HPWH unit boasting an A+ energy efficiency rating and emphasizing easy installation complementing the Germany heat pump industry expansion.

Europe Heat Pump Water Heater Market Share

The Europe heat pump water heater industry is poised to witness various industry participants rolling out advanced products and pursuing both organic and inorganic growth strategies to expand their reach geographically. Major manufacturers including Daikin, LG Electronics, Ariston Holding, Panasonic Corporation, Rinnai, and SAMSUNG, among others, have gain significant position backed by their high-efficiency heat pump systems, extensive product range, wide distribution network, and strong presence in both residential & commercial sectors, among other parameters.

Europe Heat Pump Water Heater Market Companies

Major manufacturers operating across the industry comprising of

• Advantix S.p.A.
• Ariston Holding N.V.
• DAIKIN INDUSTRIES, Ltd.
• FERROLI S.p.A
• Glen Dimplex
• JOHNSON CONTROLS - HITACHI AIR CONDITIONING COMPANY
• LG Electronics
• Lochinvar
• Mitsui Air Conditioner di Amg spa
• OCHSNER
• Panasonic Corporation
• Rinnai Corporation
• SAMSUNG
• STIEBEL ELTRON GmbH & Co. KG
• Thermex Corporation
• Vaillant Group International GmbH

Europe Heat Pump Water Heater Industry News

• In July 2024, LG Electronics establishes an enhanced Air Solution R&D facility in Frankfurt, Germany. This facility will be focused on developing highly efficient HVAC solutions for Europe owing to region’s varied climatic conditions. This research and development lab will carry out testing on light commercial and residential products including heat pumps, energy management and monitoring systems. The new lab will work with the European Consortium for Advanced Heat Pump Research to develop heat pumps that ensure reliable, top-tier heating performance in Northern Europe's harsh winters.
   
• In February 2024, Trane introduced LEAF, next generation of air to water heat pump systems that features propane (R290) refrigerant and very low global warming potential. These units are suitable for extreme climatic air conditions by delivering hot water temperatures of +75°C even in 0°C of outdoor temperatures along with 60°C, at -15 degrees Celsius temperature conditions. This unit is ideal for residential and light commercial applications that make it an ideal solution to replace gas boilers.

This Europe heat pump water heater market research report includes in-depth coverage of the industry with estimates & forecast in terms of “’000 Units” & “USD Million” from 2021 to 2032 for the following segments

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Market, By Capacity

• ≤ 25 gallons
• > 25 - ≤ 50 gallons
• > 50 - ≤ 100 gallons
• > 100 - ≤ 200 gallons
• > 200 gallons

Market, By Application

• Residential
  • Single family
  • Multi family
• Commercial
  • Hotels
  • Restaurants
  • Cafes
  • Hospitality Sector
  • Healthcare Facilities
  • Academic Institution
  • Laundry Services
  • Corporate Spaces
  • Retail
  • Others
• Industrial

Market, By Operation

• Inverter
• Non-Inverter

Market, By Type

• Split
• Integrated

Market, By Refrigerant

• R410A
• R134A
• R744
• R290
• R32
• Others

The above information has been provided for the following countries

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