Europe Air Source Heat Pump Market - By Product (Air to Air, Air to Water), By Application (Residential, Commercial) & Forecast, 2024-2032

Europe Air Source Heat Pump Market - By Product (Air to Air, Air to Water), By Application (Residential, Commercial) & Forecast, 2024-2032

Europe Air Source Heat Pump Market Size

Europe Air Source Heat Pump Market size exceeded USD 15.9 billion in 2023 and is projected to expand at over 18.6% CAGR from 2024 to 2032.

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The surging demand for carbon-free space heating technologies along with current product innovations is likely to present new avenues for the market growth. Emission control has become a major focal point for organizations around the world. Many businesses are implementing the Science-Based Targets initiative (SBTi) to curb their emissions. As per SBTi, the number of companies pledging to set science-oriented targets has tripled since 2021.
 

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Europe Air Source Heat Pump Market Trends

The implementation of a supportive legislative framework along with the provision of financial benefit programs such as rebates, tax benefits, and subsidies will further bolster the Europe air source heat pump market landscape.

Different regional and national regulators have introduced favorable policies and norms to encourage consumers to install advanced technology alternatives. Over the last decade, heat pump adoption in Europe has increased, given the importance of ambient heat as a renewable heat source. According to the European Heat Pump Association, the sales of heat pumps jumped by 34% with close to 2.18 million units sold across 21 European countries. Such high sales numbers of heat pumps could foster industry expansion in the forthcoming years. 

Europe Air Source Heat Pump Market Analysis

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The air to water heat pump segment is poised to witness a substantial rise in product demand. This is attributed its integration capability with hydronic underfloor heating systems and radiators to control temperatures by circulating the heat between the outdoor and indoor units.

European countries like France and Switzerland are increasingly adopting air to water heat pumps owing to the high demand for hot water across the commercial and residential infrastructure.

The commercial segment in the Europe air source heat pump market is anticipated to grow at a respectable rate during the forecast period, credited to the introduction of new initiatives and stringent emissions reduction norms. Rising implementation of supportive regulations to reinforce efficiency and improve heat and energy demand across commercial applications including educational institutions, offices, and healthcare among others will transform the industry outlook.

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Germany air source heat pump market revenue is expected to reach USD 1.6 billion by 2030. The region focuses on implementing a stricter policy framework, new heat pump initiatives, and profitable national objectives that complement the industry growth.

For instance, Germany recently introduced the Energy Efficiency Work Plan under which it aims to install more than 500,000 heat pump units every year until 2024 and over 800,000 units per year after establishing the heat pump mandate. In addition, the country plans to discontinue subsidies for gas heating projects and constructions that do not comply with the new Efficiency House 40 standard. Such a stringent regulatory framework will boost product adoption in the region.

Europe Air Source Heat Pump Market Share

Key participants operating in the industry are

• STIEBEL ELTRON GmbH & Co. KG
• Rheem Manufacturing Company
• Bosch Thermotechnology Ltd
• Glen Dimplex Group
• Trane
• NIBE Industrier AB
• Panasonic Corporation
• Viessman
•  A. O. Smith
• SAMSUNG
• Vaillant Group
• Daikin
• Lochinvar
• Carrier
• Finn Geotherm UK Limited
• Swegon Group AB
• Mitsubishi Electric Corporation
• GREE ELECTRIC APPLIANCES INC
• TOSHIBA CORPORATION
• LG Electronics 
• Lennox International

These leaders are focusing on developing advanced systems with low operational expenditure and improved performance characteristics of heating and cooling.

Impact of COVID-19 Pandemic

The COVID-19 pandemic disrupted much of the business landscape in Europe. Many in-progress construction projects encountered delays, while some were canceled. The production lines of some heat pump manufacturers were stopped for several weeks with strict sanitary guidelines blocking installers from deploying new products.

On the other hand, the pandemic initiated a transition toward sustainability and energy-efficient products, which may have created new growth avenues for the industry. Several project owners and private households adopted the new way of living and performed more renovation projects, strengthening the need for heat solutions.

Additionally, installers capitalized on the opportunities to upscale and promote the advantages of heat pumps. Furthermore, increasing financial assistance in replacing existing heat pumps has helped the industry regain traction, with gradual growth in heat pump sales in Germany, Italy, the UK, and France.

This market research report on Europe air source heat pump includes in-depth coverage of the industry with estimates & forecast in terms of “’Units” & “USD Million” from 2018 to 2030, for the following segments

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Market, By Product

• Air to Air
• Air to Water

Market, By Application

• Residential
  • Single Family
  • Multi Family
  • Residential, By Product
    • Domestic Hot Water Heat Pump
    • Room Heat Pump
• Commercial
  • Education
  • Healthcare
  • Retail
  • Logistics & Transportation
  • Offices
  • Hospitality
  • Others

The above information has been provided for the following regions and countries

• Europe
  • Austria
  • Norway
  • Denmark
  • Finland
  • France
  • Germany
  • Italy
  • Switzerland
  • Spain
  • Sweden
  • UK
  • Netherlands
  • Poland
  • Belgium
  • Slovakia
  • Ireland
  • Czech Republic