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The global heat pump market size in Europe is estimated to reach USD 29 billion by 2030 impelled by extreme climate conditions in the region with greater temperature changes, says GMI report.
Overview
According to the new study by Global Market Insights, the **[Europe Heat Pump Market](https://www.gminsights.com/industry-analysis/europe-heat-pump-market)** is estimated to be worth over USD 29 billion by 2030. Extreme climate conditions in the region with greater temperature changes will expand the demand for effective heating & cooling technologies. Several European countries experience substantial temperature variations, leading to sub-zero and hot climatic conditions throughout the year. There is an increasing focus in EU nations to replace conventional systems with sustainable heat pump solutions. Heat pump products are capable of functioning within a range of temperatures.
The report indicates that higher initial installation costs of certain heat pump systems may hamper the industry growth. Operational inefficiencies and limitations associated with some heat pump technologies, installed in areas with very low temperatures, may affect the Europe heat pump market forecast. Deployment of stringent clean energy transition goals coupled with favorable regulatory frameworks and R&D initiatives may encourage players to develop affordable and advanced heat pump systems.
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Carbon neutrality targets augment water source heat pump demand
Based on the products landscape, the report segregates the industry into air source, water source, and ground source heat pumps. With an increasing focus on mitigating carbon emissions and the growing need for clean energy systems, the Europe water source heat pump (WSHP) market value will depict considerable expansion over 2022-2030. These products offer cost-effective operations across heating and cooling systems. In addition to having a lower installation cost, the servicing of WSHPs is also easier. The development of new WSHP units with advanced operational capabilities will boost the industry outlook.
Some of the fields available in report -
| Required Fields | Format |
|---|---|
| Market Size in 2021 | USD 14 Billion |
| Value Projection by 2032 | USD 29 Billion |
| **Compound Annual Growth Rate (CAGR) ** | 8% |
| Ground source heat pump segment CAGR | 5% |
| European commercial heat pump market in 2030 | 8% growth rate |
| UK Market in 2030 | USD 550 million |
| No. Of Tables | 496 |
| Figures & Charts | 30 |
| No. Of Report Pages | 330 |
| Countries covered in the report | Austria, Norway, Denmark, Finland, France, Germany, Italy, Switzerland, Spain, Sweden, UK, Netherlands |
| Segments covered | Product, Application |
| Companies covered in the report | Daikin, Panasonic Corporation, NIBE Industrier AB, Swegon Group AB, Lochinvar, GREE ELECTRIC APPLIANCES, INC., Glen Dimplex Group, Bosch Thermotechnology Ltd., A. O. Smith, TOSHIBA CORPORATION, Systemair AB, Vaillant Group, STIEBEL ELTRON GmbH & Co. KG, Trane, Carrier, Viessman, Mitsubishi Electric Corporation, LG Electronics, Lennox International Inc., Finn Geotherm UK Limited, and SAMSUNG. |
Commercial sector adopts heat pump products to improve energy efficiency
As per the new study, the heat pump market share from commercial applications in Europe will register more than 8% CAGR between 2022-2030. The trend can be attributed to a surge in green infrastructure initiatives across developed economies. Sustainable building design interventions, to lower heating & cooling power consumption, will also increase over the coming years. A growing preference for HVAC systems which boast of flexible operations, reduced costs and enhanced efficiency will underpin the demand for advanced heat pump systems in office complexes & other commercial buildings.
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France heat pump industry to record steady growth
Introduction of climate-focused measures to reduce the dependency on fossil fuels, and the presence of favorable monetary schemes & subsidies will bolster the France heat pump market, states the report. For instance, in March 2022, the French government announced plans to upgrade its financial benefits program for replacing fossil fuel boilers with more sustainable solutions. The program offered around USD 9,160 worth of fiscal grants for encouraging users to install clean heating systems, such as heat pumps and biomass. The country wanted to reduce the dependence on hydrocarbons imported from Russia.
Product developments to strengthen Europe heat pump industry forecast
The competitive landscape of the Europe heat pump industry comprises of organizations such as Daikin, Panasonic Corporation, NIBE Industrier AB, Swegon Group AB, Lochinvar, Systemair AB, Vaillant Group, Stiebel Eltron GmbH & Co. KG, Trane, Carrier, Viessman, Mitsubishi Electric Corporation, LG Electronics, Gree Electric Appliances, INC., Glen Dimplex Group, Bosch Thermotechnology Ltd., A. O. Smith, Toshiba Corporation, Lennox International Inc., Finn Geotherm UK Limited, and Samsung.
For instance, in April 2022, Systemair AB added a new range of water source heat pumps, SYSLOOP 70-135, to its portfolio. The product is designed to offer high nominal capacities within a range of 7 kW and 15 kW. In addition, it exhibits a lower global warming potential refrigerant, R513A, to ensure sustainable and safer operations.
**About GMI- **
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making.
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Global Market Insights Inc.
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