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Europe Air Source Heat Pump Market Size

Report ID: GMI2854
Published Date: Aug 2022
Report Format: PDF

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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.

Europe Air Source Heat Pump Market Overview

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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.

Europe Air Source Heat Pump Market Report Attributes
Report Attribute	Details
Base Year:	2023
Europe Air Source Heat Pump Market Size in 2023:	USD 15.9 Billion
Forecast Period:	2024 - 2032
Forecast Period 2024 - 2032 CAGR:	18.6%
2032 Value Projection:	USD 76 Billion
Historical Data for:	2018 - 2023
No. of Pages:	415
Tables, Charts & Figures:	728
Segments covered:	Product, Application
Growth Drivers:	Increasing inclination towards clean energy technologies Increasing demand for space heating and energy-efficient systems Favorable regulatory framework Extreme climatic conditions
Pitfalls & Challenges:	High upfront cost

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Authors: Ankit Gupta, Divyendu Sharma

Frequently Asked Questions (FAQ) :

The market size of Europe air source heat pump was valued at USD 15.9 billion in 2024 and is poised to grow at a CAGR of 18.6% from 2024 to 2032.

The residential segment is expected to register an 8% CAGR through 2030 driven by rapid urbanization, increased spending on domestic construction, and availability of innovative residential infrastructure.

The UK market is anticipated to grow at a 10% CAGR through 2030 driven by the surging demand for heat along with administrative support to augment the installation of heat pumps.

Trane, NIBE Industrier AB, Glen Dimplex Group, Panasonic Corporation, Viessman, A. O. Smith, SAMSUNG, TOSHIBA CORPORATION, LG Electronics, Lennox International Inc., and Rheem Manufacturing Company are some of the air source heat pump manufacturers in Europe.