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Europe Heat Pump Compressors Market Size
Europe Heat Pump Compressors Market size was valued at USD 4.6 billion in 2023 and the industry is set to grow at CAGR of 18.9% up to 2032. Increasing demand for space heating & cooling, favorable government initiatives and paradigm shift towards the adoption of low-carbon technologies will complement the industry landscape.
For instance, from October 2023, the UK government amended its Boiler Upgrade Scheme, providing grants of USD 9,600 to install air or ground source heat pump. This initiative aims to facilitate the transition from fossil fuel heating to low-carbon alternatives. Moreover, ongoing research & development initiatives to introduce advanced heat pumps that boast superior operational efficiency and reduced energy consumption with low emissions will further shape the business dynamics.
Europe Heat Pump Compressors Market Report Attributes
| Report Attribute |
Details |
| Base Year: | 2023 |
|---|
| Europe Heat Pump Compressors Market Size in 2023: | USD 4.6 Billion |
|---|
| Forecast Period: | 2024 – 2032 |
|---|
| Forecast Period 2024 – 2032 CAGR: | 18.9% |
|---|
| 2024 – 2032 Value Projection: | USD 22.7 Billion |
|---|
| Historical Data for: | 2021-2023 |
|---|
| No. of Pages: | 80 |
|---|
| Tables, Charts & Figures: | 14 |
| Segments covered: | Product, Type, and Country |
|---|
| Growth Drivers: | - Ongoing technological advancements in heat pump systems and components
- Favorable regulatory landscape and supportive financial policies toward adoption of heat pump systems
|
|---|
| Pitfalls & Challenges: | - Prevalence of alternative compressor technologies
|
|---|
