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Europe Heat Pump Market Size
- Report ID: GMI4839
- Published Date: Jul 2024
- Report Format: PDF
Europe Heat Pump Market Size
Europe Heat Pump Market was valued at USD 16.5 billion in 2023 and is estimated to grow at 19.2% CAGR from 2024 to 2032. Favourable government policies & incentives along with energy efficiency requirements are the major drivers for the market growth. Governments are setting higher minimum energy performance standards for heating systems, pushing for the replacement of traditional fossil fuel-based heating systems with more efficient and environmentally friendly alternatives like heat pumps.
Several European governments are actively promoting the adoption of heat pumps by offering financial incentives like subsidies and grants. These initiatives aim to lower the initial investment for both residential and commercial users, thereby enhancing the economic feasibility of heat pump systems. Notably, Germany stands out, providing substantial subsidies through its Market Incentive Program (MAP) specifically designed for renewable energies, including heat pumps. For instance, a homeowner in Berlin can receive up to 35% of the installation costs covered by these subsidies, significantly reducing the financial burden.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Europe Heat Pump Market Size in 2023: | USD 16.5 Billion |
| Forecast Period: | 2024 to 2032 |
| Forecast Period 2024 to 2032 CAGR: | 19.2% |
| 2032 Value Projection: | USD 82.1 Billion |
| Historical Data for: | 2021 to 2023 |
| No. of Pages: | 90 |
| Tables, Charts & Figures: | 42 |
| Segments covered: | Product, Application, & Region |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Frequently Asked Questions (FAQ) :
Europe Heat Pump Market Scope
