Europe Residential Air to Water Heat Pump Market Size - By Application (Single Family, Multi Family), By Product (Domestic Hot Water Heat Pump, Room Heat Pump), & Forecast, 2024 - 2032

Europe Residential Air to Water Heat Pump Market Size

Europe Residential Air to Water Heat Pump Market was valued at USD 7.6 billion in 2023 and is set to grow at CAGR of over 21.2% between 2024 and 2032. Rising demand for energy efficient and reliable hot water and heating systems across residential applications along with shifting focus toward limiting emissions will complement the industry landscape.
 

For instance, from October 2023 to March 2028, the UK government enhanced the Boiler Upgrade Scheme, providing grants of USD 9,600 (GBP 7,500). This initiative aims to facilitate transition from fossil fuel heating to low-carbon alternatives, including heat pumps. Stringent regulatory norms and standards toward energy efficiency along with favorable initiatives by authorities toward adoption of heat pumps will accelerate the product deployment.

Europe Residential Air to Water Heat Pump Market Trends

Europe residential air to water heat pump industry is anticipated to grow owing to adoption of advanced technologies, growing environmental concerns and introduction of stringent energy efficiency standards. Favorable regulatory landscape for adoption of clear energy technologies along with growing inclination toward replacement of traditional heating & cooling systems will favor the business dynamics. Moreover, introduction of enhanced technologies including variable speed compressors together with accelerating investment in environment friendly, low emission heating & cooling solutions will complement the industry landscape.
 

Europe Residential Air to Water Heat Pump Market Analysis

The single-family segment is anticipated to surpass USD 26 billion by 2032. Accelerating investment and expenditure for the development of housing infrastructure, growing real estate industry have accelerated the demand for energy efficient systems. Stringent regulations by several authorities toward improving the energy efficiency of building infrastructure will further positively influence the business dynamics. Moreover, shifting focus toward energy efficiency along with inclination toward limiting greenhouse gases emissions will complement the residential air to water heat pump business dynamics.
 

Domestic hot water heat pump segment is set to grow at a CAGR of over 21% through 2032. Rising demand for hot water across households, coupled with paradigm shift towards energy-efficient solutions, is driving the product adoption. These units are engineered for optimal performance and easy installation, addressing both space heating and hot water needs. Furthermore, favorable regulations, accelerating construction industry, and increasing of retrofitting of building infrastructure with energy-efficient systems will further augment the industry outlook.
 

Germany residential air to water heat pump market is likely to exceed USD 19 billion by 2032. Changing climatic conditions, increasing demand for efficient space heating & hot water solutions and rising adoption of energy efficient systems will augment the business landscape. Favorable initiatives by the authorities including subsidies, grants, and tax benefits, for adoption of heat pumps will accelerate the product adoption.
 

Europe Residential Air to Water Heat Pump Market Share

Major manufacturers in the industry are fortifying their market foothold through strategic partnerships, collaborations, and mergers & acquisitions, actively working to bolster their competitive edge. Carrier, Daikin, Panasonic Marketing Europe GmbH, LG Electronics, Mitsubishi Electric Europe B.V. and SAMSUNG hold the major market share across the Europe residential air to water heat pump industry.
 

Europe Residential Air to Water Heat Pump Market Companies

Key industry players operating across industry include:

• AERMEC S.P.A.
• Bosch Thermotechnology Ltd.
• Carrier
• Daikin
• FUJITSU GENERAL
• Glen Dimplex Group
• JOHNSON CONTROLS - HITACHI AIR CONDITIONING COMPANY
• LG Electronics
• Midea
• Mitsubishi Electric Europe B.V.
• Panasonic Marketing Europe GmbH
• SAMSUNG
• STIEBEL ELTRON GmbH & Co. KG
• Trane Technologies International Limited
• Vaillant Group International GmbH
• Viessmann
• WOLF
   

Europe Residential Air to Water Heat Pump Industry News

• In April 2024, Daikin Europe planned to introduce Altherma 4 HS-S+ series air-to-water propane (R290) residential heat pump, for a fall in 2024. The unit will be available in capacities ranging from 8, 10, 12, and 14kW. This heat pump can reliably operate in as low as −28°C (−18.4°F) temperatures and can achieve water flow temperatures up to 75°C (167°F). It features a propane charge of approximately 1.3kg (2.9lbs). Additionally, the unit can be equipped with alternative refrigerants, including HFC R32 and the HFO-HFC blend R454C.
   
• In February 2024, Trane has introduced Trane LEAF, a new air-to-water heat pump using R-290 (propane) refrigerant with zero ozone depletion potential and ultra-low GWP. It offers heating and cooling capacities from 8 to 30 kW for light commercial and residential buildings. Trane LEAF reduces both direct and indirect emissions and complies with the revised EU F-Gas Regulation, addressing the greenhouse warming effect and decomposition of existing fluorinated refrigerants propelling the company’s position across the Europe air to water heat pump industry.
   

This Europe residential air to water heat pump market research report includes in-depth coverage of the industry with estimates & forecast in terms of “’000 Units” and “USD Million” from 2021 to 2032 for the following segments:

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Market, By Application

• Single family
• Multi family

Market, By Product

• Domestic hot water heat pump
• Room heat pump

The above information has been provided for the following countries:

• Austria
• Norway
• Denmark
• Finland
• France
• Germany
• Italy
• Switzerland
• Spain
• Sweden
• UK
• Netherlands