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Europe Residential Heat Pump Market Size
Europe Residential Heat Pump Market size was estimated at USD 11.8 billion in 2023 and is set to witness CAGR of 19.3% between 2024 and 2032. Growing demand for energy-efficient heating and cooling solutions along with favorable regulations promoting the adoption of low carbon technologies is set to drive the industry growth.
Several governments authorities are offering financial incentives, subsidies, to encourage the installation of energy-efficient systems in households. For instance, the German government introduced revised funding opportunities effective from January 1st, 2024. Under these updates, property owners are eligible to receive subsidies of up to USD 22,500 upon installing a heat pump and this funding is accessible to all.
Why is the demand for residential air source heat pump growing in Europe?
Europe gas fired boiler industry is expected to exceed USD 58 billion by 2032, due to rising popularity of energy efficient technologies and increasing demand for space cooling, heating, and hot water solutions.
What is the size of the Europe residential heat pump market?
The market size for residential heat pump in Europe reached USD 11.8 billion in 2023 and is set to witness 19.3% CAGR from 2024-2032, owing to growing demand for energy-efficient solutions along with favorable regulations promoting the adoption of low carbon technologies in the region.
How big is the Germany residential heat pump industry?
Germany market is poised to cross USD 19 billion by 2032, attributed to favourable regulatory frameworks, stringent building standards, focus on renewable energy and initiatives to curb emissions in the country.
Who are the key leaders in the residential heat pump market from Europe?
Daikin, Lochinvar, Master Therm tepeln