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Europe Residential Heat Pump Market Trends

Report ID: GMI8912
Published Date: Apr 2024
Report Format: PDF

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Europe Residential Heat Pump Market Trends

Europe residential heat pump industry will grow on account of shifting focus towards clean energy technologies along with rising demand for energy efficient heating and cooling systems. Varied climate conditions, substantial research and development initiatives and favorable incentives schemes for adoption of heat pump units will accelerate product adoption.

For instance, in October 2023, the UK government increased grants for air source and ground source heat pump installations to about USD 9,400. Moreover, increasing adoption of renewable energy systems, enforcement of strict emission regulations, and the introduction of enhanced technologies aimed at mitigating environmental impact will positively influence the industry outlook.

Authors: Ankit Gupta, Manish Dhiman

Frequently Asked Questions (FAQ) :

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.

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.

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.

Daikin, Lochinvar, Master Therm tepelná ?erpadla s. r. o., Mitsubishi Electric Corporation, NIBE INDUSRIER AB, OCHSNER, Panasonic Marketing Europe GmbH, SAMSUNG, STIEBEL ELTRON GmbH & Co. KG, and Vaillant Group, are some of the major residential heat pump companies in Europe.