Europe Reversible Heat Pump Market Size – By Product (Air Source, Ground Source, Water Source), By Application (Residential, Commercial, Industrial), Regional Outlook & Forecast, 2024 - 2032

Europe Reversible Heat Pump Market Size

Europe Reversible Heat Pump Market was valued at USD 5.9 billion in 2023 and is set to grow at CAGR of 19.1% from 2024 to 2032. Growing adoption of advanced heating and cooling technologies coupled with increasing disposable incomes and purchasing power of consumers have accelerated the adoption of efficient heat pump technologies.
 

Ongoing R&D efforts by manufacturers along with favorable policies to boost heat pump adoption will complement the industry landscape. For instance, the European Heat Pump Association has crafted a manifesto outlining pivotal policy priorities for 2024 – 2029, aiming to harness the full potential of heat pumps. The immediate action should be the swift release of the EU Heat Pump Action Plan.
 

Europe Reversible Heat Pump Market Trends

Europe reversible heat pump industry is anticipated to grow owing to adoption of advanced technologies, growing environmental concerns, and the implementation of stringent energy efficiency standards. Favorable initiatives toward adoption of clean energy technologies, coupled with a rising trend to replace conventional heating and cooling systems, will augment the business dynamics. Furthermore, Stringent regulatory standards and norms promoting energy efficiency, coupled with supportive initiatives from authorities, are set to boost the Europe heat pump industry.
 

Europe Reversible Heat Pump Market Analysis

The air source reversible heat pump industry is anticipated to cross over USD 28.5 billion by 2032. Growing need for space heating and hot water across households, commercial and industrial establishments, together with the continuing replacement of conventional heating systems, will boost the product demand. Furthermore, favorable initiatives by authorities, including tax rebates, subsidies, and credit schemes, to adopt low-carbon and efficient technologies will shape the air source heat pump industry dynamics.
 

Residential segment is set to grow at a CAGR of over 18.5% through 2032. Flourishing investments & expenditure for housing infrastructure development, shifting focus toward energy efficiency and growing inclination to curb carbon emissions will complement the industry landscape. Growing demand for hot water and efficient heating in households, driven by a shift towards adoption of advanced technological solutions will positively influence the industry dynamics. Moreover, favorable regulations, an accelerating construction industry, and an increase in retrofitting building infrastructure with energy-efficient systems will augment the residential heat pump industry landscape.
 

Germany reversible heat pump market is set to reach more than USD 9 billion by 2032. Shifting climatic conditions, a growing demand for effective space heating and hot water solutions, and a surge in the adoption of energy-efficient systems will augment the product demand. Government incentives, such as subsidies, grants, and tax benefits, to boost the adoption of heat pumps along with flourishing investments by manufacturers to develop, low emission and eco-friendly heating & cooling solutions will augment the business dynamics.
 

Europe Reversible Heat Pump Market Share

The Europe reversible heat pump market is characterized by intense competition, regulatory compliance technological innovations, and product efficiency. Leading manufacturers, including Carrier, Panasonic Marketing Europe GmbH, Daikin Applied Europe S.p.A., Johnson Controls, Swegon Group AB and Trane Technologies International Limited, focus on developing energy-efficient and cost-effective solutions. They also pursue strategic partnerships, mergers, and acquisitions to enhance their competitive advantage over the others.
 

Europe Reversible Heat Pump Market Companies

Key industry players operating across industry include:

• Carrier
• Clivet S.p.A.
• Daikin Applied Europe S.p.A.
• Glen Dimplex
• Hitema International
• HOVAL
• Johnson Controls
• Keyter Technologies S.L.
• Klima-Therm
• Panasonic Marketing Europe GmbH
• Rhoss S.p.a.
• Swegon Group AB
• Systemair AB
• TermoPlus
• THERMO-TEC Klimageräte GmbH
• Trane Technologies International Limited
• Vaillant Group International GmbH
   

Europe Reversible Heat Pump Industry News

• In May 2024, Clivet, a subsidiary of Midea Group, has unveiled Thunder, an air-cooled reversible propane heat pump, designed specifically for commercial users with diverse needs including heating, cooling, and hot water. This outdoor heat pump boasts the capability to deliver water temperatures reaching 75°C even when ambient temperatures range from −5 to 30°C. Furthermore, it remains operational in ambient conditions as low as −20°C and is available in capacities ranging from 35 to 73kW, and with the flexibility to connect up to 16 units, catering to larger heating and cooling requirements.
   
• In February 2024, Panasonic Heating and Cooling Solutions has unveiled a new lineup of reversible propane (R290)-based heat pumps. These modular air-to-water units cater to the heating and cooling needs of large commercial, industrial, and multi-dwelling residential settings. The ECOi-W AQUA-G BLUE series features four models, each with heating capacities ranging from 49.2 to 83.6 kW and cooling capacities from 48.2 to 74.1 kW. For larger demands, up to eight modular units can be linked, achieving combined heating and cooling capacities of 640kW and 592kW, respectively.
   

This Europe reversible 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 Product

• Air Source
• Ground Source
• Water Source

Market, By Application

• Residential
• Commercial
• Industrial

The above information has been provided for the following countries:

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