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Europe Variable Speed Heat Pump Market size was valued at USD 12.6 billion in 2023 and is set to grow at CAGR of 19.2% between 2024 and 2032. Growing demand for energy-efficient heating & cooling systems coupled with increasing emphasis on limiting emissions, will complement the business landscape. Stringent energy efficiency regulations and supportive government initiatives for heat pump adoption will augment the industry outlook.
For instance, in November 2023, the UK government introduced its plans to attain net zero carbon emissions by 2050 with a structured layout of encouraging norms & standards. The new policy framework includes updates to the prevailing strategies along with new initiatives to deploy clean technologies to decarbonize various verticals including households, industrial, transport, and power.
Report Attribute | Details |
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Base Year: | 2023 |
Europe Variable Speed Heat Pump Market Size in 2023: | USD 12.6 Billion |
Forecast Period: | 2024 to 2032 |
Forecast Period 2023 - 2032 CAGR: | 19.2 |
2023 Value Projection: | USD 62.6 Billion |
Historical Data for: | 2021 to 2023 |
No of Pages: | 75 |
Tables, Charts & Figures: | 12 |
Segments Covered: | Application and Country |
Growth Drivers: |
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Pitfalls Challenges: |
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Europe variable speed heat pump industry is anticipated to grow owing to growing demand for energy-efficient heating and cooling systems along with growing adoption of advanced heat pump systems with variable speed compressors and drives. Diverse climate conditions, significant R&D efforts, supportive incentive schemes, and ongoing introduction of advanced HP units will further boost the product adoption.
For instance, in May 2024, Italy based HVAC manufacturer called Clivet introduced heat pump with propane (R290) refrigerant between capacity ratings of 35 kW to 73 kW for residential & commercial installations. The air-cooled reversible R290 heat pump series called Thunder are equipped with inverter scroll compressors to deliver variable speed operations and can be stacked up to 16 units to serve larger heating & cooling requirements.
Residential segment is anticipated to cross USD 44 billion by 2032. Accelerating investment for housing infrastructure development Rising living standards are pushing the adoption of clean energy technologies, while the surge in renewable energy building projects is further fueling product demand. Moreover, partnerships between private enterprises and governments, aimed at providing efficient heating units for residential establishments, will complement the residential heat pump business landscape.
Commercial segment is anticipated to grow owing to increasing awareness of the environmental concerns toward conventional heating and cooling systems, surging energy costs, and government mandates toward increasing energy efficiency. The escalating need for energy-efficient HVAC solutions across commercial establishments including offices and retail outlets, hotels, hospitals, and schools will further bolster product demand. Additionally, these systems offer operational advantages, including enhanced efficiency, and cost-effectiveness, will further propel the commercial heat pump industry landscape.
Germany variable speed heat pump market is set to surpass USD 21 billion by 2032, on account of the rapid technological advancements coupled with the increasing awareness of the long-term cost benefits of heat pumps across residential and commercial applications. Additionally, the government’s commitment to reducing carbon emissions and achieving climate neutrality is accelerating the shift towards renewable energy solutions, including heat pumps.
For instance, in March 2024, Munich city based local utility called Stadtwerke München (SWM) introduced its objectives to develop CO2 based neutral heating in the Munich by 2040, in line with the federal government target of heating transition by 2045. Moreover, government initiatives to phase out fossil fuel heating and promote energy-efficient technologies have created a strong policy framework boosting the Germany heat pump industry landscape.
The variable speed heat pump industry is characterized by intense competition driven by several factors including technological innovation, product efficiency, and regulatory compliances, among others. The leading manufacturers including Carrier, Daikin, Mitsubishi Electric, Panasonic, and Trane, among others are striving to develop more energy-efficient & cost-effective solutions while engaging in strategic partnerships, mergers, and acquisitions to enhance their competitive edge.
Key industry players operating across industry include:
Market, By Application
The above information has been provided for the following countries:
The market size for variable speed heat pump in Europe reached USD 12.6 billion in 2023 and is set to register 19.2% CAGR between 2024 to 2032, owing to growing demand for energy-efficient heating and cooling systems and the increasing emphasis on limiting emissions.
Europe variable speed heat pump industry from the residential segment will record USD 44 billion by 2032, due to the accelerating investments for housing infrastructure development and rising living standards.
Germany market size to reach USD 21 billion by 2032, owing to rapid technological advancements and increasing awareness of the long-term cost benefits of heat pumps.
AERMEC S.P.A., Advantix S.p.A., Carrier, Clivet S.p.A., Daikin, FUJITSU GENERAL, GE Appliances, Guangzhou SPRSUN New Energy Technology Development Co., Ltd., Johnson Controls, and Lennox International Inc, among others.