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Europe Variable Speed Heat Pump Market Size

Report ID: GMI10774
Published Date: Aug 2024
Report Format: PDF

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Europe Variable Speed Heat Pump Market Size

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.

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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.

Europe Variable Speed Heat Pump Market Report Attributes
Report Attribute	Details
Base Year:	2023
Europe Variable Speed Heat Pump Market Size in 2023:	USD 12.6 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	19.2%
2032 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:	Increasing consumer demand for consistent heating & cooling technologies Supportive policies and incentives for energy-efficient technologies Ongoing innovations in compressor technology
Pitfalls & Challenges:	High initial costs coupled with prevalence of fixed speed systems across certain applications

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Authors: Ankit Gupta, Divyendu Sharma

Frequently Asked Questions (FAQ) :

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.