Europe Variable Speed Heat Pump Market Size - By Application (Residential, Commercial, Industrial) & Forecast, 2024 - 2032
Report ID: GMI10774
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Published Date: August 2024
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Report Format: PDF
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Premium Report Details
Base Year: 2023
Companies covered: 16
Tables & Figures: 12
Countries covered: 11
Pages: 75
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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.
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 Trends
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.
Europe Variable Speed Heat Pump Market Analysis
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.
Europe Variable Speed Heat Pump Market Share
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.
Europe Variable Speed Heat Pump Market Companies
Key industry players operating across industry include:
Europe Variable Speed Heat Pump Industry News
The Europe variable speed 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:
Market, By Application
The above information has been provided for the following countries: