European Heat Pump Market size worth over $29 Bn by 2030

Europe Heat Pump Market size is expected to cross USD 29 billion by 2030, according to a new research report by Global Market Insights Inc.
 

The market growth is attributed to the introduction of new regulatory policies, legislative structures, and subsidy programs. The presence of positive regulatory frameworks, ambitious clean energy installation targets and extensive research & development initiatives will augment the technology application. The industry is poised to witness considerable boost with the introduction of stricter greenhouse gas (GHG) emission standards.
 

The coronavirus pandemic slowed down the industry growth to some extent, as a result of stringent lockdowns imposed by the governments. The COVID-19 outbreak disrupted both residential as well as commercial demand for heat pump technologies, due to a halt in several constriction projects. Rising awareness associated with fuel-efficient, energy-efficient, and low-carbon energy systems will pave the way for the regional heat pump manufacturers, as the infrastructure sector expands steadily after the pandemic era.
 

Rising demand for the energy-efficient systems

The ground source heat pump segment is anticipated to register more than 5% growth rate through 2030, owing to a spectrum of advantages associated with the technology. These pumps allow users to reduce energy consumption with higher coefficient of performance (COP) ratings, and efficient temperature management capabilities. The equipment can help to deliver both, heating and cooling solutions along with near silent operation.
 

Browse key industry insights spread across 330 pages with 496 market data tables & 30 figures & charts from the report, “Europe Heat Pump Market Size By Product (Air Source {Application [Residential, Commercial]}, Ground Source {Application [Residential, Commercial]}, Water Source {Application [Residential, Commercial]}), By Application (Residential, Commercial), COVID-19 Impact Analysis, Country Outlook, Application Potential, Competitive Market Share & Forecast, 2022 – 2030” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/europe-heat-pump-market
 

Modernization of commercial infrastructure to favor heat pump installation

European commercial heat pump market is estimated to attain a 8% CAGR till 2030. The establishment of new office infrastructure with the use of upgraded and flexible heating & cooling operations will strengthen the industry outlook. Stern building energy codes are outlined in many countries to save the energy used for space heating & cooling, which will further complement the product adoption.
 

Finland to offer lucrative opportunities for heat pump manufacturers

Finland heat pump segment will experience a consistent rise over the coming years, owing to several regional factors. These is an increasing focus on carbon footprint reduction, which has resulted in faster adoption of clean energy systems in the country. For instance, in July 2022, the government of Finland rolled out the latest version of the Climate Change Act to curb its carbon footprint by 60% by 2030, as compared to 1990 levels. The government target for carbon neutrality by 2030 will fuel the adoption of more efficient heat pump systems.
 

Technological advancements will positively influence the industry trends

The European industry is slated to witness a series of product launches, expansion initiatives, and strategic collaborations led by leading industry players. For instance, in January 2022, Swegon Group AB inked a partnership with Schwank Austria to improve the distribution of its products and services in Austria. The collaboration will help Swegon expand into the regional market and deliver its clean energy portfolio for healthy, productive, and sustainable indoor environments.
 

key companies operating in the industry are Panasonic Corporation, NIBE Industrier AB, Lochinvar, Glen Dimplex Group, Bosch Thermotechnology Ltd., TOSHIBA CORPORATION, Viessman, Mitsubishi Electric Corporation, LG Electronics, Lennox International Inc., Finn Geotherm UK Limited, and Samsung, among others.