The European heat pumps market is anticipated to at a remarkable CAGR during the forecast period. With climate-friendly policies and stringent frameworks, the contributions from major forerunners such as Germany, France, Italy, Spain, Norway, and Sweden have made a significant impact in the global heat pumps market However, major economies like UK is yet to make an impact that can elevate the position of the industry in the region. The European Heat Pump Association also believes that technology can tap the opportunity in developing markets of Europe as the Scandinavian and Nordic countries are well established as of 2019. The Energy Performance of Buildings Directive (EPBD) and the Energy Efficiency Directive is expected to support the market across Europe. As per EU, with over 12 million heat pumps installed in the region as of 2019, the room for expansion remains more certain with tapping the potential markets.
Countries such as Sweden, Germany, and Norway are considered stable markets for heat pumps where the UK has expanded its portfolio in recent years. The UK government has taken special initiatives that are targeted towards the ground source heat pumps where the target is to install 1 million heat pumps a year by 2035 where capital grants are also expected to be offered as a part of the 2021 support framework for low carbon heating. The vendors can make use of the upcoming opportunity to increase their market share in UK.
However, the COVID-19 pandemic has disrupted nearly all the major end-user industries in Europe, resulting in decreased demand for heat pumps. Under the lockdown norms, the commercial and industrial activities came to a halt, which had a negative impact on the heat pumps industry in Europe.
The European heat pumps market is segmented based on product type, capacity, and end-user. Based on product type, the heat pumps market is segmented into air source, air-to-air, air-to-water, water source, and ground source. Based on capacity, the heat pumps market is segmented into <10KW, 10KW-20KW, >20KW. Based on end-user, the market is classified into commercial, industrial, and residential.
Country-wise, the market is segmented into the UK, Germany, France, Italy, Spain, and the Rest of Europe. France is leading the market in Europe with extensive resources and investment in construction activities in the past decade. While the new dwellings in France are expected to offer greater opportunities for low carbon technologies, the less stringent building regulations and new build market can pose only minimal opportunity in the Netherlands. Geothermal is considered a major driver to achieve the mid-term and long-term goals set by the French law on energy transition. France is considered to be one of the geothermal hubs of Europe where more than 70 geothermal plants provide space heating. The aim of increasing the contribution of renewable sources from 23% in 2020 to 32% in 2030 can potentially make use of heat pumps, especially in the ground source segment.
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European Heat Pumps Market Segmentation
By Product Type
- Air Source
- Water Source
- Ground Source
By Capacity
- <10KW
- 10KW-20KW
- >20W
By End-user
- Commercial
- Industrial
- Residential
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Regional Analysis
- UK
- Germany
- France
- Italy
- Spain
- Rest of European
Company Profiles
- ASCLER
- BDR Thermea Group
- Danfoss S/A
- GEA Group Aktiengesellschaft
- Glen Dimplex Deutschland GmbH
- Hitachi Air Conditioning Co.
- Johnson Controls International plc
- NIBE Industrier AB
- Mitsubishi Electric Corp.
- Robert Bosch GmbH
- The Vaillant Group
- The Viessmann Group
- WOLF GmbH
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