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.
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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.
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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
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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