Product Code: 4839
The Europe heat pump market is anticipated to record robust growth through 2030 driven by new initiatives for the development of energy-efficient commercial/residential building stocks. In May 2022, the European Commission launched the 'EU Heating & Cooling Strategy' to address the heating and cooling requirements of buildings and industries, which account for 50% of the EU's annual energy consumption.
The region is also witnessing a rapid influx of investments for the development of innovative infrastructure with low energy-consumption capabilities. In November 2021, Mitsubishi Electric Air Conditioning Systems Europe invested $18.5 million to boost the productivity, R&D, and efficiency capabilities of its Livingston manufacturing facility. The investment is aimed at developing next-generation heat pump technology in Scotland to meet the growing demand for low carbon heating systems to tackle climate change in Europe.
The Europe heat pump market has been segmented based on product, application, and region.
By product, the Europe heat pump industry is fragmented into water source, air source, and ground source. Water source heat pumps (WSHP) are expected to gain substantial demand amidst rising inclination to low carbon technologies in the region. The introduction of new WSHP units with improved operational capabilities will favor the industry landscape.
In terms of application, the Europe heat pump market share from commercial applications is projected to exhibit a CAGR of more than 8% by 2030. The region is witnessing the implementation of strict building energy codes. A surge in the number of initiatives for the modernization of commercial infrastructure with flexible cooling/heating operations will offer lucrative scope for heat pump businesses in Europe.
In July 2022, Daikin announced plans to invest $305 million in the construction of a new heat pump manufacturing facility in Poland. The new factory is expected to commence operations in July 2024 to meet the burgeoning demand for heat pumps in Europe. It will quadruple the production capacity by 2025 by boosting existing production in Belgium, Germany, and the Czech Republic.
From a regional perspective, the Norway heat pump industry is anticipated to witness tremendous opportunities with an estimated CAGR of more than 7% between 2022 and 2030. Recently, Norway is observing a considerable spike in the adoption of heat pump systems across residential applications. The region is also supporting large-scale research & development activities to advance operational performance and applications of existing heat pump technologies.
According to the European Heat Pump Associating (EHPA), Norway is at the forefront of heat pump adoption in Europe with 604 units of heat pumps installed for every 1,000 households. While in 2020, nearly 15 million households in Europe had heat pumps, up 7.4% from the year earlier.
Table of Contents
Chapter 1 Methodology & Scope
- 1.1 Methodology
- 1.2 Market definitions
- 1.3 Market estimates and forecast parameters
- 1.4 Data sources
- 1.4.1 Primary
- 1.4.2 Secondary
- 1.4.2.1 Paid sources
- 1.4.2.2 Public sources
Chapter 2 Europe Heat Pump Industry Insights
- 2.1 Industry ecosystem analysis
- 2.2 Innovation & sustainability landscape
- 2.2.1 Vaillant Group
- 2.2.2 Viessmann
- 2.2.3 Daikin
- 2.2.4 Trane
- 2.2.5 STIEBEL ELTRON GmbH & Co. KG
- 2.2.6 Panasonic Corporation
- 2.2.7 Systemair AB
- 2.2.8 LG Electronics
- 2.2.9 SAMSUNG
- 2.2.10 Bosch Thermotechnology Ltd.
- 2.2.11 Other innovations
- 2.3 Regulatory landscape
- 2.3.1 Energy Efficiency Directive
- 2.3.2 Heat Pumps and EU targets
- 2.3.3 Europe Heat Pump Association (EHPA) Testing Standards
- 2.3.3.1 Testing Conditions
- 2.3.4 Key Laws
- 2.3.5 Germany
- 2.3.5.1 German Energy Saving Ordinance (EnEV)
- 2.3.5.2 Energy Concept - The Energy Strategy
- 2.3.6 UK
- 2.3.6.1 The Renewable Heat Incentive Scheme Regulations
- 2.3.6.2 The UK's National Energy Efficiency Action Plan
- 2.3.6.3 CRC Energy Efficiency Schemes
- 2.3.6.4 Installation standards
- 2.3.7 Ireland
- 2.3.7.1 The Heat Pump Association of Ireland
- 2.3.8 France
- 2.3.8.1 Thermal policy framework
- 2.3.8.2 RE 2020
- 2.4 COVID- 19 impact on the industry outlook
- 2.5 Industry impact forces
- 2.5.1 Growth drivers
- 2.5.1.1 Positive transition towards clean energy alternatives
- 2.5.1.2 Growing demand for advanced space heating technologies
- 2.5.1.3 Positive outlook towards adoption of energy efficient systems
- 2.5.2 Industry Pitfalls and challenges
- 2.5.2.1 High initial deployment cost
- 2.6 Growth potential analysis
- 2.7 Porter's Analysis
- 2.7.1 Bargaining power of supplier
- 2.7.2 Bargaining power of buyer
- 2.7.3 Threat of new entrant
- 2.7.4 Threat of substitutes
- 2.8 Competitive landscape, 2021
- 2.8.1 Strategy dashboard
- 2.8.1.1 Daikin
- 2.8.1.1.1 Strategic management plan
- 2.8.1.1.2 Manufacturing facility
- 2.8.1.1.3 Research & development facility
- 2.8.1.2 Panasonic Corporation
- 2.8.1.2.1 Product launch
- 2.8.1.2.2 Acquisition
- 2.8.1.2.3 Strategic partnership
- 2.8.1.2.4 Distribution network
- 2.8.1.3 Viessmann
- 2.8.1.3.1 Manufacturing facility
- 2.8.1.3.2 Collaboration
- 2.8.1.4 Trane
- 2.8.1.4.1 Product launch
- 2.8.1.4.2 Collaboration
- 2.8.1.5 NIBE Industrier AB
- 2.8.1.5.1 Product launch
- 2.8.1.5.2 Distribution partnership
- 2.8.1.6 SAMSUNG
- 2.8.1.6.1 Collaboration
- 2.8.1.6.2 Partnership/Ambassador
- 2.8.1.7 Vaillant Group
- 2.8.1.7.1 Manufacturing facility
- 2.8.1.7.2 Order/Contract
- 2.8.1.8 Swegon Group AB
- 2.8.1.9 Mitsubishi Electric
- 2.8.1.9.1 Investment
- 2.8.1.9.2 Memorandum of Understanding (MoU)
- 2.8.1.10 Bosch Thermotechnology Ltd.
- 2.8.1.10.1 Product launch
- 2.8.1.11 Carrier
- 2.8.1.11.1 Project
- 2.8.1.11.2 Research & development facility
- 2.9 PESTEL Analysis
Chapter 3 Europe Heat Pump Market, By Product
- 3.1 Europe heat pump market share by product, 2021 & 2030
- 3.2 Air Source
- 3.2.1 Europe market from air source, 2018 - 2030
- 3.2.2 Europe market from air source, by country, 2018 - 2030
- 3.2.3 Air Source, By Application
- 3.2.3.1 Europe market from air source, by residential, 2018 - 2030
- 3.2.3.2 Europe market from air source, by residential, by country, 2018 - 2030
- 3.2.3.3 Europe market from air source, by commercial, 2018 - 2030
- 3.2.3.4 Europe market from air source, by commercial, by country, 2018 - 2030
- 3.3 Ground Source
- 3.3.1 Europe market from ground source, 2018 - 2030
- 3.3.2 Europe market from ground source, by country, 2018 - 2030
- 3.3.3 Ground Source, By Application
- 3.3.3.1 Europe market from ground source, by residential, 2018 - 2030
- 3.3.3.2 Europe market from ground source, by residential, by country, 2018 - 2030
- 3.3.3.3 Europe market from ground source, by commercial, 2018 - 2030
- 3.3.3.4 Europe market from ground source, by commercial, by country, 2018 - 2030
- 3.4 Water Source
- 3.4.1 Europe market from water source, 2018 - 2030
- 3.4.2 Europe market from water source, by country, 2018 - 2030
- 3.4.3 Water Source, By Application
- 3.4.3.1 Europe market from water source, by residential, 2018 - 2030
- 3.4.3.2 Europe market from water source, by residential, by country, 2018 - 2030
- 3.4.3.3 Europe market from water source, by commercial, 2018 - 2030
- 3.4.3.4 Europe market from water source, by commercial, by country, 2018 - 2030
Chapter 4 Europe Heat Pump Market, By Application
- 4.1 Europe heat pump market share by application, 2021 & 2030
- 4.2 Residential
- 4.2.1 Europe market from residential, 2018 - 2030
- 4.2.2 Europe market from residential, by country, 2018 - 2030
- 4.3 Commercial
- 4.3.1 Europe market from commercial, 2018 - 2030
- 4.3.2 Europe market from commercial, by country, 2018 - 2030
Chapter 5 Europe Heat Pump Market, By Country
- 5.1 Europe heat pump market share by country, 2021 & 2030
- 5.2 Austria
- 5.2.1 Austria market, 2018 - 2030
- 5.2.2 Austria market by product, 2018 - 2030
- 5.2.2.1 Austria market, from air source, by application, 2018 - 2030
- 5.2.2.2 Austria market, from ground source, by application, 2018 - 2030
- 5.2.2.3 Austria market, from water source, by application, 2018 - 2030
- 5.2.3 Austria market by application, 2018 - 2030
- 5.3 Norway
- 5.3.1 Norway market, 2018 - 2030
- 5.3.2 Norway market by product, 2018 - 2030
- 5.3.2.1 Norway market, from air source, by application, 2018 - 2030
- 5.3.2.2 Norway market, from ground source, by application, 2018 - 2030
- 5.3.2.3 Norway market, from water source, by application, 2018 - 2030
- 5.3.3 Norway market by application, 2018 - 2030
- 5.4 Denmark
- 5.4.1 Denmark market, 2018 - 2030
- 5.4.2 Denmark market by product, 2018 - 2030
- 5.4.2.1 Denmark market, from air source, by application, 2018 - 2030
- 5.4.2.2 Denmark market, from ground source, by application, 2018 - 2030
- 5.4.2.3 Denmark market, from water source, by application, 2018 - 2030
- 5.4.3 Denmark market by application, 2018 - 2030
- 5.5 Finland
- 5.5.1 Finland market, 2018 - 2030
- 5.5.2 Finland market by product, 2018 - 2030
- 5.5.2.1 Finland market, from air source, by application, 2018 - 2030
- 5.5.2.2 Finland market, from ground source, by application, 2018 - 2030
- 5.5.2.3 Finland market, from water source, by application, 2018 - 2030
- 5.5.3 Finland market by application, 2018 - 2030
- 5.6 France
- 5.6.1 France market, 2018 - 2030
- 5.6.2 France market by product, 2018 - 2030
- 5.6.2.1 France market, from air source, by application, 2018 - 2030
- 5.6.2.2 France market, from ground source, by application, 2018 - 2030
- 5.6.2.3 France market, from water source, by application, 2018 - 2030
- 5.6.3 France market by application, 2018 - 2030
- 5.7 Germany
- 5.7.1 Germany market, 2018 - 2030
- 5.7.2 Germany market by product, 2018 - 2030
- 5.7.2.1 Germany market, from air source, by application, 2018 - 2030
- 5.7.2.2 Germany market, from ground source, by application, 2018 - 2030
- 5.7.2.3 Germany market, from water source, by application, 2018 - 2030
- 5.7.3 Germany market by application, 2018 - 2030
- 5.8 Italy
- 5.8.1 Italy market, 2018 - 2030
- 5.8.2 Italy market by product, 2018 - 2030
- 5.8.2.1 Italy market, from air source, by application, 2018 - 2030
- 5.8.2.2 Italy market, from ground source, by application, 2018 - 2030
- 5.8.2.3 Italy market, from water source, by application, 2018 - 2030
- 5.8.3 Italy market by application, 2018 - 2030
- 5.9 Switzerland
- 5.9.1 Switzerland market, 2018 - 2030
- 5.9.2 Switzerland market by product, 2018 - 2030
- 5.9.2.1 Switzerland market, from air source, by application, 2018 - 2030
- 5.9.2.2 Switzerland market, from ground source, by application, 2018 - 2030
- 5.9.2.3 Switzerland market, from water source, by application, 2018 - 2030
- 5.9.3 Switzerland market by application, 2018 - 2030
- 5.10 Spain
- 5.10.1 Spain market, 2018 - 2030
- 5.10.2 Spain market by product, 2018 - 2030
- 5.10.2.1 Spain market, from air source, by application, 2018 - 2030
- 5.10.2.2 Spain market, from ground source, by application, 2018 - 2030
- 5.10.2.3 Spain market, from water source, by application, 2018 - 2030
- 5.10.3 Spain market by application, 2018 - 2030
- 5.11 Sweden
- 5.11.1 Sweden market, 2018 - 2030
- 5.11.2 Sweden market by product, 2018 - 2030
- 5.11.2.1 Sweden market, from air source, by application, 2018 - 2030
- 5.11.2.2 Sweden market, from ground source, by application, 2018 - 2030
- 5.11.2.3 Sweden market, from water source, by application, 2018 - 2030
- 5.11.3 Sweden market by application, 2018 - 2030
- 5.12 UK
- 5.12.1 UK market, 2018 - 2030
- 5.12.2 UK market by product, 2018 - 2030
- 5.12.2.1 UK market, from air source, by application, 2018 - 2030
- 5.12.2.2 UK market, from ground source, by application, 2018 - 2030
- 5.12.2.3 UK market, from water source, by application, 2018 - 2030
- 5.12.3 UK market by application, 2018 - 2030
- 5.13 Netherlands
- 5.13.1 Netherlands market, 2018 - 2030
- 5.13.2 Netherlands market by product, 2018 - 2030
- 5.13.2.1 Netherlands market, from air source, by application, 2018 - 2030
- 5.13.2.2 Netherlands market, from ground source, by application, 2018 - 2030
- 5.13.2.3 Netherlands market, from water source, by application, 2018 - 2030
- 5.13.3 Netherlands market by application, 2018 - 2030
Chapter 6 Company Profiles
- 6.1 Trane
- 6.1.1 Business Overview
- 6.1.2 Financial Data
- 6.1.3 Product Landscape
- 6.1.4 Strategic Outlook
- 6.1.5 SWOT Analysis
- 6.2 NIBE Industrier AB
- 6.2.1 Business Overview
- 6.2.2 Financial Data
- 6.2.3 Product Landscape
- 6.2.4 Strategic Outlook
- 6.2.5 SWOT Analysis
- 6.3 Glen Dimplex Group
- 6.3.1 Business Overview
- 6.3.2 Financial Data
- 6.3.3 Product Landscape
- 6.3.4 Strategic Outlook
- 6.3.5 SWOT Analysis
- 6.4 Panasonic Corporation
- 6.4.1 Business Overview
- 6.4.2 Financial Data
- 6.4.3 Product Landscape
- 6.4.4 Strategic Outlook
- 6.4.5 SWOT Analysis
- 6.5 Viessmann
- 6.5.1 Business Overview
- 6.5.2 Financial Data
- 6.5.3 Product Landscape
- 6.5.4 Strategic Outlook
- 6.5.5 SWOT Analysis
- 6.6 A.O. Smith
- 6.6.1 Business Overview
- 6.6.2 Financial Data
- 6.6.3 Product Landscape
- 6.6.4 Strategic Outlook
- 6.6.5 SWOT Analysis
- 6.7 SAMSUNG
- 6.7.1 Business Overview
- 6.7.2 Financial Data
- 6.7.3 Product Landscape
- 6.7.4 Strategic Outlook
- 6.7.5 SWOT Analysis
- 6.8 Vaillant Group
- 6.8.1 Business Overview
- 6.8.2 Financial Data
- 6.8.3 Product Landscape
- 6.8.4 Strategic Outlook
- 6.8.5 SWOT Analysis
- 6.9 Daikin
- 6.9.1 Business Overview
- 6.9.2 Financial Data
- 6.9.3 Product Landscape
- 6.9.4 Strategic Outlook
- 6.9.5 SWOT Analysis
- 6.10 Lochinvar
- 6.10.1 Business Overview
- 6.10.2 Financial Data
- 6.10.3 Product Landscape
- 6.10.4 Strategic Outlook
- 6.10.5 SWOT Analysis
- 6.11 Carrier
- 6.11.1 Business Overview
- 6.11.2 Financial Data
- 6.11.3 Product Landscape
- 6.11.4 Strategic Outlook
- 6.11.5 SWOT Analysis
- 6.12 Bosch Thermotechnology Ltd
- 6.12.1 Business Overview
- 6.12.2 Financial Data
- 6.12.3 Product Landscape
- 6.12.4 Strategic Outlook
- 6.12.5 SWOT Analysis
- 6.13 Finn Geotherm UK Limited
- 6.13.1 Business Overview
- 6.13.2 Financial Data
- 6.13.3 Product Landscape
- 6.13.4 Strategic Outlook
- 6.13.5 SWOT Analysis
- 6.14 Swegon Group AB
- 6.14.1 Business Overview
- 6.14.2 Financial Data
- 6.14.3 Product Landscape
- 6.14.4 Strategic Outlook
- 6.14.5 SWOT Analysis
- 6.15 STIEBEL ELTRON GmbH & Co. KG
- 6.15.1 Business Overview
- 6.15.2 Financial Data
- 6.15.3 Product Landscape
- 6.15.4 Strategic Outlook
- 6.15.5 SWOT Analysis
- 6.16 Mitsubishi Electric Corporation
- 6.16.1 Business Overview
- 6.16.2 Financial Data
- 6.16.3 Financial Data
- 6.16.4 Strategy Outlook
- 6.16.5 SWOT Analysis
- 6.17 GREE ELECTRIC APPLIANCES, INC.
- 6.17.1 Business Overview
- 6.17.2 Financial Data
- 6.17.3 Product Landscape
- 6.17.4 SWOT Analysis
- 6.18 TOSHIBA CORPORATION
- 6.18.1 Business Overview
- 6.18.2 Financial Data
- 6.18.3 Product Landscape
- 6.18.4 Strategic Outlook
- 6.18.5 SWOT Analysis
- 6.19 LG Electronics
- 6.19.1 Business Overview
- 6.19.2 Financial Data
- 6.19.3 Product Landscape
- 6.19.4 Strategic outlook
- 6.19.5 SWOT Analysis
- 6.20 Lennox International Inc.
- 6.20.1 Business Overview
- 6.20.2 Financial Data
- 6.20.3 Product Landscape
- 6.20.4 Strategy Outlook
- 6.20.5 SWOT Analysis
- 6.21 Systemair AB
- 6.21.1 Business Overview
- 6.21.2 Financial Data
- 6.21.3 Product Landscape
- 6.21.4 Strategy Outlook
- 6.21.5 SWOT Analysis