Europe Heat Pump Water Heater Market Size
Europe Heat Pump Water Heater Market was valued at USD 1.2 billion in 2023 and is set to grow at a CAGR of over 17% from 2024 to 2032. The increasing demand for advanced water heating systems designed for efficient operations round the year will boost the industry growth.
Also, the industry will change even more as investments in building new homes and businesses rise and the demand for energy to heat water rises. The Italian National Institute of Statistics updated its data in 2024. In the first quarter of 2024, there were more than 14.7 thousand new homes built, up from 14.4 thousand in the same period last year.
| Report Attribute | Details |
|---|---|
| Base Year | 2023 |
| Europe Heat Pump Water Heater Market Size in 2023 | USD 1.2 Billion |
| Forecast Period | 2024 - 2032 |
| Forecast Period 2024 - 2032 CAGR | 17% |
| 2032 Value Projection | USD 4.9 Billion |
| Historical Data for | 2021 - 2023 |
| No. of Pages | 90 |
| Tables, Charts & Figures | 14 |
| Segments covered | Capacity, Application, Operation, Type, Refrigerant, and Country |
| Growth Drivers |
|
| Pitfalls & Challenges |
|
Europe Heat Pump Water Heater Market Trends
The market for heat pump water heaters in Europe is going to increase a lot because of strict energy efficiency rules, a growing focus on lowering carbon footprints, ongoing improvements, and efforts to encourage decarbonization. A heat pump water heater is a form of air-to-water heat pump or hydronic heat pump that is made to be more energy-efficient than standard electric water heaters and produce fewer greenhouse gases. Different countries have also started offering different types of incentives, such as subsidies, tax breaks, and grants, to get people to install heat pump systems.
Europe Heat Pump Water Heater Market Analysis
By 2032, the market for heat pump water heaters with capacity ratings of more than 50 gallons but less than 100 gallons will be worth more than $1 billion. To meet the needs of a growing sector, top manufacturers are making systems with huge capacities and easy-to-install designs that provide plenty of hot water. Additionally, the rising energy need for heating water in large multi-family homes and businesses, along with the growing financial support from the relevant authorities, will improve the industry's prognosis.
The residential application vertical is expected to increase at a rate of more than 16.5% each year through 2032. This is because of a number of causes, such as strong population expansion, a rise in housing construction and refurbishment, and strong efforts to switch from traditional units. For instance, the Office for National Statistics in the UK updated its data in July 2024 to show that the value of building production for new public housing in Great Britain was over USD 630 million in January 2024, up over 10.4% from roughly USD 571 million during the same time in 2023.
The market for heat pump water heaters in Germany is expected to reach more than USD 1 billion by 2032. This is because more new homes are being built and old ones are being retrofitted, and because policies and incentives are being put in place to encourage energy-efficient water heating systems. Also, the ongoing efforts of different companies to improve their research and development and release goods with new features and technology may change the picture for the industry.
For example, in March 2023, Midea Group showed off its environmentally friendly water and space heating solutions at ISH Frankfurt 2023 in Germany. The company's building technology business offers a variety of carbon-neutral heat pump units, such as the R290 HPWH unit, which has an A+ energy efficiency rating and is easy to install. This is in line with the growth of the heat pump industry in Germany.
Europe Heat Pump Water Heater Market Share
The European heat pump water heater market is about to see a lot of different companies launch new products and use both organic and inorganic growth techniques to reach more people in more places. Major companies like Daikin, LG Electronics, Ariston Holding, Panasonic Corporation, Rinnai, and SAMSUNG, among others, have become very important because they have high-efficiency heat pump systems, a wide range of products, a large distribution network, and a strong presence in both the residential and commercial sectors, among other things.
Europe Heat Pump Water Heater Market Companies
Major manufacturers operating across the industry comprising of
- Advantix S.p.A.
- Ariston Holding N.V.
- DAIKIN INDUSTRIES, Ltd.
- FERROLI S.p.A
- Glen Dimplex
- JOHNSON CONTROLS - HITACHI AIR CONDITIONING COMPANY
- LG Electronics
- Lochinvar
- Mitsui Air Conditioner di Amg spa
- OCHSNER
- Panasonic Corporation
- Rinnai Corporation
- SAMSUNG
- STIEBEL ELTRON GmbH & Co. KG
- Thermex Corporation
- Vaillant Group International GmbH
Europe Heat Pump Water Heater Industry News
- In July 2024, LG Electronics establishes an enhanced Air Solution R&D facility in Frankfurt, Germany. This facility will be focused on developing highly efficient HVAC solutions for Europe owing to region’s varied climatic conditions. This research and development lab will carry out testing on light commercial and residential products including heat pumps, energy management and monitoring systems. The new lab will work with the European Consortium for Advanced Heat Pump Research to develop heat pumps that ensure reliable, top-tier heating performance in Northern Europe's harsh winters.
- In February 2024, Trane introduced LEAF, next generation of air to water heat pump systems that features propane (R290) refrigerant and very low global warming potential. These units are suitable for extreme climatic air conditions by delivering hot water temperatures of +75°C even in 0°C of outdoor temperatures along with 60°C, at -15 degrees Celsius temperature conditions. This unit is ideal for residential and light commercial applications that make it an ideal solution to replace gas boilers.
This Europe heat pump water heater market research report includes in-depth coverage of the industry with estimates & forecast in terms of “’000 Units” & “USD Million” from 2021 to 2032 for the following segments
Market, By Capacity
- ≤ 25 gallons
- > 25 - ≤ 50 gallons
- > 50 - ≤ 100 gallons
- > 100 - ≤ 200 gallons
- > 200 gallons
Market, By Application
- Residential
- Single family
- Multi family
- Commercial
- Hotels
- Restaurants
- Cafes
- Hospitality Sector
- Healthcare Facilities
- Academic Institution
- Laundry Services
- Corporate Spaces
- Retail
- Others
- Industrial
Market, By Operation
- Inverter
- Non-Inverter
Market, By Type
- Split
- Integrated
Market, By Refrigerant
- R410A
- R134A
- R744
- R290
- R32
- Others
The above information has been provided for the following countries
- Austria
- Norway
- Denmark
- Finland
- France
- Germany
- Italy
- Switzerland
- Spain
- Sweden
- UK
- Netherlands
Related Reports
FAQ'S
For a single, multi and corporate client license, the report will be available in PDF format. Sample report would be given you in excel format. For more questions please contact:
Within 24 to 48 hrs.
You can contact Sales team (sales@marketinsightsresearch.com) and they will direct you on email
You can order a report by selecting payment methods, which is bank wire or online payment through any Debit/Credit card, Razor pay or PayPal.
Discounts are available.
Hard Copy