Europe Air to Water Heat Pump Market Size
The market for air-to-water heat pumps in Europe was worth $10.4 billion in 2023. It is expected to expand at a rate of more than 21.3% per year from 2024 to 2032. This is because more people want heating systems that use less energy and because environmental rules are getting stricter. Governments in Europe are encouraging the use of renewable energy technologies to lower carbon emissions, which is good for the market. The market is growing even faster because of improvements in heat pump technology that make them more efficient and cost less to run. Also, the fact that more people are becoming aware of sustainable living and the long-term economic benefits of heat pumps is helping the market grow.
The government has been quite helpful, and now a lot of people and businesses are using heat pumps. For instance, the German government has made heat pumps with eco-friendly refrigerants even cheaper. You can now get up to 40% off the cost of installing a heat pump. Companies are also getting in on the heat pump craze and spending a lot of money to make new and better models. They seek to meet the European Union's strict energy regulations. This suggests that the heat pump business will probably stay increasing for a long time.
| Report Attribute | Details |
|---|---|
| Base Year | 2023 |
| Europe Air to Water Heat Pump Market Size in 2023 | USD 10.4 Billion |
| Forecast Period | 2024 - 2032 |
| Forecast Period 2024 - 2032 CAGR | 21.3% |
| 2032 Value Projection | USD 60.3 Billion |
| Historical Data for | 2021 - 2023 |
| No. of Pages | 110 |
| Tables, Charts & Figures | 15 |
| Segments covered | Application |
| Growth Drivers |
|
| Pitfalls & Challenges |
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Europe Air to Water Heat Pump Market Trends
Air to water heat pumps are becoming more popular for both homes and businesses since they are very efficient and have no effect on the environment. This trend is even stronger because the EU wants to cut greenhouse gas emissions by 2030. To encourage the use of renewable energy technology like air to water heat pumps, governments all throughout Europe are giving out different kinds of incentives and subsidies. The Renewable Heat Incentive (RHI) in the UK and comparable programs in other EU nations are making it easier for people to switch to renewable energy by lowering the cost.
The industry is growing because heat pump technology is always getting better. This includes better compressor technology, refrigerants with reduced global warming potential (GWP), and better control systems. These improvements make heat pumps work better and more efficiently, and they also make them more appealing to a wider range of people.
Europe Air to Water Heat Pump Market Analysis
Based on application, the residential segment is anticipated to cross USD 43.7 billion by 2032 and is set to witness significant growth due to the increasing urban population and stringent government initiatives promoting energy conservation. The rising demand for compact and efficient heating technologies, driven by evolving living standards, will substantially boost product deployment in domestic applications. Additionally, favorable financial policies, such as tax rebates, funding, and subsidy programs, are encouraging domestic users to transition from conventional systems, further enhancing market growth.
The single-family category is expected to gain more than 21.2% CAGR through 2032 because more and more single-family households are using air to water heat pumps since they are more energy-efficient than traditional heating systems. These heat pumps give significant cost savings on energy bills, which is a major incentive for homeowners. As energy costs keep going up, the appeal of cheaper ways to heat homes grows stronger.
By 2032, the market for air-to-water heat pumps in Germany is expected to be worth USD 27.1 billion. This is because the German government has put in place stronger rules and policies to make energy use more efficient, which is encouraging the use of renewable energy technology. Improvements in heat pump technology have made these systems more appealing to customers by making them more efficient and effective. Air to water heat pumps are more appealing and useful now that there are new compressor technologies, refrigerants, and ways to connect them to smart home systems.
France, Sweden, and Poland are just a few of the European countries that are making it easier for people to switch to heating systems that are better for the environment by giving them money-saving benefits and incentives. This makes it easier for more individuals to transition to air-to-water heat pumps because they are cheaper to install. People in these countries are also putting up more new residences and businesses. A lot of the time, these new buildings are made to be energy efficient, therefore they use sophisticated heating and cooling technologies like air-to-water heat pumps. All of these considerations are causing the air-to-water heat pump market in Germany to grow quickly. Germany is expected to be one of the best places in Europe for this technology.
Europe Air to Water Heat Pump Market Share
Companies like Panasonic, SAMSUNG and Daikin hold significant market share in the Europe air to water heat pump industry due to their extensive experience, technological innovation, and global reach. They offer advanced, reliable, and efficient switchgear solutions tailored to diverse industry needs. These companies invest heavily in research and development, ensuring continuous improvement and adaptation to market trends.
Europe Air to Water Heat Pump Market Companies
- Carrier
- Panasonic Corporation
- FUJITSU GENERAL
- Systemair AB
- Glen Dimplex
- WOLF
- STIEBEL ELTRON GmbH & Co. KG
- Aermec S.p.A
- Daikin
- NIBE Industrier AB
- Bosch Thermotechnology Ltd.
- Trane Technologies International Limited
- LG Electronics
- Vaillant Group
- AHI Carrer SE
- SAMSUNG
Europe Air to Water Heat Pump Industry News
- In March 2024, Panasonic Corporation unveiled that it would launch three new models of commercial air-to-water (A2W) heat pumps in September 2024. These models are designed for stores, offices, multi-dwelling units, and other light commercial properties and they will use eco-friendly natural refrigerants. With compact designs that are among the industry's most advanced, these new heat pumps will complement Panasonic’s existing lineup and address a wider range of customer needs.
- In April 2024, Daikin Europe, a branch of the Japanese company Daikin Industries, announced its plans to release the Altherma 4 HS-S+ series, in fall 2024. It belongs to its inaugural propane - R290 air-to-water heat pump. This new residential heat pump will be available in four capacities14 kW (4.0 TR, 3.4, 2.3, and 2.8) and (8, 10, 12).
This Europe air to water heat pump market research report includes in-depth coverage of the industry with estimates & forecast in terms of “USD Million, ‘000 Units” from 2021 to 2032, for the following segments
Market, By Application
- Residential
- Single Family
- Multi Family
- By Product
- Domestic Hot Water Heat Pump
- Room Heat Pump
- Commercial
- Education
- Healthcare
- Retail
- Logistics & transportation
- Offices
- Hospitality
- Others
The above information has been provided for the following countries
- Austria
- Norway
- Denmark
- Finland
- France
- Germany
- Italy
- Switzerland
- Spain
- Sweden
- UK
- Netherlands
- Poland
- Belgium
- Slovakia
- Ireland
- Czech Republic
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