Belgium: Heat Pump Market 2024

Heat Pump Market Size in Belgium

In 2021, the Belgian heat pump market decreased by -3% to $X for the first time since 2017, thus ending a three-year rising trend. Overall, the total consumption indicated a notable expansion from 2012 to 2021: its value increased at an average annual rate of +4.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +60.9% against 2017 indices. Over the period under review, the market attained the maximum level at $X in 2020, and then contracted modestly in the following year.

Heat Pump Production in Belgium

In value terms, heat pump production totaled $X in 2021 estimated in export price. In general, production continues to indicate prominent growth. The pace of growth appeared the most rapid in 2015 with an increase of 119%. Over the period under review, production reached the maximum level at $X in 2018; however, from 2019 to 2021, production failed to regain momentum.

Heat Pump Exports

Exports from Belgium

In 2021, the amount of heat pumps (other than air conditioning machines) exported from Belgium soared to X units, jumping by 206% against 2020 figures. Over the period under review, exports posted a significant expansion. The pace of growth appeared the most rapid in 2020 with an increase of 1,205% against the previous year. The exports peaked in 2021 and are likely to continue growth in years to come.

In value terms, heat pump exports surged to $X in 2021. In general, exports saw a significant increase. The growth pace was the most rapid in 2020 when exports increased by 765% against the previous year. Over the period under review, the exports hit record highs in 2021 and are likely to continue growth in the immediate term.

Exports by Country

France (X units) was the main destination for heat pump exports from Belgium, with a 80% share of total exports. Moreover, heat pump exports to France exceeded the volume sent to the second major destination, Italy (X units), more than tenfold. The Netherlands (X units) ranked third in terms of total exports with a 4% share.

From 2012 to 2021, the average annual growth rate of volume to France amounted to +45.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Italy (+85.5% per year) and the Netherlands (+48.4% per year).

In value terms, France ($X) remains the key foreign market for heat pumps (other than air conditioning machines) exports from Belgium, comprising 74% of total exports. The second position in the ranking was taken by the Netherlands ($X), with a 5.2% share of total exports. It was followed by Italy, with a 4.2% share.

From 2012 to 2021, the average annual growth rate of value to France amounted to +47.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (+39.7% per year) and Italy (+74.1% per year).

Export Prices by Country

The average heat pump export price stood at $X per unit in 2021, rising by 34% against the previous year. Over the period under review, the export price showed a relatively flat trend pattern. Over the period under review, the average export prices reached the maximum at $X per unit in 2018; however, from 2019 to 2021, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the UK ($X per unit), while the average price for exports to France ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to France (+1.3%), while the prices for the other major destinations experienced a decline.

Heat Pump Imports

Imports into Belgium

In 2021, supplies from abroad of heat pumps (other than air conditioning machines) increased by 55% to X units, rising for the third consecutive year after five years of decline. In general, imports showed strong growth. The pace of growth appeared the most rapid in 2020 when imports increased by 302%. Over the period under review, imports reached the maximum in 2021 and are likely to continue growth in the immediate term.

In value terms, heat pump imports surged to $X in 2021. Overall, imports recorded resilient growth. The most prominent rate of growth was recorded in 2020 with an increase of 140% against the previous year. Imports peaked in 2021 and are expected to retain growth in the near future.

Imports by Country

In 2021, China (X units) constituted the largest heat pump supplier to Belgium, accounting for a 50% share of total imports. Moreover, heat pump imports from China exceeded the figures recorded by the second-largest supplier, Thailand (X units), twofold. The third position in this ranking was taken by Germany (X units), with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China stood at +28.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+101.3% per year) and Germany (+14.1% per year).

In value terms, China ($X) constituted the largest supplier of heat pumps (other than air conditioning machines) to Belgium, comprising 48% of total imports. The second position in the ranking was taken by Germany ($X), with a 17% share of total imports. It was followed by Thailand, with a 17% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China stood at +33.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+13.2% per year) and Thailand (+104.4% per year).

Import Prices by Country

In 2021, the average heat pump import price amounted to $X per unit, rising by 46% against the previous year. Overall, the import price, however, saw a mild curtailment. Over the period under review, average import prices hit record highs at $X per unit in 2018; however, from 2019 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Germany ($X per unit), while the price for Thailand ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+3.5%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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