Bulgaria: Heat Pump Market 2024

Heat Pump Market Size in Bulgaria

The Bulgarian heat pump market soared to $X in 2021, with an increase of 80% against the previous year. Overall, the total consumption indicated a moderate increase from 2012 to 2021: its value increased at an average annual rate of +2.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +88.4% against 2018 indices. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Heat Pump Production in Bulgaria

In value terms, heat pump production fell to $X in 2021 estimated in export price. Over the period under review, production, however, enjoyed a temperate expansion. The most prominent rate of growth was recorded in 2019 when the production volume increased by 225% against the previous year. Over the period under review, production hit record highs at $X in 2017; however, from 2018 to 2021, production stood at a somewhat lower figure.

Heat Pump Exports

Exports from Bulgaria

For the third year in a row, Bulgaria recorded growth in shipments abroad of heat pumps (other than air conditioning machines), which increased by 67% to X units in 2021. In general, exports recorded a modest expansion. The pace of growth was the most pronounced in 2020 with an increase of 640% against the previous year. Over the period under review, the exports attained the peak figure in 2021 and are expected to retain growth in the near future.

In value terms, heat pump exports skyrocketed to $X in 2021. Over the period under review, exports posted a prominent expansion. The most prominent rate of growth was recorded in 2020 with an increase of 374%. The exports peaked in 2021 and are likely to continue growth in the immediate term.

Exports by Country

Poland (X units), Romania (X units) and North Macedonia (X units) were the main destinations of heat pump exports from Bulgaria, with a combined 84% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by North Macedonia (with a CAGR of +59.8%), while the other leaders experienced more modest paces of growth.

In value terms, Poland ($X) emerged as the key foreign market for heat pumps (other than air conditioning machines) exports from Bulgaria, comprising 49% of total exports. The second position in the ranking was held by Romania ($X), with a 23% share of total exports. It was followed by North Macedonia, with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Poland stood at +43.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Romania (-2.0% per year) and North Macedonia (+55.1% per year).

Export Prices by Country

In 2021, the average heat pump export price amounted to $X per unit, with an increase of 50% against the previous year. Overall, the export price recorded a temperate expansion. The most prominent rate of growth was recorded in 2018 when the average export price increased by 82%. As a result, the export price attained the peak level of $X per unit. From 2019 to 2021, the average 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 Ukraine ($X per unit), while the average price for exports to North Macedonia ($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 (+25.5%), while the prices for the other major destinations experienced more modest paces of growth.

Heat Pump Imports

Imports into Bulgaria

In 2021, approx. X units of heat pumps (other than air conditioning machines) were imported into Bulgaria; jumping by 84% against the previous year. In general, imports enjoyed a notable increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, heat pump imports surged to $X in 2021. Over the period under review, imports saw a tangible increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

China (X units), France (X units) and Germany (X units) were the main suppliers of heat pump imports to Bulgaria, together comprising 64% of total imports. These countries were followed by Italy, Poland, the Czech Republic, Japan and Greece, which together accounted for a further 26%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Poland (with a CAGR of +92.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest heat pump suppliers to Bulgaria were France ($X), Germany ($X) and China ($X), with a combined 66% share of total imports. These countries were followed by Italy, Poland, the Czech Republic, Japan and Greece, which together accounted for a further 23%.

Poland, with a CAGR of +91.7%, recorded the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average heat pump import price stood at $X per unit in 2021, rising by 8.7% against the previous year. Over the last nine years, it increased at an average annual rate of +1.5%. The most prominent rate of growth was recorded in 2014 when the average import price increased by 31% against the previous year. The import price peaked at $X per unit in 2018; however, from 2019 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Germany ($X per unit), while the price for Poland ($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 (+2.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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