Canada: Heat Pump Market 2025

Heat Pump Market Size in Canada

The Canadian heat pump market surged to $X in 2021, picking up by 41% against the previous year. Over the period under review, consumption saw strong growth. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Heat Pump Production in Canada

In value terms, heat pump production contracted markedly to $X in 2021 estimated in export price. Over the period under review, production, however, posted a resilient increase. The pace of growth was the most pronounced in 2013 with an increase of 118% against the previous year. Heat pump production peaked at $X in 2020, and then fell notably in the following year.

Heat Pump Exports

Exports from Canada

In 2021, the amount of heat pumps (other than air conditioning machines) exported from Canada soared to X units, growing by 48% on the year before. Overall, exports, however, showed a slight shrinkage. The pace of growth appeared the most rapid in 2017 with an increase of 86%. The exports peaked at X units in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

In value terms, heat pump exports skyrocketed to $X in 2021. Over the period under review, exports, however, recorded a mild decline. The growth pace was the most rapid in 2014 with an increase of 86%. As a result, the exports reached the peak of $X. From 2015 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

The United States (X units) was the main destination for heat pump exports from Canada, accounting for a 88% share of total exports. It was followed by Israel (X units), with a 2.7% share of total exports. The third position in this ranking was taken by the UK (X units), with a 2.5% share.

From 2012 to 2021, the average annual growth rate of volume to the United States totaled +1.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Israel (+59.8% per year) and the UK (-12.3% per year).

In value terms, the United States ($X) remains the key foreign market for heat pumps (other than air conditioning machines) exports from Canada, comprising 88% of total exports. The second position in the ranking was held by Israel ($X), with a 2.7% share of total exports. It was followed by the UK, with a 2.5% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the United States amounted to +1.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Israel (+62.6% per year) and the UK (-12.2% per year).

Export Prices by Country

In 2021, the average heat pump export price amounted to $X per unit, growing by 5.4% against the previous year. Overall, the export price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when the average export price increased by 36%. As a result, the export price reached the peak level of $X per unit. From 2016 to 2021, the average export prices remained at a lower figure.

Average prices varied noticeably for the major export markets. In 2021, amid the top suppliers, the highest price was recorded for prices to Thailand ($X per unit) and the UK ($X per unit), while the average price for exports to the United States ($X per unit) and Israel ($X per unit) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Belgium (+0.3%), while the prices for the other major destinations experienced more modest paces of growth.

Heat Pump Imports

Imports into Canada

Heat pump imports into Canada skyrocketed to X units in 2021, rising by 119% on 2020 figures. In general, imports recorded prominent growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, heat pump imports surged to $X in 2021. Overall, imports, however, continue to indicate a relatively flat trend pattern. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, China (X units) constituted the largest supplier of heat pump to Canada, with a 12% share of total imports. Moreover, heat pump imports from China exceeded the figures recorded by the second-largest supplier, the United States (X units), twofold.

From 2012 to 2021, the average annual rate of growth in terms of volume from China totaled +18.1%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-12.2% per year) and Italy (+6.9% per year).

In value terms, China ($X) constituted the largest supplier of heat pumps (other than air conditioning machines) to Canada, comprising 61% of total imports. The second position in the ranking was taken by the United States ($X), with a 25% share of total imports.

From 2012 to 2021, the average annual growth rate of value from China stood at +17.7%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-12.4% per year) and Italy (+6.6% per year).

Import Prices by Country

In 2021, the average heat pump import price amounted to $X per unit, with a decrease of -34.7% against the previous year. Overall, the import price saw a deep reduction. The most prominent rate of growth was recorded in 2014 when the average import price increased by 22%. As a result, import price attained the peak level of $X per unit. From 2015 to 2021, the average import prices remained at a somewhat lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Italy ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (-0.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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