Croatia: Heat Pump Market 2024

Heat Pump Market Size in Croatia

For the third consecutive year, the Croatian heat pump market recorded growth in sales value, which increased by 32% to $X in 2021. In general, consumption enjoyed a significant increase. Heat pump consumption peaked in 2021 and is expected to retain growth in years to come.

Heat Pump Production in Croatia

In value terms, heat pump production dropped slightly to $X in 2021 estimated in export price. Over the period under review, production posted a resilient increase. The most prominent rate of growth was recorded in 2013 when the production volume increased by 197% against the previous year. Over the period under review, production reached the maximum level at $X in 2014; however, from 2015 to 2021, production remained at a lower figure.

Heat Pump Exports

Exports from Croatia

After two years of decline, shipments abroad of heat pumps (other than air conditioning machines) increased by 40% to X units in 2021. Overall, exports posted a significant expansion. The growth pace was the most rapid in 2016 with an increase of 176% against the previous year. Over the period under review, the exports hit record highs in 2021 and are expected to retain growth in the immediate term.

In value terms, heat pump exports soared to $X in 2021. In general, exports posted a significant increase. The growth pace was the most rapid in 2013 with an increase of 130% against the previous year. The exports peaked in 2021 and are expected to retain growth in the near future.

Exports by Country

Slovenia (X units), Bosnia and Herzegovina (X units) and Kosovo (X units) were the main destinations of heat pump exports from Croatia, together comprising 64% 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 Slovenia (with a CAGR of +95.5%), while the other leaders experienced more modest paces of growth.

In value terms, Slovenia ($X), Kosovo ($X) and North Macedonia ($X) constituted the largest markets for heat pump exported from Croatia worldwide, together comprising 66% of total exports.

In terms of the main countries of destination, Slovenia, with a CAGR of +99.5%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average heat pump export price amounted to $X per unit, with a decrease of -11.6% against the previous year. In general, export price indicated a tangible expansion from 2012 to 2021: its price increased at an average annual rate of +4.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, heat pump export price increased by +79.5% against 2016 indices. The most prominent rate of growth was recorded in 2020 an increase of 33% against the previous year. As a result, the export price attained the peak level of $X per unit, and then reduced in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Albania ($X per unit), while the average price for exports to Bosnia and Herzegovina ($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 Albania (+5.2%), while the prices for the other major destinations experienced more modest paces of growth.

Heat Pump Imports

Imports into Croatia

For the tenth year in a row, Croatia recorded growth in purchases abroad of heat pumps (other than air conditioning machines), which increased by 37% to X units in 2021. Overall, imports posted a significant increase. The most prominent rate of growth was recorded in 2014 when imports increased by 71%. Over the period under review, imports attained the maximum in 2021 and are likely to see gradual growth in years to come.

In value terms, heat pump imports skyrocketed to $X in 2021. In general, imports saw a significant expansion. The most prominent rate of growth was recorded in 2014 with an increase of 56% against the previous year. Over the period under review, imports hit record highs in 2021 and are likely to continue growth in the immediate term.

Imports by Country

Italy (X units), Germany (X units) and Slovakia (X units) were the main suppliers of heat pump imports to Croatia, together accounting for 58% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Slovakia (with a CAGR of +70.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Italy ($X), Slovakia ($X) and Germany ($X) constituted the largest heat pump suppliers to Croatia, together comprising 53% of total imports.

Among the main suppliers, Slovakia, with a CAGR of +75.7%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average heat pump import price amounted to $X per unit, rising by 3.5% against the previous year. Overall, the import price, however, continues to indicate a noticeable slump. The pace of growth was the most pronounced in 2017 when the average import price increased by 29%. The import price peaked at $X per unit in 2018; however, from 2019 to 2021, import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Slovakia (+2.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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