Denmark: Heat Pump Market 2024

Heat Pump Market Size in Denmark

The Danish heat pump market surged to $X in 2021, increasing by 95% against the previous year. In general, consumption showed a remarkable increase. Heat pump consumption peaked at $X in 2019; however, from 2020 to 2021, consumption remained at a lower figure.

Heat Pump Production in Denmark

In value terms, heat pump production declined rapidly to $X in 2021 estimated in export price. Over the period under review, the total production indicated a moderate expansion from 2012 to 2021: its value increased at an average annual rate of +2.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +83.9% against 2017 indices. The growth pace was the most rapid in 2020 when the production volume increased by 53% against the previous year. As a result, production attained the peak level of $X, and then contracted dramatically in the following year.

Heat Pump Exports

Exports from Denmark

In 2021, after three years of decline, there was significant growth in overseas shipments of heat pumps (other than air conditioning machines), when their volume increased by 31% to X units. In general, exports, however, recorded a perceptible slump. Over the period under review, the exports hit record highs at X units in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

In value terms, heat pump exports expanded markedly to $X in 2021. Over the period under review, exports, however, showed a pronounced slump. The exports peaked at $X in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Germany (X units), Austria (X units) and the Netherlands (X units) were the main destinations of heat pump exports from Denmark, with a combined 46% 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 the Netherlands (with a CAGR of +13.0%), while the other leaders experienced more modest paces of growth.

In value terms, Norway ($X), Germany ($X) and Sweden ($X) were the largest markets for heat pump exported from Denmark worldwide, together comprising 43% of total exports.

In terms of the main countries of destination, Sweden, with a CAGR of +11.1%, 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

The average heat pump export price stood at $X per unit in 2021, reducing by -14.4% against the previous year. Over the period under review, the export price, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 when the average export price increased by 16%. Over the period under review, the average export prices hit record highs at $X per unit in 2020, 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 Norway ($X per unit), while the average price for exports to the UK ($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 Belgium (+6.8%), while the prices for the other major destinations experienced more modest paces of growth.

Heat Pump Imports

Imports into Denmark

In 2021, purchases abroad of heat pumps (other than air conditioning machines) was finally on the rise to reach X units for the first time since 2018, thus ending a two-year declining trend. In general, total imports indicated strong growth from 2012 to 2021: its volume increased at an average annual rate of +6.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2016 with an increase of 21%. Over the period under review, imports hit record highs at X units in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

In value terms, heat pump imports surged to $X in 2021. Overall, imports recorded a resilient expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Sweden (X units) constituted the largest heat pump supplier to Denmark, with a 61% share of total imports. Moreover, heat pump imports from Sweden exceeded the figures recorded by the second-largest supplier, Germany (X units), threefold. The third position in this ranking was held by China (X units), with a 10% share.

From 2012 to 2021, the average annual growth rate of volume from Sweden amounted to +9.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+24.6% per year) and China (+19.3% per year).

In value terms, Sweden ($X) constituted the largest supplier of heat pumps (other than air conditioning machines) to Denmark, comprising 74% of total imports. The second position in the ranking was held by Germany ($X), with a 13% share of total imports. It was followed by China, with a 5.8% share.

From 2012 to 2021, the average annual growth rate of value from Sweden stood at +13.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+22.2% per year) and China (+23.0% per year).

Import Prices by Country

The average heat pump import price stood at $X per unit in 2021, picking up by 12% against the previous year. Over the period under review, import price indicated noticeable growth from 2012 to 2021: its price increased at an average annual rate of +4.0% 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 import price increased by +61.7% against 2015 indices. The pace of growth appeared the most rapid in 2017 an increase of 13% against the previous year. Over the period under review, average import prices reached the peak figure in 2021 and is expected to retain growth in years to come.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Sweden (+3.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :