EU: Heat Pump Market 2024

Heat Pump Market Size in the EU

In 2021, the EU heat pump market increased by 41% to $X, rising for the fourth year in a row after two years of decline. In general, consumption showed a buoyant increase. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Heat Pump Production in the EU

In value terms, heat pump production dropped to $X in 2021 estimated in export price. The total production indicated a moderate increase from 2012 to 2021: its value increased at an average annual rate of +3.4% 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 +69.9% against 2015 indices. The most prominent rate of growth was recorded in 2018 when the production volume increased by 24% against the previous year. The level of production peaked at $X in 2020, and then dropped in the following year.

Heat Pump Exports

Exports in the EU

In 2021, shipments abroad of heat pumps (other than air conditioning machines) increased by 43% to X units, rising for the sixth year in a row after two years of decline. Total exports indicated strong growth from 2012 to 2021: its volume increased at an average annual rate of +6.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +103.5% against 2015 indices. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, heat pump exports skyrocketed to $X in 2021. Total exports indicated a resilient expansion from 2012 to 2021: its value increased at an average annual rate of +5.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +117.6% against 2015 indices. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

France (X units) and Germany (X units) represented roughly 39% of total exports in 2021. It was distantly followed by Sweden (X units), the Czech Republic (X units), Italy (X units), Belgium (X units) and Slovakia (X units), together constituting a 45% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by the Czech Republic (with a CAGR of +44.6%), while the other leaders experienced more modest paces of growth.

In value terms, France ($X), Germany ($X) and Sweden ($X) constituted the countries with the highest levels of exports in 2021, with a combined 57% share of total exports. The Czech Republic, Italy, Belgium and Slovakia lagged somewhat behind, together accounting for a further 28%.

Among the main exporting countries, the Czech Republic, with a CAGR of +44.3%, saw the highest growth rate of 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 export price in the European Union amounted to $X per unit, rising by 3.3% against the previous year. Overall, the export price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 an increase of 4.4%. Over the period under review, the export prices attained the maximum at $X per unit in 2014; however, from 2015 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Germany ($X per unit), while Slovakia ($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 (+3.7%), while the other leaders experienced more modest paces of growth.

Heat Pump Imports

Imports in the EU

In 2021, imports of heat pumps (other than air conditioning machines) in the European Union soared to X units, increasing by 67% compared with the year before. In general, imports continue to indicate resilient growth. 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 enjoyed a strong expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

France (X units) and Germany (X units) represented roughly 43% of total imports in 2021. Italy (X units) held the next position in the ranking, followed by Belgium (X units), the Netherlands (X units), Poland (X units) and Spain (X units). All these countries together held approx. 33% share of total imports. The following importers - Austria (X units), the Czech Republic (X units), Sweden (X units), Denmark (X units), Finland (X units) and Slovakia (X units) - together made up 16% of total imports.

From 2012 to 2021, the biggest increases were recorded for the Netherlands (with a CAGR of +27.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X), France ($X) and Italy ($X) were the countries with the highest levels of imports in 2021, together accounting for 51% of total imports. These countries were followed by the Netherlands, Poland, Belgium, Austria, Spain, the Czech Republic, Denmark, Sweden, Finland and Slovakia, which together accounted for a further 41%.

Slovakia, with a CAGR of +25.7%, recorded the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the import price in the European Union amounted to $X per unit, with an increase of 5.1% against the previous year. Over the period under review, the import price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 an increase of 19%. The level of import 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 importing countries. In 2021, amid the top importers, the country with the highest price was Denmark ($X per unit), while Spain ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Denmark (+4.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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