Europe: Heat Pump Market 2024

Heat Pump Market Size in Europe

In 2021, the Europe heat pump market increased by 40% to $X, rising for the fourth year in a row after two years of decline. Overall, consumption continues to indicate a strong increase. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Heat Pump Production in Europe

In value terms, heat pump production fell modestly to $X in 2021 estimated in export price. The total production indicated measured growth from 2012 to 2021: its value increased at an average annual rate of +3.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +68.0% against 2015 indices. The pace of growth was the most pronounced in 2018 when the production volume increased by 24%. Over the period under review, production attained the maximum level at $X in 2020, and then shrank modestly in the following year.

Heat Pump Exports

Exports in Europe

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 a buoyant expansion from 2012 to 2021: its volume increased at an average annual rate of +6.5% 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 +104.6% against 2015 indices. As a result, the exports attained 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 prominent expansion from 2012 to 2021: its value increased at an average annual rate of +5.8% 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 +119.9% against 2015 indices. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

France (X units) and Germany (X units) represented roughly 38% of total exports in 2021. Sweden (X units) ranks next in terms of the total exports with an 11% share, followed by the Czech Republic (9.7%), Italy (9.1%), Belgium (8.3%) and Slovakia (5.9%).

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, the largest heat pump supplying countries in Europe were France ($X), Germany ($X) and Sweden ($X), with a combined 56% share of total exports. The Czech Republic, Italy, Belgium and Slovakia lagged somewhat behind, together comprising a further 27%.

Among the main exporting countries, the Czech Republic, with a CAGR of +44.3%, 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 export price in Europe stood at $X per unit in 2021, with an increase of 3.7% against the previous year. Over the period under review, the export price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 an increase of 4.4% against the previous year. Over the period under review, the export prices reached the maximum at $X per unit in 2013; however, from 2014 to 2021, the export prices remained at a 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 Europe

For the fourth consecutive year, Europe recorded growth in purchases abroad of heat pumps (other than air conditioning machines), which increased by 61% to X units in 2021. Over the period under review, imports saw a strong increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

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

Imports by Country

France (X units) and Germany (X units) were the largest importers of heat pumps (other than air conditioning machines) in 2021, finishing at approx. 20% and 18% of total imports, respectively. It was distantly followed by Italy (X units), Switzerland (X units), Belgium (X units), the Netherlands (X units) and Poland (X units), together making up a 31% share of total imports. Spain (X units), the UK (X units), Austria (X units), the Czech Republic (X units), Sweden (X units) and Denmark (X units) followed a long way behind the leaders.

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, the largest heat pump importing markets in Europe were Germany ($X), France ($X) and Italy ($X), with a combined 44% share of total imports. Switzerland, the Netherlands, Poland, Belgium, the UK, Austria, Spain, the Czech Republic, Denmark and Sweden lagged somewhat behind, together comprising a further 43%.

The Netherlands, with a CAGR of +25.4%, recorded the highest growth rate of the value of imports, in terms of 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

The import price in Europe stood at $X per unit in 2021, picking up by 4% against the previous year. Over the period under review, the import price, however, recorded a mild setback. The pace of growth was the most pronounced in 2017 when the import price increased by 16%. Over the period under review, import prices attained the peak figure at $X per unit in 2018; however, from 2019 to 2021, import prices remained at a lower figure.

Prices varied noticeably by country of destination: 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