Germany: Heat Pump Market 2024

Heat Pump Market Size in Germany

For the fourth year in a row, the German heat pump market recorded growth in sales value, which increased by 49% to $X in 2021. Over the period under review, consumption enjoyed 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 Germany

In value terms, heat pump production reduced to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.9% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2016 when the production volume increased by 15%. Heat pump production peaked at $X in 2020, and then fell slightly in the following year.

Heat Pump Exports

Exports from Germany

In 2021, shipments abroad of heat pumps (other than air conditioning machines) increased by 53% to X units, rising for the sixth consecutive year after three years of decline. Over the period under review, exports posted a resilient expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, heat pump exports soared to $X in 2021. In general, exports saw a buoyant increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Switzerland (X units), Poland (X units) and France (X units) were the main destinations of heat pump exports from Germany, with a combined 41% share of total exports. Austria, the Netherlands, Italy, Belgium, Denmark, Slovakia, the Czech Republic, Spain, the UK and Hungary lagged somewhat behind, together accounting for a further 47%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Slovakia (with a CAGR of +33.3%), while the other leaders experienced more modest paces of growth.

In value terms, Switzerland ($X), Poland ($X) and Austria ($X) appeared to be the largest markets for heat pump exported from Germany worldwide, with a combined 44% share of total exports. These countries were followed by France, the Netherlands, Italy, Belgium, Denmark, Slovakia, the Czech Republic, Hungary, Spain and the UK, which together accounted for a further 44%.

Among the main countries of destination, Slovakia, with a CAGR of +30.6%, 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 average heat pump export price amounted to $X per unit, with an increase of 8.2% against the previous year. In general, the export price, however, recorded a slight downturn. The growth pace was the most rapid in 2018 when the average export price increased by 8.8% against the previous year. Over the period under review, the average export prices hit record highs at $X per unit in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

Average prices varied somewhat for the major export markets. In 2021, amid the top suppliers, the highest price was recorded for prices to Hungary ($X per unit) and Switzerland ($X per unit), while the average price for exports to Slovakia ($X per unit) and Spain ($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 Poland (+2.5%), while the prices for the other major destinations experienced more modest paces of growth.

Heat Pump Imports

Imports into Germany

In 2021, approx. X units of heat pumps (other than air conditioning machines) were imported into Germany; jumping by 96% compared with 2020 figures. Overall, imports saw a remarkable increase. 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 recorded prominent growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

China (X units), Sweden (X units) and France (X units) were the main suppliers of heat pump imports to Germany, together accounting for 34% of total imports. Poland, Malaysia, Ireland, the Czech Republic, Switzerland, Austria, the UK, Italy, Slovakia and Denmark lagged somewhat behind, together comprising a further 56%.

From 2012 to 2021, the biggest increases were recorded for Poland (with a CAGR of +54.9%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Sweden ($X), China ($X) and France ($X) were the largest heat pump suppliers to Germany, with a combined 32% share of total imports. These countries were followed by Poland, Ireland, Switzerland, the Czech Republic, Malaysia, Austria, the UK, Italy, Slovakia and Denmark, which together accounted for a further 58%.

Among the main suppliers, the Czech Republic, with a CAGR of +59.0%, recorded the highest growth rate of 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, remaining stable against the previous year. Overall, the import price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 an increase of 27% against the previous year. The import price peaked at $X per unit in 2018; however, from 2019 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Switzerland ($X per unit), while the price for Denmark ($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 Czech Republic (+5.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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