Norway: Heat Pump Market 2024

Heat Pump Market Size in Norway

In 2021, after two years of decline, there was significant growth in the Norwegian heat pump market, when its value increased by 8.4% to $X. Overall, consumption, however, continues to indicate a perceptible shrinkage. As a result, consumption reached the peak level of $X. From 2019 to 2021, the growth of the market failed to regain momentum.

Heat Pump Exports

Exports from Norway

In 2021, approx. X units of heat pumps (other than air conditioning machines) were exported from Norway; which is down by -7.5% on the previous year. Over the period under review, exports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 with an increase of 126%. The exports peaked at X units in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

In value terms, heat pump exports skyrocketed to $X in 2021. Overall, exports, however, saw a mild increase. The pace of growth appeared the most rapid in 2017 when exports increased by 81% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

Exports by Country

Thailand (X units) was the main destination for heat pump exports from Norway, with a 108% share of total exports. Moreover, heat pump exports to Thailand exceeded the volume sent to the second major destination, Sweden (X units), threefold. Belgium (X units) ranked third in terms of total exports with a 22% share.

From 2012 to 2021, the average annual growth rate of volume to Thailand amounted to +348.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Sweden (-3.2% per year) and Belgium (+132.5% per year).

In value terms, Turkey ($X), Thailand ($X) and Finland ($X) appeared to be the largest markets for heat pump exported from Norway worldwide, with a combined 79% share of total exports.

Thailand, with a CAGR of +248.1%, recorded the highest rates of growth with regard to the value of exports, among the main countries of destination 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, increasing by 34% against the previous year. Overall, the export price showed mild growth. The most prominent rate of growth was recorded in 2020 an increase of 195% against the previous year. Over the period under review, the average export prices reached the maximum in 2021 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Turkey ($X per unit), while the average price for exports to Sweden ($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 Turkey (+7.4%), while the prices for the other major destinations experienced a decline.

Heat Pump Imports

Imports into Norway

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. Overall, imports saw a relatively flat trend pattern. The growth pace was the most rapid in 2018 when imports increased by 77%. As a result, imports reached the peak of X units. From 2019 to 2021, the growth of imports remained at a lower figure.

In value terms, heat pump imports soared to $X in 2021. In general, imports showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 with an increase of 40%. Imports peaked at $X in 2018; however, from 2019 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Sweden (X units) constituted the largest supplier of heat pump to Norway, accounting for a 46% share of total imports. Moreover, heat pump imports from Sweden exceeded the figures recorded by the second-largest supplier, Germany (X units), fourfold. The third position in this ranking was taken by France (X units), with an 8.6% share.

From 2012 to 2021, the average annual growth rate of volume from Sweden was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+6.2% per year) and France (-0.5% per year).

In value terms, Sweden ($X) constituted the largest supplier of heat pumps (other than air conditioning machines) to Norway, comprising 41% of total imports. The second position in the ranking was held by Germany ($X), with a 13% share of total imports. It was followed by France, with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Sweden stood at -1.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+8.8% per year) and France (+4.5% per year).

Import Prices by Country

The average heat pump import price stood at $X per unit in 2021, surging by 7.3% against the previous year. Over the period under review, the import price continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 an increase of 22% against the previous year. Over the period under review, average import prices attained the maximum at $X per unit in 2016; however, from 2017 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 France ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by France (+5.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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