Portugal: Heat Pump Market 2024

Heat Pump Market Size in Portugal

In 2021, the Portuguese heat pump market increased by 50% to $X, rising for the fourth consecutive year after two years of decline. Over the period under review, consumption showed a prominent increase. Heat pump consumption peaked in 2021 and is likely to continue growth in the immediate term.

Heat Pump Production in Portugal

In value terms, heat pump production totaled $X in 2021 estimated in export price. Overall, production, however, showed a pronounced decrease. The most prominent rate of growth was recorded in 2014 with an increase of 33%. As a result, production reached the peak level of $X. From 2015 to 2021, production growth remained at a somewhat lower figure.

Heat Pump Exports

Exports from Portugal

In 2021, approx. X units of heat pumps (other than air conditioning machines) were exported from Portugal; with an increase of 13% against the year before. In general, exports posted strong growth. The growth pace was the most rapid in 2017 with an increase of 144%. The exports peaked in 2021 and are likely to see gradual growth in years to come.

In value terms, heat pump exports rose significantly to $X in 2021. Over the period under review, exports saw resilient growth. The growth pace was the most rapid in 2017 when exports increased by 269%. The exports peaked at $X in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Spain (X units), Italy (X units) and France (X units) were the main destinations of heat pump exports from Portugal, with a combined 48% share of total exports. These countries were followed by Germany, the Netherlands, Poland, the Czech Republic, Angola and New Zealand, which together accounted for a further 42%.

From 2012 to 2021, the biggest increases were recorded for Poland (with a CAGR of +73.6%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X), Spain ($X) and Italy ($X) were the largest markets for heat pump exported from Portugal worldwide, with a combined 49% share of total exports. These countries were followed by the Netherlands, Poland, France, the Czech Republic, Angola and New Zealand, which together accounted for a further 39%.

Among the main countries of destination, the Czech Republic, with a CAGR of +69.6%, recorded 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, declining by -4.2% against the previous year. In general, the export price continues to indicate a mild decline. The growth pace was the most rapid in 2017 an increase of 51%. As a result, the export price reached the peak level of $X per unit. From 2018 to 2021, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was Germany ($X per unit), while the average price for exports to France ($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 New Zealand (+3.5%), while the prices for the other major destinations experienced more modest paces of growth.

Heat Pump Imports

Imports into Portugal

In 2021, supplies from abroad of heat pumps (other than air conditioning machines) increased by 36% to X units, rising for the fourth consecutive year after two years of decline. Overall, imports posted a buoyant increase. The most prominent rate of growth was recorded in 2019 with an increase of 79% against the previous year. Over the period under review, imports reached the maximum in 2021 and are expected to retain growth in the near future.

In value terms, heat pump imports soared to $X in 2021. In general, imports saw a resilient increase. The pace of growth was the most pronounced in 2018 when imports increased by 60% against the previous year. Imports peaked in 2021 and are expected to retain growth in years to come.

Imports by Country

Spain (X units), China (X units) and Italy (X units) were the main suppliers of heat pump imports to Portugal, with a combined 82% share of total imports. Belgium, Germany, France and the Czech Republic lagged somewhat behind, together comprising a further 16%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Belgium (with a CAGR of +67.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest heat pump suppliers to Portugal were Spain ($X), China ($X) and Belgium ($X), with a combined 79% share of total imports.

Belgium, with a CAGR of +66.9%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers 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, growing by 2.4% against the previous year. Over the period under review, the import price recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 when the average import price increased by 59%. The import price peaked at $X per unit in 2018; however, from 2019 to 2021, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was France ($X per unit), while the price for the Czech Republic ($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 (+6.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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