Scandinavia: Heat Pump Market 2024

Heat Pump Market Size in Scandinavia

The Scandinavia heat pump market soared to $X in 2021, rising by 37% against the previous year. The total consumption indicated a moderate increase from 2012 to 2021: its value increased at an average annual rate of +3.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +78.0% against 2014 indices. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Heat Pump Production in Scandinavia

In value terms, heat pump production dropped to $X in 2021 estimated in export price. The total production indicated a prominent increase from 2012 to 2021: its value increased at an average annual rate of +5.1% 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 +67.8% against 2015 indices. The most prominent rate of growth was recorded in 2020 when the production volume increased by 23% against the previous year. As a result, production attained the peak level of $X, and then fell in the following year.

Heat Pump Exports

Exports in Scandinavia

In 2021, overseas shipments of heat pumps (other than air conditioning machines) increased by 27% to X units, rising for the fourth year in a row after four years of decline. Overall, exports enjoyed a strong increase. The pace of growth appeared the most rapid in 2019 with an increase of 42% against the previous year. The volume of export peaked in 2021 and is likely to see steady growth in the near future.

In value terms, heat pump exports skyrocketed to $X in 2021. Over the period under review, exports enjoyed strong growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Sweden represented the largest exporter of heat pumps (other than air conditioning machines) in Scandinavia, with the volume of exports accounting for X units, which was approx. 86% of total exports in 2021. It was distantly followed by Denmark (X units), creating a 12% share of total exports.

Sweden was also the fastest-growing in terms of the heat pumps (other than air conditioning machines) exports, with a CAGR of +8.6% from 2012 to 2021. Denmark (-3.2%) illustrated a downward trend over the same period. Sweden (+17 p.p.) significantly strengthened its position in terms of the total exports, while Denmark saw its share reduced by -15.7% from 2012 to 2021, respectively.

In value terms, Sweden ($X) remains the largest heat pump supplier in Scandinavia, comprising 91% of total exports. The second position in the ranking was held by Denmark ($X), with a 7.5% share of total exports.

In Sweden, heat pump exports expanded at an average annual rate of +11.1% over the period from 2012-2021.

Export Prices by Country

In 2021, the export price in Scandinavia amounted to $X per unit, surging by 3.8% against the previous year. Export price indicated temperate growth from 2012 to 2021: its price increased at an average annual rate of +2.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, heat pump export price increased by +8.0% against 2019 indices. The pace of growth appeared the most rapid in 2017 when the export price increased by 76% against the previous year. As a result, the export price reached the peak level of $X per unit. From 2018 to 2021, the export prices remained at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Sweden ($X per unit), while Denmark totaled $X per unit.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Sweden (+2.3%).

Heat Pump Imports

Imports in Scandinavia

In 2021, approx. X units of heat pumps (other than air conditioning machines) were imported in Scandinavia; picking up by 26% compared with the previous year's figure. The total import volume increased at an average annual rate of +3.6% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, heat pump imports surged to $X in 2021. Total imports indicated strong growth from 2012 to 2021: its value increased at an average annual rate of +5.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +44.6% against 2019 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

The countries with the highest levels of heat pump imports in 2021 were Sweden (X units), Denmark (X units) and Finland (X units), together finishing at 87% of total import. It was distantly followed by Norway (X units), generating a 12% share of total imports.

From 2012 to 2021, the biggest increases were recorded for Sweden (with a CAGR of +6.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Denmark ($X), Sweden ($X) and Finland ($X) were the countries with the highest levels of imports in 2021, together accounting for 87% of total imports.

Among the main importing countries, Denmark, with a CAGR of +10.6%, saw the highest rates of growth with regard to 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

The import price in Scandinavia stood at $X per unit in 2021, picking up by 7.7% against the previous year. Over the last nine-year period, it increased at an average annual rate of +1.3%. The growth pace was the most rapid in 2017 when the import price increased by 13%. Over the period under review, import prices attained the peak figure in 2021 and is expected to retain growth in the immediate term.

Average prices varied somewhat amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Denmark ($X per unit) and Norway ($X per unit), while Sweden ($X per unit) and Finland ($X per unit) were 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