Sweden: Heat Pump Market 2024

Heat Pump Market Size in Sweden

The Swedish heat pump market contracted to $X in 2021, waning by -6.1% against the previous year. Over the period under review, consumption enjoyed a measured increase. As a result, consumption attained the peak level of $X. From 2018 to 2021, the growth of the market remained at a somewhat lower figure.

Heat Pump Production in Sweden

In value terms, heat pump production declined to $X in 2021 estimated in export price. In general, the total production indicated a prominent expansion from 2012 to 2021: its value increased at an average annual rate of +6.2% 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 +70.1% against 2015 indices. The most prominent rate of growth was recorded in 2017 with an increase of 22%. Over the period under review, production hit record highs at $X in 2020, and then reduced in the following year.

Heat Pump Exports

Exports from Sweden

In 2021, overseas shipments of heat pumps (other than air conditioning machines) increased by 26% to X units, rising for the fourth consecutive year after two years of decline. Overall, exports recorded a buoyant increase. The growth pace was the most rapid in 2019 when exports increased by 69%. The exports peaked in 2021 and are expected to retain growth in the immediate term.

In value terms, heat pump exports surged to $X in 2021. Over the period under review, exports saw a resilient increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Germany (X units) was the main destination for heat pump exports from Sweden, accounting for a 27% share of total exports. Moreover, heat pump exports to Germany exceeded the volume sent to the second major destination, Finland (X units), twofold. The third position in this ranking was taken by the Netherlands (X units), with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Germany amounted to +14.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Finland (-1.1% per year) and the Netherlands (+22.8% per year).

In value terms, the largest markets for heat pump exported from Sweden were Germany ($X), Finland ($X) and the Netherlands ($X), together accounting for 51% of total exports.

In terms of the main countries of destination, the Netherlands, with a CAGR of +28.1%, 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

In 2021, the average heat pump export price amounted to $X per unit, picking up by 5.8% against the previous year. Over the period under review, the export price posted a notable expansion. The growth pace was the most rapid in 2017 when the average export price increased by 139%. As a result, the export price attained the peak level of $X per unit. From 2018 to 2021, the average export prices remained at a somewhat lower figure.

Average prices varied somewhat for the major overseas markets. In 2021, amid the top suppliers, the highest price was recorded for prices to Estonia ($X per unit) and Finland ($X per unit), while the average price for exports to France ($X per unit) and Germany ($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 Estonia (+5.2%), while the prices for the other major destinations experienced more modest paces of growth.

Heat Pump Imports

Imports into Sweden

In 2021, the amount of heat pumps (other than air conditioning machines) imported into Sweden surged to X units, growing by 36% on the year before. Over the period under review, imports enjoyed buoyant growth. The growth pace was the most rapid in 2019 when imports increased by 53%. Imports peaked in 2021 and are expected to retain growth in the immediate term.

In value terms, heat pump imports surged to $X in 2021. Overall, imports continue to indicate resilient growth. The most prominent rate of growth was recorded in 2017 with an increase of 78% against the previous year. Imports peaked in 2021 and are expected to retain growth in years to come.

Imports by Country

China (X units), Thailand (X units) and the Netherlands (X units) were the main suppliers of heat pump imports to Sweden, together comprising 70% of total imports.

From 2012 to 2021, the biggest increases were recorded for the Netherlands (with a CAGR of +91.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest heat pump suppliers to Sweden were Thailand ($X), China ($X) and the Netherlands ($X), with a combined 62% share of total imports.

The Netherlands, with a CAGR of +91.5%, saw the highest growth rate of 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 8.9% against the previous year. Overall, the import price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 an increase of 53%. As a result, import price reached the peak level of $X per unit. From 2019 to 2021, the average import prices remained 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 Italy ($X per unit), while the price for Norway ($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 (+5.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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