United Kingdom: Heat Pump Market 2024

Heat Pump Market Size in the UK

For the fourth consecutive year, the UK heat pump market recorded growth in sales value, which increased by 33% to $X in 2021. In general, the total consumption indicated a pronounced expansion from 2012 to 2021: its value increased at an average annual rate of +3.8% 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 +105.8% against 2017 indices. Heat pump consumption peaked in 2021 and is expected to retain growth in years to come.

Heat Pump Production in the UK

In value terms, heat pump production rose to $X in 2021 estimated in export price. In general, production, however, saw a slight setback. The growth pace was the most rapid in 2019 when the production volume increased by 28%. Over the period under review, production attained the peak level at $X in 2014; however, from 2015 to 2021, production stood at a somewhat lower figure.

Heat Pump Exports

Exports from the UK

In 2021, shipments abroad of heat pumps (other than air conditioning machines) decreased by -33.8% to X units, falling for the fourth year in a row after two years of growth. In general, exports, however, recorded a modest expansion. The most prominent rate of growth was recorded in 2014 with an increase of 356%. As a result, the exports attained the peak of X units. From 2015 to 2021, the growth of the exports failed to regain momentum.

In value terms, heat pump exports soared to $X in 2021. Over the period under review, exports, however, enjoyed a modest expansion. The growth pace was the most rapid in 2014 when exports increased by 332% against the previous year. The exports peaked at $X in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

Exports by Country

Ireland (X units) was the main destination for heat pump exports from the UK, accounting for a 41% share of total exports. Moreover, heat pump exports to Ireland exceeded the volume sent to the second major destination, France (X units), threefold. The third position in this ranking was held by Nigeria (X units), with a 7.2% share.

From 2012 to 2021, the average annual growth rate of volume to Ireland totaled +34.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (+24.9% per year) and Nigeria (+83.9% per year).

In value terms, Ireland ($X) remains the key foreign market for heat pumps (other than air conditioning machines) exports from the UK, comprising 49% of total exports. The second position in the ranking was taken by France ($X), with a 14% share of total exports. It was followed by Germany, with a 6.9% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Ireland stood at +35.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (+28.8% per year) and Germany (+37.7% per year).

Export Prices by Country

The average heat pump export price stood at $X per unit in 2021, picking up by 75% against the previous year. Overall, the export price, however, continues to indicate a relatively flat trend pattern. Over the period under review, the average export prices attained the peak figure at $X per unit in 2018; however, from 2019 to 2021, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Singapore ($X per unit), while the average price for exports to the Netherlands ($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 Singapore (+20.8%), while the prices for the other major destinations experienced more modest paces of growth.

Heat Pump Imports

Imports into the UK

In 2021, purchases abroad of heat pumps (other than air conditioning machines) increased by 28% to X units, rising for the third year in a row after three years of decline. 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 soared to $X in 2021. The total import value increased at an average annual rate of +3.0% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, France (X units) constituted the largest heat pump supplier to the UK, with a 40% share of total imports. Moreover, heat pump imports from France exceeded the figures recorded by the second-largest supplier, Ireland (X units), threefold. The third position in this ranking was held by Germany (X units), with a 6.4% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from France stood at +6.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Ireland (-2.0% per year) and Germany (+19.3% per year).

In value terms, France ($X) constituted the largest supplier of heat pumps (other than air conditioning machines) to the UK, comprising 40% of total imports. The second position in the ranking was taken by Ireland ($X), with a 13% share of total imports. It was followed by Germany, with an 8.3% share.

From 2012 to 2021, the average annual rate of growth in terms of value from France totaled +3.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Ireland (-2.8% per year) and Germany (+22.5% per year).

Import Prices by Country

The average heat pump import price stood at $X per unit in 2021, reducing 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 2018 when the average import price increased by 15% against the previous year. As a result, import price attained the peak level of $X per unit. From 2019 to 2021, the average import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the Netherlands ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Netherlands (+11.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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