European Heat Pumps Market Size | COVID-19 Impact Analysis | Forecast to 2026

European heat pumps are estimated to record a healthy CAGR of 6.9% during the forecast period (2020-2026). Europe is considered to be a promising market as it offers a dual opportunity for both space and water heating. While only 2% of the installed heat pumps use propane as refrigerant, most heat pumps use HFC while some make use of CO2 and ammonia as well. The EU F-Gas Regulation is aiming to reduce the usage of HFC usage in the region by up to 80% by 2030 that can give rise to the innovation of eco-friendly refrigerants during the forecast period. Some of the governments in the region also offer financial incentives to encourage the adoption of heat pumps in homes where the Renewable Heat Incentive (RHI) scheme in UK is more popular. Similarly, in France, heat pumps are eligible for Energy Saving Certificate from the state.

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In 2019, UK also proposed ‘No new gas’ from 2025 as an initiative to drive climate change in the country. The country has a potential for heat pump installation that can reach 19 million by the end of 2050 which signifies itself as one of the fastest-growing markets across the globe. With installing over 1 million gas boilers in 2019, the alternative to heat pumps is also more dominant which makes the market to lag behind other nations. The major issue is with the pricing where electricity is 4X times expensive than domestic gas. Energy Service Company (ESCo) can consider the adoption of heat pumps that can eventually be a gamechanger for gas dominated UK market in the next 5 years.

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Market Coverage

  • The market number available for – 2019-2026
  • Base year- 2019
  • Forecast period- 2020-2026
  • Segment Covered – by Product Type, Capacity, and End-user
  • Countries Covered- UK, Germany, France, Italy, Spain, and Rest of Europe
  • Competitive Landscape- Johnson Controls International plc, NIBE Industrier AB, Mitsubishi Electric Corp., and Robert Bosch GmbH.

European Heat Pumps Market Report Segment

By Product Type

  • Air Source
  • Water Source
  • Ground Source

By Capacity

  • <10KW
  • 10KW-20KW
  • >20W

By End-user

  • Commercial
  • Industrial
  • Residential

European Heat Pumps Market Report Segment

  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Rest of Europe

Company Profiles

  • BDR Thermea Group
  • Danfoss S/A
  • GEA Group Aktiengesellschaft
  • Glen Dimplex Deutschland GmbH
  • Hitachi Air Conditioning Co.
  • Johnson Controls International plc
  • NIBE Industrier AB
  • Mitsubishi Electric Corp.
  • Robert Bosch GmbH

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