Analysis of Europe Air Source Heat Pump Industry Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
As per the latest research report published by Fact.MR, sales of air source heat pumps in Europe are approximated at US$ 16.21 billion in 2024 and are projected to increase at a CAGR of 7.9% to reach US$ 34.68 billion by the end of 2034.
Installed outside the house, these pumps provide interior space heating and cooling in opposite climates, heating water in milder climates efficiently. High demand for air source heat pumps in Europe is primarily due to the region’s cold climate in most countries. High need for products that help people alter the interior atmosphere of their homes is fuelling the demand for air source heat pumps in the region.
Sales growth is also being driven by rapidly advancing designs and efficient temperature control features of heat pumps. While the European region goes through long winters and short summers, air source heat pumps keep managing the warmth of the interiors with their advanced mechanism.
Another factor that’s driving demand for air source heat pumps is their longer life span, which saves money and enhances sustainability. The average lifespan is between 14 to 15 years, which makes these pumps a better alternative that heaters and air conditioners. The longer shelf life makes these machines the first choice for people residing in extreme weather conditions.
In addition to their financial and technological benefits, these devices also contribute to reducing carbon emissions because air source heat pumps efficiently convert energy into heat. The ability to reverse the heating process to provide cooling during summer makes this a win-win situation for end users.
| Report Attribute | Details |
|---|---|
| Air Source Heat Pump Sales in Europe (2024E) | US$ 16.21 Billion |
| Forecasted Sales (2034F) | US$ 34.68 Billion |
| Demand Growth (2024 to 2034) | 7.9% CAGR |
| Commercial Air Source Heat Pump Sales (2024E) | US$ 6.74 Billion |
| Air to Water Air Source Heat Pump Demand Growth (2024 to 2034) | 7.8% CAGR |
| Key Companies Profiled | Vaillant Group; Swegon Group AB; Trane; NIBE Industrier AB; Viessmann; A.O. Smith; Daikin Europe N.V.; Carrier; Bosch Thermotechnology Ltd; Rheem Manufacturing Company; Finn Geotherm UK Limited; STIEBEL ELTRON GmbH & Co. |
“Supportive Government Programs for Air Source Heat Pump Manufacturers”
The economy and logistical structures face several challenges due to harsh cold climatic conditions in Europe. Therefore, the governments around the region support businesses that help them reduce carbon emissions. Air source heat pump vendors get subsidies to increase their performance and the saved capital gets invested in research and development programs.
High product adoption pushes the government to ease the approval norms while providing business loans to innovative vendors for business expansion. Besides, the incentive programs governments also offer for contractual collaborations such as product installation in public establishments including schools and government hospitals, which is increasing the profits of key market players.
“Complex Weather Conditions Driving Demand for Advanced and Reliable Temperature Controlling Devices”
There are several uncertainties surrounding the growth of the air source heat pump demand in Europe. Fact.MR responds to the question of why it is now crucial for vendors to understand and evaluate the European market independently. The region, with complex weather and topography, has led to extreme climate conditions that damage people’s health and end up affecting the tourist economy at a larger base. Therefore, efficient cooling and heating devices are in high demand in the region.
“Rising Inclination towards Clean Energy Technologies Promoting Sales of Eco-friendly Air Source Heat Pumps”
Adoption of sustainable technologies that deliver work with efficiency is high in Europe. Constant fluctuations in weather conditions coupled with the advent of innovative air source heat pumps that come up with additional equipment and can be installed outside the user’s residence are pushing the market growth in Europe.
“High Product & Installation Cost and Presence of Several Alternatives”
Air source heat pumps are costly and their installation charges are also high. This limits the sales growth of air source heat pumps to some extent. The proliferation of other clean energy technologies such as solar heating and district heating, coupled with their rapid integration across a range of capacity applications may also impede the demand for air source heat pumps to some extent in Europe.
“High Focus on Energy-Efficient Residential Infrastructure Driving Sales of Sustainable Air Source Heat Pumps”
| Attribute | Germany |
|---|---|
| Market Value (2024E) | US$ 1.92 Billion |
| Growth Rate (2024 to 2034) | 7.9 % CAGR |
| Projected Value (2034F) | US$ 4.12 Billion |
High demand for energy-efficient air conditioning technologies, disparities in the taxes on electricity compared to gas, and growing private and public investments to address space heating needs are augmenting the sales of air source heat pumps in Germany.
“Boiler Upgrade Scheme Pushing Sales of Air Source Heat Pumps”
| Attribute | United Kingdom |
|---|---|
| Market Value (2024E) | US$ 1.57 Billion |
| Growth Rate (2024 to 2034) | 8.1% CAGR |
| Projected Value (2034F) | US$ 3.4 Billion |
Increase in government-funded heat pump grants is supporting the United Kingdom market growth. The United Kingdom residents are enjoying the government’s Boiler Upgrade Scheme. Under this scheme, one can get a grant to cover part of the cost of replacing fossil fuel heating systems with a heat pump or biomass boiler.
“Dual Air Conditioning Qualities of Air to Air Heat Pumps”
| Attribute | Air to Air Heat Pumps |
|---|---|
| Segment Value (2024E) | US$ 10.15 Billion |
| Growth Rate (2024 to 2034) | 7.9% CAGR |
| Projected Value (2034F) | US$ 21.79 Billion |
Air to air heat pumps are expected to hold 62.6% of the European market share in 2024. Air to air heat pumps perform significantly well as an efficient medium of providing heat in a residential or commercial space. Demand for air to air heat pumps is high due to their unique features. These pumps offer warm room temperatures in the winter season while in the summer season, they provide cool temperatures. This characteristic is driving demand for air to air heat pumps in Europe.
Air to water heat pumps are also anticipated to exhibit a high growth during the forecast period. The growth is attributed to the increasing integration capabilities along with the hydronic underfloor heating systems. These systems provide efficient heating without any higher carbon emissions while the design of these pumps keeps on changing for better heating.
Countries such as Switzerland and France adopt air to water heat pumps at a high rate as they face the long winters. Water is a necessity and in polar regions of Europe, the adoption of any tool for water heating becomes important. Some people use heaters to heat the water while an efficient environment-friendly way to heat water is through the air source heat pump.
The product delivers better results than its alternatives due to its integration capability with hydronic underfloor heating systems and radiators to take control of the temperature of any radius. Thus, these factors are pushing the sales of air to water heat pumps in Europe.
“High Tourism Activities Augmenting Sales of Commercial Air Source Heat Pumps”
| Attribute | Commercial Air Source Heat Pumps |
|---|---|
| Segment Value (2024E) | US$ 6.74 Billion |
| Growth Rate (2024 to 2034) | 7.8% CAGR |
| Projected Value (2034F) | US$ 14.32 Billion |
Commercial air source heat pumps are also widely employed in Europe. From learning spaces to healthcare, retail, hospitality, and office spaces, the application of commercial heat pumps is increasing in the European region. Longer winters demand a constant supply of hot water and air in the healthcare system to protect patients from any illness caused by winter waves. Europe which is well-known for its nature tourism and ecotourism witness high tourist visits every year.
Most of these tourists are not comfortable with the extremely cold streams and require hot air and water pumps to settle in. Hence, the hospitality sector consumes a large portion of the European market. Schools and colleges also widely install air source heat pumps to protect their students and other faculties from the chilling winter. Therefore, the high number of entities under the commercial segment makes it large and consumes most air source heat pumps in Europe.
| Attribute | Air Source Heat Pump Sales in Europe |
|---|---|
| Growth Factor | Continuous climate changes in the European region along with harsh winter streams are pushing people to adopt efficient air conditioning technologies such as air source heat pumps for living spaces. |
| Opportunity | Introduction of advanced motor systems and product designs for better heating and cooling ergonomics will boost the profits of air source heat pump manufacturers. |
| Key Trend | Government regulations on commercial as well as personal spaces on the use of AC and high energy-consuming heaters necessitating people to adopt heat pumps to drive sustainability. |
| Attribute | Industrial Solar Heater Sales in Europe |
|---|---|
| Growth Factor | Commercial solar water heating systems offer high performance at low cost, making them the first choice for entities such as hospitals, hotels, hostels, and commercial spaces. |
| Opportunity | Introduction of subsidies and tax cuts for industries that adopt solar energy technologies will create lucrative opportunities for solar heater producers. |
| Key Trend | The Paris Agreement to collectively undertake innovative and concerted efforts to achieve temperature goals is driving the sales of solar heaters in European countries. |
The European market has a strong presence of prominent companies delivering the best heating and cooling solutions for the end users. The key market players are focused on improving the overall efficiency while experimenting with the materials used. To further strengthen their position in the region, the market players are implementing strategies such as mergers & acquisitions, and partnerships & collaborations.
Fact.MR provides detailed information about the price points of key manufacturers of air source heat pumps positioned across Europe, sales growth, production capacity, and speculative technological expansion, in the recently updated market report.
How much are the sales of air source heat pumps in Europe in 2024?
Sales of air source heat pumps in Europe are approximated at US$ 16.21 billion in 2024.
What are the projections for air source heat pumps in Europe?
Demand for air source heat pumps in Europe is foreseen to increase at a CAGR of 7.9% from 2024 to 2034.
What is the projected valuation of the European market for 2034?
The market in Europe has been calculated to reach US$ 34.68 billion by 2034.
Which country holds a leading market share in Europe?
Germany is expected to capture 18.8% of the European market share in 2024.
Which type of air source heat pump is most widely deployed?
Demand for air to air heat pumps in Europe is forecasted to rise at a CAGR of 7.9% through 2034.
Who are the prime manufacturers of air source heat pumps in Europe?
Top companies are Daikin Europe N.V., Carrier, Bosch Thermotechnology Ltd, Rheem Manufacturing Company, and Finn Geotherm UK Limited.
Table 01: Europe Industry Value (US$ Mn) Analysis, by Product, 2018 to 2023
Table 02: Europe Industry Value (US$ Mn) Analysis, by Product, 2024 to 2034
Table 03: Europe Industry Value (US$ Mn) Opportunity Analysis, by Product, 2024 to 2034
Table 04: Europe Industry Value (US$ Mn) Analysis, by Application, 2018 to 2023
Table 05: Europe Industry Value (US$ Mn) Analysis, by Application, 2024 to 2034
Table 06: Europe Industry Value (US$ Mn) Opportunity Analysis, by Application, 2024 to 2034
Table 07: Europe Industry Value (US$ Mn) Analysis, by Country, 2018 to 2023
Table 08: Europe Industry Value (US$ Mn) Analysis, by Country, 2024 to 2034
Table 09: Europe Industry Value (US$ Mn) Opportunity Analysis, by Country, 2024 to 2034
Table 10: Germany Industry Value (US$ Mn) Analysis, by Product, 2018 to 2023
Table 11: Germany Industry Value (US$ Mn) Analysis, by Product, 2024 to 2034
Table 12: Germany Industry Value (US$ Mn) Opportunity Analysis, by Product, 2024 to 2034
Table 13: Germany Industry Value (US$ Mn) Analysis, by Application, 2018 to 2023
Table 14: Germany Industry Value (US$ Mn) Analysis, by Application, 2024 to 2034
Table 15: Germany Industry Value (US$ Mn) Opportunity Analysis, by Application, 2024 to 2034
Table 16: France Industry Value (US$ Mn) Analysis, by Product, 2018 to 2023
Table 17: France Industry Value (US$ Mn) Analysis, by Product, 2024 to 2034
Table 18: France Industry Value (US$ Mn) Opportunity Analysis, by Product, 2024 to 2034
Table 19: France Industry Value (US$ Mn) Analysis, by Application, 2018 to 2023
Table 20: France Industry Value (US$ Mn) Analysis, by Application, 2024 to 2034
Table 21: France Industry Value (US$ Mn) Opportunity Analysis, by Application, 2024 to 2034
Table 22: BENELUX Industry Value (US$ Mn) Analysis, by Product, 2018 to 2023
Table 23: BENELUX Industry Value (US$ Mn) Analysis, by Product, 2024 to 2034
Table 24: BENELUX Industry Value (US$ Mn) Opportunity Analysis, by Product, 2024 to 2034
Table 25: BENELUX Industry Value (US$ Mn) Analysis, by Application, 2018 to 2023
Table 26: BENELUX Industry Value (US$ Mn) Analysis, by Application, 2024 to 2034
Table 27: BENELUX Industry Value (US$ Mn) Opportunity Analysis, by Application, 2024 to 2034
Table 28: Italy Industry Value (US$ Mn) Analysis, by Product, 2018 to 2023
Table 29: Italy Industry Value (US$ Mn) Analysis, by Product, 2024 to 2034
Table 30: Italy Industry Value (US$ Mn) Opportunity Analysis, by Product, 2024 to 2034
Table 31: Italy Industry Value (US$ Mn) Analysis, by Application, 2018 to 2023
Table 32: Italy Industry Value (US$ Mn) Analysis, by Application, 2024 to 2034
Table 33: Italy Industry Value (US$ Mn) Opportunity Analysis, by Application, 2024 to 2034
Table 34: Spain Industry Value (US$ Mn) Analysis, by Product, 2018 to 2023
Table 35: Spain Industry Value (US$ Mn) Analysis, by Product, 2024 to 2034
Table 36: Spain Industry Value (US$ Mn) Opportunity Analysis, by Product, 2024 to 2034
Table 37: Spain Industry Value (US$ Mn) Analysis, by Application, 2018 to 2023
Table 38: Spain Industry Value (US$ Mn) Analysis, by Application, 2024 to 2034
Table 39: Spain Industry Value (US$ Mn) Opportunity Analysis, by Application, 2024 to 2034
Table 40: The United Kingdom Industry Value (US$ Mn) Analysis, by Product, 2018 to 2023
Table 41: The United Kingdom Industry Value (US$ Mn) Analysis, by Product, 2024 to 2034
Table 42: The United Kingdom Industry Value (US$ Mn) Opportunity Analysis, by Product, 2024 to 2034
Table 43: The United Kingdom Industry Value (US$ Mn) Analysis, by Application, 2018 to 2023
Table 44: The United Kingdom Industry Value (US$ Mn) Analysis, by Application, 2024 to 2034
Table 45: The United Kingdom Industry Value (US$ Mn) Opportunity Analysis, by Application, 2024 to 2034
Table 46: Russia Industry Value (US$ Mn) Analysis, by Product, 2018 to 2023
Table 47: Russia Industry Value (US$ Mn) Analysis, by Product, 2024 to 2034
Table 48: Russia Industry Value (US$ Mn) Opportunity Analysis, by Product, 2024 to 2034
Table 49: Russia Industry Value (US$ Mn) Analysis, by Application, 2018 to 2023
Table 50: Russia Industry Value (US$ Mn) Analysis, by Application, 2024 to 2034
Table 51: Russia Industry Value (US$ Mn) Opportunity Analysis, by Application, 2024 to 2034
Table 52: Rest of Europe Industry Value (US$ Mn) Analysis, by Product, 2018 to 2023
Table 53: Rest of Europe Industry Value (US$ Mn) Analysis, by Product, 2024 to 2034
Table 54: Rest of Europe Industry Value (US$ Mn) Opportunity Analysis, by Product, 2024 to 2034
Table 55: Rest of Europe Industry Value (US$ Mn) Analysis, by Application, 2018 to 2023
Table 56: Rest of Europe Industry Value (US$ Mn) Analysis, by Application, 2024 to 2034
Table 57: Rest of Europe Industry Value (US$ Mn) Opportunity Analysis, by Application, 2024 to 2034
Figure 01: Europe Industry Value (US$ Mn) Historical Analysis, 2018 to 2023
Figure 02: Europe Industry Value (US$ Mn) Forecast and Analysis, 2024 to 2034
Figure 03: Europe Industry Value Y-o-Y Growth and Forecast, 2018 to 2034
Figure 04: Europe Industry Incremental $ Opportunity, 2024 to 2034
Figure 05: Europe Industry Share and BPS Analysis by Product, 2024 & 2034
Figure 06: Europe Industry Y-o-Y Growth Projections by Product, 2024 to 2034
Figure 07: Europe Industry Attractiveness Analysis by Product, 2024 to 2034
Figure 08: Europe Industry Share and BPS Analysis by Application, 2024 & 2034
Figure 09: Europe Industry Y-o-Y Growth Projections by Application, 2024 to 2034
Figure 10: Europe Industry Attractiveness Analysis by Application, 2024 to 2034
Figure 11: Europe Industry Share and BPS Analysis by Country, 2024 & 2034
Figure 12: Europe Industry Y-o-Y Growth Projections by Country, 2024 to 2034
Figure 13: Europe Industry Attractiveness Analysis by Country, 2024 to 2034
Figure 14: Germany Industry Value (US$ Mn) Historical Analysis, 2018 to 2023
Figure 15: Germany Industry Value (US$ Mn) Forecast and Analysis, 2024 to 2034
Figure 16: Germany Industry Value Y-o-Y Growth and Forecast, 2034
Figure 17: Germany Industry Incremental $ Opportunity, 2024 to 2034
Figure 18: Germany Industry Share and BPS Analysis by Product, 2024 & 2034
Figure 19: Germany Industry Y-o-Y Growth Projections by Product, 2024 to 2034
Figure 20: Germany Industry Attractiveness Analysis by Product, 2024 to 2034
Figure 21: Germany Industry Share and BPS Analysis by Application, 2024 & 2034
Figure 22: Germany Industry Y-o-Y Growth Projections by Application, 2024 to 2034
Figure 23: Germany Industry Attractiveness Analysis by Application, 2024 to 2034
Figure 24: France Industry Value (US$ Mn) Historical Analysis, 2018 to 2023
Figure 25: France Industry Value (US$ Mn) Forecast and Analysis, 2024 to 2034
Figure 26: France Industry Value Y-o-Y Growth and Forecast, 2018 to 2034
Figure 27: France Industry Incremental $ Opportunity, 2024 to 2034
Figure 28: France Industry Share and BPS Analysis by Product, 2024 & 2034
Figure 29: France Industry Y-o-Y Growth Projections by Product, 2024 to 2034
Figure 30: France Industry Attractiveness Analysis by Product, 2024 to 2034
Figure 31: France Industry Share and BPS Analysis by Application, 2024 & 2034
Figure 32: France Industry Y-o-Y Growth Projections by Application, 2024 to 2034
Figure 33: France Industry Attractiveness Analysis by Application, 2024 to 2034
Figure 34: BENELUX Industry Value (US$ Mn) Historical Analysis, 2018 to 2023
Figure 35: BENELUX Industry Value (US$ Mn) Forecast and Analysis, 2024 to 2034
Figure 36: BENELUX Industry Value Y-o-Y Growth and Forecast, 2018 to 2034
Figure 37: BENELUX Industry Share and BPS Analysis by Product, 2024 & 2034
Figure 38: BENELUX Industry Y-o-Y Growth Projections by Product, 2024 to 2034
Figure 39: BENELUX Industry Attractiveness Analysis by Product, 2024 to 2034
Figure 40: BENELUX Industry Share and BPS Analysis by Application, 2024 & 2034
Figure 41: BENELUX Industry Y-o-Y Growth Projections by Application, 2024 to 2034
Figure 42: BENELUX Industry Attractiveness Analysis by Application, 2024 to 2034
Figure 43: Italy Industry Value (US$ Mn) Historical Analysis, 2018 to 2023
Figure 44: Italy Industry Value (US$ Mn) Forecast and Analysis, 2024 to 2034
Figure 45: Italy Industry Value Y-o-Y Growth and Forecast, 2018 to 2034
Figure 46: Italy Industry Share and BPS Analysis by Product, 2024 & 2034
Figure 47: Italy Industry Y-o-Y Growth Projections by Product, 2024 to 2034
Figure 48: Italy Industry Attractiveness Analysis by Product, 2024 to 2034
Figure 49: Italy Industry Share and BPS Analysis by Application, 2024 & 2034
Figure 50: Italy Industry Y-o-Y Growth Projections by Application, 2024 to 2034
Figure 51: Italy Industry Attractiveness Analysis by Application, 2024 to 2034
Figure 52: Spain Industry Value (US$ Mn) Historical Analysis, 2018 to 2023
Figure 53: Spain Industry Value (US$ Mn) Forecast and Analysis, 2024 to 2034
Figure 54: Spain Industry Value Y-o-Y Growth and Forecast, 2018 to 2034
Figure 55: Spain Industry Share and BPS Analysis by Product, 2024 & 2034
Figure 56: Spain Industry Y-o-Y Growth Projections by Product, 2024 to 2034
Figure 57: Spain Industry Attractiveness Analysis by Product, 2024 to 2034
Figure 58: Spain Industry Share and BPS Analysis by Application, 2024 & 2034
Figure 59: Spain Industry Y-o-Y Growth Projections by Application, 2024 to 2034
Figure 60: Spain Industry Attractiveness Analysis by Application, 2024 to 2034
Figure 61: The United Kingdom Industry Value (US$ Mn) Historical Analysis, 2018 to 2023
Figure 62: The United Kingdom Industry Value (US$ Mn) Forecast and Analysis, 2024 to 2034
Figure 63: The United Kingdom Industry Value Y-o-Y Growth and Forecast, 2018 to 2034
Figure 64: The United Kingdom Industry Share and BPS Analysis by Product, 2024 & 2034
Figure 65: The United Kingdom Industry Y-o-Y Growth Projections by Product, 2024 to 2034
Figure 66: The United Kingdom Industry Attractiveness Analysis by Product, 2024 to 2034
Figure 67: The United Kingdom Industry Share and BPS Analysis by Application, 2024 & 2034
Figure 68: The United Kingdom Industry Y-o-Y Growth Projections by Application, 2024 to 2034
Figure 69: The United Kingdom Industry Attractiveness Analysis by Application, 2024 to 2034
Figure 70: Russia Industry Value (US$ Mn) Historical Analysis, 2018 to 2023
Figure 71: Russia Industry Value (US$ Mn) Forecast and Analysis, 2024 to 2034
Figure 72: Russia Industry Value Y-o-Y Growth and Forecast, 2018 to 2034
Figure 73: Russia Industry Share and BPS Analysis by Product, 2024 & 2034
Figure 74: Russia Industry Y-o-Y Growth Projections by Product, 2024 to 2034
Figure 75: Russia Industry Attractiveness Analysis by Product, 2024 to 2034
Figure 76: Russia Industry Share and BPS Analysis by Application, 2024 & 2034
Figure 77: Russia Industry Y-o-Y Growth Projections by Application, 2024 to 2034
Figure 78: Russia Industry Attractiveness Analysis by Application, 2024 to 2034
Figure 79: Rest of Europe Industry Value (US$ Mn) Historical Analysis, 2018 to 2023
Figure 80: Rest of Europe Industry Value (US$ Mn) Forecast and Analysis, 2024 to 2034
Figure 81: Rest of Europe Industry Value Y-o-Y Growth and Forecast, 2018 to 2034
Figure 82: Rest of Europe Industry Share and BPS Analysis by Product, 2024 & 2034
Figure 83: Rest of Europe Industry Y-o-Y Growth Projections by Product, 2024 to 2034
Figure 84: Rest of Europe Industry Attractiveness Analysis by Product, 2024 to 2034
Figure 85: Rest of Europe Industry Share and BPS Analysis by Application, 2024 & 2034
Figure 86: Rest of Europe Industry Y-o-Y Growth Projections by Application, 2024 to 2034
Figure 87: Rest of Europe Industry Attractiveness Analysis by Application, 2024 to 2034
Air Source Heat Pump Sales in Europe and Opportunity Analysis