Europe Heat Pump Market Trends & Projections To 2030
Growing inclination towards sustainable and energy efficient heating systems and rising awareness about the impact of carbon emission on the environment will positively impact product demand across all sectors.
The presence of government initiatives such as incentive plans and policies to curb CO2 emissions would augment Europe heat pump market expansion. Rising infrastructure development in the region is expected to upsurge installations of energy efficient heat pumps for various household requirements.
The high adoption rate of the product is majorly attributed to its exceptional heat storage, energy efficiency, and low cost of installation and maintenance, among others. According to a GMI, analysis report, Europe heat pump market size is projected to surpass US$29.1 billion by 2030. Described below are some factors propelling the high adoption of heat pumps across industrial verticals in Europe.
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Robust demand for water source heat pumps
The water source heat pump industry in Europe is likely to experience significant growth owing to low consumption of energy and higher coefficient of performance index (COPs) that pumps more heat where it is required. The existence of favorable financial payback policies and the long-lasting durability of water source heat pumps would boost product demand in the forthcoming years. Additionally, the commencement of numerous renewable heat incentive programs by the government and stringent norms to reduce carbon footprints will positively influence the mass deployment of water source heat pumps.
High preference for industrial heat pumps
Growing inclination towards sustainable and energy efficient heating systems and rising awareness about the impact of carbon emission on the environment will positively impact product demand across all sectors. Long-lasting durability, low operating cost, and low maintenance requirements are some key aspects of the product that will foster Europe’s industrial heat pump industry size in the forthcoming years.
Products are highly integrated with sophisticated technology which allows it to store spare power in the form of heat energy which can be used to integrate and optimize the capability of the electricity grid. Such features of the product will propel the demand in power grids and will eventually complement industry share in the coming years.
Incentive plans to promote renewables in the UK
The UK heat pump industry size is estimated to witness a growth at over 12% CAGR by 2026. The regional industry progression would be driven by numerous government efforts to minimize the reliance on energy imports and restricting the excessive amount of carbon emissions by expanding the renewable energy mix.
The introduction of supportive financial plans such as extensive investment grants by the regional authorities and zero-interest loans should further draw customer’s inclination towards sophisticated heating systems over traditional technology. Additionally, a substantial amount of investment towards the renovation and refurbishment of domestic and commercial infrastructure will uplift the heat pump industry outlook in Europe.
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Prominent companies functioning across the Europe heat pump industry are Danfoss, Vaillant Group, Carrier Corporation, Bosch Thermotechnology, and Stiebel Eltron GmbH & Co., among others. Tremendous advancement of technology used for the purpose of conserving energy, growing awareness about reducing carbon emissions, and rising inclination towards renewable sources of energy would escalate high adoption of heat pump systems.
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