TechSci Research’s report on the “Global Residential Heat Pumps Market – By Region, Competition, Forecast & Opportunities, 2028″ highlights the anticipated growth of the market, projecting an 8.0% Compound Annual Growth Rate (CAGR) from 2024 to 2028. Governments offering subsidies, incentives, and tax credits are expected to boost the demand for energy-efficient heat pumps globally.
In Europe, nearly 3 million Residential Heat Pumps were sold in 2022, marking a 40% increase compared to the previous year. The conflict between Russia and Ukraine contributed to this trend, with rising natural gas and electricity prices encouraging consumers to switch to more efficient heat pumps. The European Commission’s plan to double the deployment rate of heat pumps aligns with the International Energy Agency’s (IEA) 10-Point Plan to reduce the European Union’s reliance on Russian natural gas.
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Poland and Czechia experienced significant growth in the heat pump market, while Italy, France, and Germany accounted for almost half of all sales in Europe. In the Nordics, where Residential Heat Pumps are well-established, sales per household were nearly five times higher than in the rest of Europe.
The Nordic and Baltic countries lead in new sales, with air-to-air units representing 50% to 80% of installations. In Southern Europe, air-to-air units are also prevalent. Germany and Poland favor air-to-water Residential Heat Pumps, while Italy embraces hybrid systems, combining heat pumps with gas boilers, constituting over 40% of sales in the air-to-water segment in 2022. Ground- and water-source heat pumps, though efficient, are less common due to drilling requirements and additional space considerations.
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France saw Residential Heat Pumps outsell fossil fuel boilers in buildings for the first time in 2022, coinciding with a national ban on gas boilers in new constructions. However, in major European countries like Germany and Italy, fossil fuel boilers still outsold heat pumps in 2022. Proposals to phase out polluting technologies and fuels are gaining traction, with the German government aiming for renewable-based heating systems from 2024 onwards.
The heat pump segment with a capacity of 10-20 kW accounted for 21.3% of the market share in 2023. This capacity type is versatile, finding applications in hotels, swimming pools, factories, restaurants, and schools. ThermoWise’s DKRS-200SN4-M2, with a 10-20 kW capacity, caters to institutions requiring higher demand for hot water.
Major companies operating in the Global Residential Heat Pumps market are:
- Alpex Solar Pumps
- Aqua Group
- Bright Solar Limited
- C.R.I. Pumps Private Limited
- Crompton
- LORENTZ
- Dankoff Solar
- Duke Plasto Technique Private Limited
- EcoSoach
- Ecozen Solutions
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Residential applications dominated the market in 2023, holding a revenue share of over 86.0%. Rapid urbanization, coupled with increasing demand for energy-efficient products, is expected to drive Residential Heat Pump demand. The industrial application segment is projected to witness a CAGR of around 8.0% over the forecast period, driven by increasing demand for waste heat recovery Residential Heat Pumps in processes like dehumidification, evaporation, distillation, and water heating or cooling.
TechSci Research emphasizes the report’s role in providing cutting-edge market intelligence and assisting decision-makers in sound investment decisions. The report identifies emerging trends, drivers, challenges, and opportunities in the global Residential Heat Pumps market, evaluating its future growth potential.
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