The Europe Residential Heat Pump Market would witness market growth of 8.7% CAGR during the forecast period (2022-2028).
Residential heat pump does not generate heat on their own. They use a refrigerant that travels between both the interior fan circuit (air handler) unit and the outside compressor to transfer heat from the air or ground. A residential heat pump gathers heat from within the home and distributes it outside when it is in cooling mode. The residential heat pump takes heat from the soil outside or air (even cold air) and delivers it within while in heating mode.
The two most common types of residential heat pump are air-source and ground-source models. Heat is transferred between interior and outdoor air through air-source residential heat pump, which are more commonly used for domestic heating and cooling. Ground-source residential heat pump, often known as geothermal residential heat pump, transfers the heat from the home's air to the ground outside. The ground temperature remains consistent throughout the year, they are usually more productive and have a lower operating cost.
Various modern residential air pump along with air conditioners with inverters innovations and air purification capabilities are becoming more popular in this region. Furthermore, the introduction of the Internet of things (IoT) in AC systems provides consumers with greater control and comfort, resulting in increased demand for these ACs across the region. Furthermore, many market companies are releasing high-efficiency smart air conditioners with built-in Wi-Fi and an interface to enable enhanced control. A mobile phone app can be used to control these smart air conditioners.
By 2025, the UK government intends to adopt a Future Home Standard to help future-proof new construction and assure high levels of energy efficiency. It also wants to deploy 600,000 residential heat pump every year by 2028. The growing innovation of the residential heat pump in this region propels the growth of the residential heat pump market.
The Germany market dominated the Europe Residential Heat Pump Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $2,620.4 million by 2028. The UK market would exihibit CAGR of 7.8% during (2022 - 2028). Additionally, The France market is anticipated to grow at a CAGR of 9.5% during (2022 - 2028).
Based on Power Source, the market is segmented into Electric Powered and Gas Powered. Based on Type, the market is segmented into Air Source, Geothermal, and Water Source. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global Residential Heat Pump Market will Hit $53 Billion by 2028, at a CAGR of 9%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Johnson Controls International PLC, Mitsubishi Electric Corporation, The Danfoss Group, Daikin Industries, Ltd., Carrier Global Corporation, Midea Group Co., Ltd., NIBE Industrier AB, Viessmann Group, Stiebel Eltron GmbH & Co. KG, The Glen Dimplex Group
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