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
Scope of the Study
Market Segments Covered in the Report:
By Power Source
- Electric Powered
- Gas Powered
By Type
- Air Source
- Geothermal
- Water Source
By Country
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
Key Market Players
List of Companies Profiled in the Report:
- 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
Chapter 1. Market Scope & Methodology
1.1 Market Definition
1.2 Objectives
1.3 Market Scope
1.4 Segmentation
1.4.1 Europe Residential Heat Pump Market, by Power Source
1.4.2 Europe Residential Heat Pump Market, by Type
1.4.3 Europe Residential Heat Pump Market, by Country
1.5 Methodology for the research
Chapter 2. Market Overview
2.1 Introduction
2.1.1 Overview
2.1.1.1 Market composition and scenarios
2.2 Key Factors Impacting the Market
2.2.1 Market Drivers
2.2.2 Market Restraints
Chapter 3. Competition Analysis - Global
3.1 KBV Cardinal Matrix
3.2 Recent Industry Wide Strategic Developments
3.2.1 Partnerships, Collaborations and Agreements
3.2.2 Product Launches and Product Expansions
3.2.3 Acquisition and Mergers
3.2.4 Geographical Expansions
3.3 Top Winning Strategies
3.3.1 Key Leading Strategies: Percentage Distribution (2018-2022)
3.3.2 Key Strategic Move: (Product Launches and Product Expansions : 2018, Mar – 2022, May) Leading Players
Chapter 4. Europe Residential Heat Pump Market by Power Source
4.1 Europe Electric Powered Market by Country
4.2 Europe Gas Powered Market by Country
Chapter 5. Europe Residential Heat Pump Market by Type
5.1 Europe Air Source Market by Country
5.2 Europe Geothermal Market by Country
5.3 Europe Water Source Market by Country
Chapter 6. Europe Residential Heat Pump Market by Country
6.1 Germany Residential Heat Pump Market
6.1.1 Germany Residential Heat Pump Market by Power Source
6.1.2 Germany Residential Heat Pump Market by Type
6.2 UK Residential Heat Pump Market
6.2.1 UK Residential Heat Pump Market by Power Source
6.2.2 UK Residential Heat Pump Market by Type
6.3 France Residential Heat Pump Market
6.3.1 France Residential Heat Pump Market by Power Source
6.3.2 France Residential Heat Pump Market by Type
6.4 Russia Residential Heat Pump Market
6.4.1 Russia Residential Heat Pump Market by Power Source
6.4.2 Russia Residential Heat Pump Market by Type
6.5 Spain Residential Heat Pump Market
6.5.1 Spain Residential Heat Pump Market by Power Source
6.5.2 Spain Residential Heat Pump Market by Type
6.6 Italy Residential Heat Pump Market
6.6.1 Italy Residential Heat Pump Market by Power Source
6.6.2 Italy Residential Heat Pump Market by Type
6.7 Rest of Europe Residential Heat Pump Market
6.7.1 Rest of Europe Residential Heat Pump Market by Power Source
6.7.2 Rest of Europe Residential Heat Pump Market by Type
Chapter 7. Company Profiles
7.1 Johnson Controls International PLC
7.1.1 Company Overview
7.1.2 Financial Analysis
7.1.3 Regional Analysis
7.1.4 Research & Development Expenses
7.1.5 Recent strategies and developments:
7.1.5.1 Product Launches and Product Expansions:
7.1.5.2 Acquisition and Mergers:
7.2 Mitsubishi Electric Corporation
7.2.1 Company Overview
7.2.2 Financial Analysis
7.2.3 Segmental and Regional Analysis
7.2.4 Research & Development Expense
7.2.5 Recent strategies and developments:
7.2.5.1 Product Launches and Product Expansions:
7.2.5.2 Geographical Expansions:
7.3 The Danfoss Group
7.3.1 Company Overview
7.3.2 Financial Analysis
7.3.3 Segmental and Regional Analysis
7.3.4 Research & Development Expenses
7.4 Daikin Industries, Ltd.
7.4.1 Company Overview
7.4.2 Financial Analysis
7.4.3 Regional & Segmental Analysis
7.4.4 Research & Development Expenses
7.4.5 Recent strategies and developments:
7.4.5.1 Product Launches and Product Expansions:
7.5 Carrier Global Corporation
7.5.1 Company Overview
7.5.2 Financial Analysis
7.5.3 Segmental and Regional Analysis
7.5.4 Research & Development Expenses
7.5.5 Recent strategies and developments:
7.5.5.1 Product Launches and Product Expansions:
7.6 Midea Group Co., Ltd.
7.6.1 Company Overview
7.6.2 Financial Analysis
7.6.3 Segment and Regional Analysis
7.6.4 Research & Development Expenses
7.6.5 Recent strategies and developments:
7.6.5.1 Partnerships, Collaborations, and Agreements:
7.6.5.2 Product Launches and Product Expansions:
7.7 NIBE Industrier AB
7.7.1 Company Overview
7.7.2 Financial Analysis
7.7.3 Segmental and Regional Analysis
7.7.4 Research & Development Expenses
7.7.5 Recent strategies and developments:
7.7.5.1 Product Launches and Product Expansions:
7.7.5.2 Acquisition and Mergers:
7.8 Viessmann Group
7.8.1 Company Overview
7.8.2 Recent strategies and developments:
7.8.2.1 Product Launches and Product Expansions:
7.9 Stiebel Eltron GmbH & Co. KG
7.9.1 Company Overview
7.10. The Glen Dimplex Group
7.10.1 Company Overview
TABLE 1 Europe Residential Heat Pump Market, 2018 - 2021, USD Million
TABLE 2 Europe Residential Heat Pump Market, 2022 - 2028, USD Million
TABLE 3 Partnerships, Collaborations and Agreements– Residential Heat Pump Market
TABLE 4 Product Launches And Product Expansions– Residential Heat Pump Market
TABLE 5 Acquisition and Mergers– Residential Heat Pump Market
TABLE 6 Geogrpahical Expansions- Residential heat pump market
TABLE 7 Europe Residential Heat Pump Market by Power Source, 2018 - 2021, USD Million
TABLE 8 Europe Residential Heat Pump Market by Power Source, 2022 - 2028, USD Million
TABLE 9 Europe Electric Powered Market by Country, 2018 - 2021, USD Million
TABLE 10 Europe Electric Powered Market by Country, 2022 - 2028, USD Million
TABLE 11 Europe Gas Powered Market by Country, 2018 - 2021, USD Million
TABLE 12 Europe Gas Powered Market by Country, 2022 - 2028, USD Million
TABLE 13 Europe Residential Heat Pump Market by Type, 2018 - 2021, USD Million
TABLE 14 Europe Residential Heat Pump Market by Type, 2022 - 2028, USD Million
TABLE 15 Europe Air Source Market by Country, 2018 - 2021, USD Million
TABLE 16 Europe Air Source Market by Country, 2022 - 2028, USD Million
TABLE 17 Europe Geothermal Market by Country, 2018 - 2021, USD Million
TABLE 18 Europe Geothermal Market by Country, 2022 - 2028, USD Million
TABLE 19 Europe Water Source Market by Country, 2018 - 2021, USD Million
TABLE 20 Europe Water Source Market by Country, 2022 - 2028, USD Million
TABLE 21 Europe Residential Heat Pump Market by Country, 2018 - 2021, USD Million
TABLE 22 Europe Residential Heat Pump Market by Country, 2022 - 2028, USD Million
TABLE 23 Germany Residential Heat Pump Market, 2018 - 2021, USD Million
TABLE 24 Germany Residential Heat Pump Market, 2022 - 2028, USD Million
TABLE 25 Germany Residential Heat Pump Market by Power Source, 2018 - 2021, USD Million
TABLE 26 Germany Residential Heat Pump Market by Power Source, 2022 - 2028, USD Million
TABLE 27 Germany Residential Heat Pump Market by Type, 2018 - 2021, USD Million
TABLE 28 Germany Residential Heat Pump Market by Type, 2022 - 2028, USD Million
TABLE 29 UK Residential Heat Pump Market, 2018 - 2021, USD Million
TABLE 30 UK Residential Heat Pump Market, 2022 - 2028, USD Million
TABLE 31 UK Residential Heat Pump Market by Power Source, 2018 - 2021, USD Million
TABLE 32 UK Residential Heat Pump Market by Power Source, 2022 - 2028, USD Million
TABLE 33 UK Residential Heat Pump Market by Type, 2018 - 2021, USD Million
TABLE 34 UK Residential Heat Pump Market by Type, 2022 - 2028, USD Million
TABLE 35 France Residential Heat Pump Market, 2018 - 2021, USD Million
TABLE 36 France Residential Heat Pump Market, 2022 - 2028, USD Million
TABLE 37 France Residential Heat Pump Market by Power Source, 2018 - 2021, USD Million
TABLE 38 France Residential Heat Pump Market by Power Source, 2022 - 2028, USD Million
TABLE 39 France Residential Heat Pump Market by Type, 2018 - 2021, USD Million
TABLE 40 France Residential Heat Pump Market by Type, 2022 - 2028, USD Million
TABLE 41 Russia Residential Heat Pump Market, 2018 - 2021, USD Million
TABLE 42 Russia Residential Heat Pump Market, 2022 - 2028, USD Million
TABLE 43 Russia Residential Heat Pump Market by Power Source, 2018 - 2021, USD Million
TABLE 44 Russia Residential Heat Pump Market by Power Source, 2022 - 2028, USD Million
TABLE 45 Russia Residential Heat Pump Market by Type, 2018 - 2021, USD Million
TABLE 46 Russia Residential Heat Pump Market by Type, 2022 - 2028, USD Million
TABLE 47 Spain Residential Heat Pump Market, 2018 - 2021, USD Million
TABLE 48 Spain Residential Heat Pump Market, 2022 - 2028, USD Million
TABLE 49 Spain Residential Heat Pump Market by Power Source, 2018 - 2021, USD Million
TABLE 50 Spain Residential Heat Pump Market by Power Source, 2022 - 2028, USD Million
TABLE 51 Spain Residential Heat Pump Market by Type, 2018 - 2021, USD Million
TABLE 52 Spain Residential Heat Pump Market by Type, 2022 - 2028, USD Million
TABLE 53 Italy Residential Heat Pump Market, 2018 - 2021, USD Million
TABLE 54 Italy Residential Heat Pump Market, 2022 - 2028, USD Million
TABLE 55 Italy Residential Heat Pump Market by Power Source, 2018 - 2021, USD Million
TABLE 56 Italy Residential Heat Pump Market by Power Source, 2022 - 2028, USD Million
TABLE 57 Italy Residential Heat Pump Market by Type, 2018 - 2021, USD Million
TABLE 58 Italy Residential Heat Pump Market by Type, 2022 - 2028, USD Million
TABLE 59 Rest of Europe Residential Heat Pump Market, 2018 - 2021, USD Million
TABLE 60 Rest of Europe Residential Heat Pump Market, 2022 - 2028, USD Million
TABLE 61 Rest of Europe Residential Heat Pump Market by Power Source, 2018 - 2021, USD Million
TABLE 62 Rest of Europe Residential Heat Pump Market by Power Source, 2022 - 2028, USD Million
TABLE 63 Rest of Europe Residential Heat Pump Market by Type, 2018 - 2021, USD Million
TABLE 64 Rest of Europe Residential Heat Pump Market by Type, 2022 - 2028, USD Million
TABLE 65 Key Information – JOHNSON CONTROLS INTERNATIONAL PLC
TABLE 66 key information – Mitsubishi Electric Corporation
TABLE 67 Key Information – The Danfoss Group
TABLE 68 Key information – Daikin Industries, Ltd.
TABLE 69 Key Information – Carrier Global Corporation
TABLE 70 key information – Midea Group Co., Ltd.
TABLE 71 key information – NIBE Industrier AB
TABLE 72 Key Information – Viessmann Group
TABLE 73 Key Information – Stiebel Eltron GmbH & Co. KG
TABLE 74 Key information – The Glen Dimplex Group
List of Figures
FIG 1 Methodology for the research
FIG 2 KBV Cardinal Matrix
FIG 3 Key Leading Strategies: Percentage Distribution (2018-2022)
FIG 4 Key Strategic Move: (Product Launches and Product Expansions : 2018, Mar – 2022, May) Leading Players
FIG 5 Recent strategies and developments: Johnson Controls International PLC
FIG 6 Recent strategies and developments: Mitsubishi Electric Corporation
FIG 7 Recent strategies and developments: Midea Group Co., Ltd.
FIG 8 Recent strategies and developments: NIBE Industrier AB