Europe Residential Heat Pump Market Size, Share & Industry Trends Analysis Report By Power Source (Electric Powered and Gas Powered), By Type (Air Source, Geothermal, and Water Source), By Country and Growth Forecast, 2022 - 2028
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.
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
- Air Source
- Geothermal
- Water Source
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- 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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- 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
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