Government Initiatives are the Major Driver for the Heat Pumps in Europe

European heat pumps are estimated to record a healthy CAGR of 6.9% during the forecast period (2020-2026). Europe is considered to be a promising market as it offers a dual opportunity for both space and water heating. While only 2% of the installed heat pumps use propane as refrigerant, most heat pumps use HFC while some make use of CO2 and ammonia as well. The EU F-Gas Regulation is aiming to reduce the usage of HFC usage in the region by up to 80% by 2030 that can give rise to the innovation of eco-friendly refrigerants during the forecast period. Some of the governments in the region also offer financial incentives to encourage the adoption of heat pumps in homes where the Renewable Heat Incentive (RHI) scheme in UK is more popular. Similarly, in France, heat pumps are eligible for Energy Saving Certificate from the state. 

Browse the full report description of "European Heat Pumps Market Size, Share & Trends Analysis Report by Product Type (Air Source, Water Source, and Ground Source), by Capacity (<10KW, 10KW-20KW, >20KW), and by End-user (Commercial, Industrial, and Residential) Forecast Period (2020-2026)" at https://www.omrglobal.com/industry-reports/european-heat-pumps-market

In 2019, UK also proposed ‘No new gas’ from 2025 as an initiative to drive climate change in the country. The country has a potential for heat pump installation that can reach 19 million by the end of 2050 which signifies itself as one of the fastest-growing markets across the globe. With installing over 1 million gas boilers in 2019, the alternative to heat pumps is also more dominant which makes the market to lag behind other nations. The major issue is with the pricing where electricity is 4X times expensive than domestic gas. Energy Service Company (ESCo) can consider the adoption of heat pumps that can eventually be a gamechanger for gas dominated UK market in the next 5 years.

Market Coverage

• The market number available for – 2019-2026
• Base year- 2019
• Forecast period- 2020-2026
• Segment Covered - by Product Type, Capacity, and End-user
• Countries Covered- UK, Germany, France, Italy, Spain, and Rest of Europe
• Competitive Landscape- Johnson Controls International plc, NIBE Industrier AB, Mitsubishi Electric Corp., and Robert Bosch GmbH. 

Key questions addressed by the report

• What is the market growth rate?
• Which segment and country dominate the market in the base year?
• Which segment and country will project the fastest growth in the market?
• How COVID-19 impacted the market?

o Recovery Timeline

o Deviation from the pre-COVID-19 forecast

o Most affected region/segment

• Who is the leader in the market?
• How players are addressing challenges to sustain growth?
• Where is the investment opportunity?

European Heat Pumps Market Report Segment

By Product Type

• Air Source
• Water Source
• Ground Source

By Capacity

• <10KW
• 10KW-20KW
• >20W

By End-user

• Commercial
• Industrial
• Residential

European Heat Pumps Market Report Segment

• UK
• Germany
• France
• Italy
• Spain
• Rest of Europe

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