Europe Air Source Heat Pump Market Size By Product (Air to Air, Air to Water), By Application (Residential {[Single Family, Multi Family], Product [Domestic Hot Water Heat Pump, Room Heat Pump]}, Commercial {Education, Healthcare, Retail, Logistics & Tran

Europe Air Source Heat Pump Market Size By Product (Air to Air, Air to Water), By Application (Residential {[Single Family, Multi Family], Product [Domestic Hot Water Heat Pump, Room Heat Pump]}, Commercial {Education, Healthcare, Retail, Logistics & Transportation, Offices, Hospitality}), COVID-19 Impact Analysis, Country Outlook, Application Potential, Competitive Market Share & Forecast, 2022 - 2030

The global Europe air source heat pump market is slated to grow at a significant rate through 2030, due to the growing adoption of heat pumps as a replacement for oil boilers. The better level of energy efficiency offered by the product would also push market expansion.

Key players in the industry have been increasingly investing towards research and development efforts to consolidate their market presence. Partnerships and collaborations among key enterprises for overseas expansion are also proving beneficial for market growth, these strategic partnerships are greatly helping industry players expand their portfolio in the overseas market, improving industry dynamics in the process.

For instance, in May 2022, NIBE Industrier AB, the Swedish heat technology solutions company inked an agreement to acquire Italy-based Argoclima S.p.A., buying over 50% shares in the Italian company, with plans to take over the remaining stake in five years.

By combining Argoclima's existing line of heat pumps marketed under the Argo brand with the entire line of heat pumps offered under the NIBE company, the takeover will give the latter a much stronger position in the fast-expanding Italian market for heat pumps.

The Europe air source heat pump market has been bifurcated in terms of product, application, and region.

Based on product, the industry has been divided into air to air and air to water. The air-to-water segment is expected to grow at a positive rate through the forecast period due to the rising demand for hot water across the commercial and residential infrastructure.

The air to air product segment is slated to witness a significant rate expansion over the forecast timeframe, registering a growth rate of more than 8 % by 2030.

With respect to application, the Europe air source heat pump market has been classified into residential and commercial.

The commercial segment is anticipated to garner a sturdy market expansion over the review timeline attributed to the increasing energy and heat demand across a variety of commercial uses, such as offices, healthcare, educational institutions, and many others, along with stricter emission reduction standards, new programs to strengthen building energy efficiency.

From the regional outlook, the Denmark air source heat pump market is set to witness propelling growth through 2030 owing to the burgeoning inclination of the national government to lessen the fossil fuel dependency as well as fuel the clean energy system deployment in order to drive industry growth.

Meanwhile, the Italy air source heat pump industry is subjected to record a substantial growth rate over the forthcoming years credited to the positive government incentive programs with financial rewards and the rising national demand for efficient heating and cooling systems.