Market news, 17 April 2024
Double-digit growth as rising energy prices accelerate the switch to more energy efficient systems
The spectacular increase in gas and electricity prices recorded across Europe drove investment in renewable heating systems in 2021. This is one of the reasons heat pump suppliers attributed to the growth in sales of high-capacity units in 2021. According to BSRIA’s latest research, sales increased by an average of 27% compared to the previous year. The jump was much higher in Italy and in the UK, where generous financial incentives are allocated to low-carbon HVAC units. Energy-saving has been an even hotter topic in some markets as some bills have risen fivefold within 12 months in some markets.
The quickest expansion was posted by air-sourced heat pumps, even though water-sourced units tend to be cheaper for the same capacity range. Air-water heat pumps hold 84% of the market in 2021, two points more than a year earlier.
From the countries covered in BSRIA’s investigation of the commercial heat pump segment; Italy, France, and the Netherlands have the biggest volume of units sold, with respectively 713, 300 and 290 air-water and ground/water to water units in 2021. Decarbonization of heat and NZEB Regulation are additional factors that are particularly high on the agenda of local authorities.
BSRIA Worldwide Market Intelligence (WMI) renewed its investigation of the commercial heat pump segment – heat pumps with a heating capacity ranging from 50kW to 350kW – in six key European markets. The analysis on commercial heat pump market was undertaken in Czechia, France, Germany, Italy, the Netherlands and the United Kingdom between December 2021 and March 2022.
