Heat pumps strong in Europe as global market cools
According to the BSRIA World Heat Pump Study 2019, the worldwide heat pump market recorded sales in units of slightly over 3 million units which was a slight decline from 2017. Following a record year in 2017 with sales jumping 18%, in 2018 the global market was down by 3.3% in volume terms.
But in Europe, sales of heat pumps accelerated in 2018 reaching almost 650,000 units. This is a 12.9% increase from the previous year, which is gives a sales value of 5.1 billion euros
Aline Breslauer, senior market intelligence analyst, BSRIA, says: “The global heat pump market suffered from the slowing economy in China in 2018. The recent US-China trade war has put more pressure on the local economic expansion, leading to rising prices on raw materials and a slower new residential construction market. The environmental measures to reduce CO2 emissions have kept supporting the heat pump market although the competition from gas boiler is increasing in the country.”
Air-source units maintained strong growth rates with splits systems increasing at the fastest pace: +19.1% by volume followed by monobloc (+18.2%). Air-sourced units designed to produce sanitary hot water only were on the rise in 2018 too mostly driven by the demand from the French market.
The promotion of Heat pumps has been supported at a European level by the Building Regulation Directive, which has the objective of limiting the average energy consumption in most new buildings. Sales are primarily being driven by residential buildings applications.