Energy, components, and skilled installers on high demand
The reopening of all sectors of the economy around mid-2021 intensified the demand for raw materials. HVAC producers as well as producers in other industries were all running low on steel, aluminium, brass, and copper, which are required for the production of valves, compressors, pumps and electronic components.
The rush to put the production engine back on track turned the energy market upside down. With gas storage at low levels due to Covid-lockdowns, energy prices reached historical highs over summer 2021 and of course the pressure is only intensifying in 2022. This was another trigger for households and public authorities to invest in heat pumps.
With very high demand and low supply at the same time, heat pump suppliers, particularly in Europe, faced up to 6-month delays for their products to be delivered, whilst attracting staff and trained installers continues to be challenging.