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Global Heat Pump Market 2019April 2020

BSRIA reports 4.5 percent growth in global hydronic heat pumps sales in 2019. 

Complementing the release of its global AC reports that include analysis of the air to air heat pump markets, BSRIA has released the latest series of research on the hydronic heat pump markets. 

Newly released global market overview covers 22 countries worldwide.

BSRIA hydronic Heat Pump studies cover ground-source heat pumps, air to water split heat pumps, air to water monobloc heat pumps, exhaust air to water heat pumps and air to water cylinder integrated heat pumps (heat pump water heaters). The studies provide a full understanding of the latest market trends in terms of sales development by product type, price evolution, structure of the supply, long-term forecast and analysis of driving forces.

Market Overview

Year-on-year, sales of heat pumps – all hydronic types - increased 4.5 percent in 2019 to an estimated 2.7 million units. Sales revenues increased to 5.24 billion EUR, up 9.0 percent compared to the previous year. The global picture indicates that the growth is mainly supported by the fast acceleration of the demand across Europe, even though China still accounts for the largest share of the global market. Air-to-water types clearly account for the bulk of sales in all the regions covered.

Aline Breslauer, Senior Consultant at BSRIA, said:

“Our colleagues from BSRIA’s China Office report that the market there starts to show the impact of the slowdown of China’s economy. The Chinese government is looking to reduce its financial support after the boom in the demand for subsidies registered over 2016-2017 and cheaper heating alternatives are now gaining ground at the expense to air-to-water heat pumps. In 2019 the Chinese heat pump market dropped 1.7 percent in volume terms to 1.8 million units. Heat pumps for domestic water heating still lead the demand.”

In Europe, stricter regulations related to building standards have paved the way to a strong expansion of the market. Sales in major European countries posted an increase of nearly 20 percent and reached over 830 thousand units. The market has been valued at 3.1 billion EUR.  Many EU member states offer financial support for heat pumps to incentivize the replacement of old boilers; this has been one of the major factors for growth in countries like France, the UK, the Netherlands and Italy.  Increased installation of hybrid heat pump-boiler systems is another mark of a steady move away from fossil fuels.

While the popularity for ground/water to air heat pumps has been on an upward trend in the US, the hydronic heat pumps’ awareness for space and/or water heating remains limited across the country. The local market is largely represented by cylinder-integrated heat pumps for hot water. Adoption of new building standards in California has pushed this market segment which in total grew by 13.8%.


Regional analysis of heat pump sales in 2019 - Source: BSRIA
Annual growth rates 2019/18 by product and region - Source: BSRIA


The BSRIA’s Heat Pump studies are an essential tool to help HVAC systems and components manufacturers keep track of the market and to support them in making strategic business decisions. 


For more information, please contact:

• Heat pumps: Aline Breslauer, Senior Researcher, BSRIA WMI

Americas sales enquiries: BSRIA USA: sales@bsria.com ¦ +1 312 753 6803 www.bsria.com/us

China sales enquiries: BSRIA China: bsria@bsria.com.cn ¦ +86 10 6465 7707 www.bsria.com.cn

All other sales enquiries: BSRIA UK: wmi@bsria.co.uk ¦ +44 (0) 1344 465 540 www.bsria.com/uk