Europe HVAC Market
In Europe, our analysis focuses on the top five heating markets – France, Germany, Italy, Netherlands, and the UK. Except for gas and electric boilers, the major difference between the two scenarios in the individual countries has mainly to do with the pace of change rather than the direction the market is going.
In terms of CAGR, the largest expected growth is for hydronic heat pumps. For both scenarios, the European heating market is clearly moving toward the electrification of heat. Under the same assumptions, the market for air-air heat pumps is expected to grow although from a relatively small basis, Europe-wide.
This is also true as far as electric boiler sales are concerned even though volumes will remain limited.
Oil boilers have been a declining market for some time. Most oil-heated homes will switch to gas and, to a lesser extent, to heat pumps or hybrid systems – heat pumps backed up by boilers.
The domestic gas boiler market is forecast to shrink moderately because of conversions to hydronic heat pumps, collective heating, and connection to district heating networks. Heat Interface Units will be preferred in new blocks of flats in urban centres.