SpencerMayes
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Company & Industry News
Global heat pump market slow but progressing in 2023
The global market for hydronic heat pumps has grown modestly by 1% in 2023.
Growth has been generated by markets with long history of heat pump deployment, like Japan and Sweden, where replacement market has become mature, but also by Germany where high gas prices combined with policy and financial support have created a soaring market in 2022 and in the first half of 2023. Among the more recent newcomers United States, the Netherlands and the UK have also seen dynamic development of the hydronic heat pump sales.
The top performers from the last couple of years fared less well in 2023. China, which accounts for the largest share of the global hydronic heat pump market, remained subdued and did not grow. Most market segments have declined slightly, but growth recorded in the monoblock segment prevented the overall market decline. Read more