The heat pump market - Italy (2024)

1.2 World and European market

In ****, the value of the global heat pump market reached a total value of $**.* billion. Sustained growth in the industry is expected in the near future. A compound annual growth rate (***) of *.*% is expected between **** and ****. By the end of the period, the global heat pump market could reach a total value of $***.* billion.

Heat pump market World, ****-****, in billions of dollars GrandViewResearch

As for Europe, the heat pump market shows sustained growth between **** and ****. While the total number of heat pumps sold was ***,*** in ****, * million heat pumps were sold in Europe in ****. While between **** and **** the growth is ***%, between **** and **** this is **.*%.

Europe heat pump sales trend Europe, ****-****, thousands of units Source: ****

In ****, France, Italy and Germany together collected nearly ** percent of the total heat pumps sold (***). Specifically, ***,*** heat pumps were sold in France; ***,** in Italy; ***,*** in Germany.

Heat pump sales by country Europe, ****, thousands of units Source: ****

1.3 Italian market

As for the Italian market, between **** and ****, the total turnover of the industry active in the manufacture of furnaces, burners and heating systems (***), is on the rise. During the period analyzed, total turnover increased from *.** billion euros to *.** billion euros, marking an increase of **.* percent. As shown in the graph below, growth is especially concentrated between **** and ****, when in a single year total turnover grew by **.*%. Total turnover of the industry active in the manufacture of furnaces, burners and heating systems Italy, ****-****, in billion euros Istat Between **** and **** there is also, an increase in the value of production sold of heat pumps. During the period analyzed, the total value increased from **.* million euros in **** to ***.* million euros in ****. However, while between l **** and **** the growth was ***.* percent, between **** and **** this drops by **.* percent. Between **** and ****, however, it is possible to show a recovery in the industry, with the value of production sold growing by **.* percent.

Value of production sold of heat pumps (***) Italy, **** Istat As for the air conditioning sector, heat pumps recorded the largest increase in volume and value in ****/****, at **.*% and **.*% respectively. Increase in volume and value of sales of air conditioning products Italy, ****-****, % Assoclima

1.4 Import - Export

To understand the value of heat pump imports and exports in Italy, the HS code ,of the United Nations statistical database, ****** "heat pumps," was considered.

Between **** and ****, Italy's trade position changed from net exporter of heat pumps to net importer. In fact, as shown by the trend in the export coverage ratio, which is determined by the ratio of exports to imports multiplied by ***, this went from ***.* percent in **** to **.* percent in ****. As for exports, between **** and **** the total value increased from $***.* million to $***.* million marking an increase of **.* percent. During the same period, the value of imports grew by ***.*%, from $***.* million to $***.* million.

Import - Export of heat pumps Italy, ****-****, in million dollars and % Uncomtrade

In terms of exports, France is Italy's main trading partner in ****, collecting **.*% of the total export value. It is followed by Spain, Poland and Germany with shares of **.* percent, *.* percent and *.* percent, respectively. Main destination countries for heat pump exports Italy, ****, % Uncomtrade Regarding imports, China is the main supplier of heat pumps to Italy: the country contributes **.*% of total Italian imports. It is followed by Germany, France and the Czech Republic, which contribute **.* percent, **.* percent and *.* percent of the total value of imports, respectively. ...

1.5 The consequences of the Russian-Ukrainian conflict

The outbreak of the Russian-Ukrainian conflict in February **** led to, among other things, a general increase in price indexes. The segment related to heating systems and air conditioners is not exempt. Between January **** and January ****, the consumer price index for this sector increased by ** points. This means that over a **-month period, prices increased by an average of ** percent. However, while between January **** and June **** the increase stands at **.* percent, between June **** and January **** there is a decrease of *.* percent. Compared to ****, prices increased by an average of **.*%.

Consumer price index for heating appliances and air conditioners Italy, ****-****, base ****=*** Istat

The increase in consumer prices is merely a reflection of the increase in producer prices. As for the industry active in the manufacture of furnaces, burners and heating systems between January **** and December ****, there is an increase in the producer price index of **.* points. This means that over a period of ** months, production costs increased by an average of **.* percent. Compared to ****, producer prices increased by **.*%. Producer price index for the manufacture of furnaces, burners and heating systems Italy, ****-****, base ****=*** Istat

2.1 Demand in Italy

The total volume of heat pump sales in Italy is increasing rapidly. Between **** and ****, the total number of units sold increased from ***,*** to ***,***, marking an increase of ***.* percent. The increase is especially concentrated between **** and ****, when thanks to the introduction of various tax bonuses aimed at energy efficiency, the total sales volume grew by ***.*% in just two years.

Heat pumps sold Italy, ****-****, in thousands Key*Biz

In ****, heat pumps with power between * and **kW garnered more than half of total sales (***). This was followed by hybrid systems with **% and heat pumps with power between ** and **kW with *%. Finally, heat pumps with power ratings above ** kW accounted for just *% of total sales recorded in ****. Type of heat pumps sold Italy, ****, % Assoclima As for hybrid systems, there is a sustained growth in the number of units sold between **** and ****. During the period analyzed, the total volume of sales increased from **** in **** to more than ***,*** in ****, marking an increase of ****.*%. In particular, the increase is concentrated between **** and **** (***): in **** sales grew by ***.*% compared to **** and in **** by ***.*% compared to ****. Sales volume of hybrid systems Italy, ****-****, in thousands of units Assoclima it is good to note that most electricity, ** percent, is used in ...

2.2 Demand drivers

The price increase for electricity is one of the main drivers of demand for heat pumps. In fact, they consume **% less electricity than a conventional system. Specifically, between January **** and July ****, there was a price increase of ***.*%. However, between July **** and December **** there is a price decline of **.*%. In December ****, the price for electricity shows an increase of ***%. Electricity price trend Italy, ****-Aug****, €/kWh Newsauto according to a survey by Green Media Lab, issues concerning the state of health of the planet are considered very important by **.* percent of Italians, followed - but at a great distance - by social issues, which are very important for **.* percent and finally by economic issues (***) say they are more sensitive to environmental issues. Also according to the survey, **.*% of Italians are aware of an average of ** SDGs, and the best known are again the environmental ones: SDGs ** fight against climate change: **.*% SDGs * clean and affordable energy: **.*% SDSs * defeating hunger: **.*% How important are the different issues to Italians Italy, ****, percent Source: Green Media Lab New construction Ne**** extraordinary maintenance in the residential sector garnered **.* percent of total investment in the construction sector. This was followed by non-residential construction by private individuals and non-residential construction by ...

2.3 Geographical distribution of demand

In order to visualize the geographical distribution of demand for heat pumps in Italy, two maps were created with the geographical distribution of investments eligible for the Superbonus deduction and the geographical distribution of the Google Trends index of interest for the search "Heat Pumps."

Regarding the first aspect, as of January ****, the Northwest of the peninsula collected almost */* of the total Italian investments (***). This is followed by the Northeast and the South, with shares of **.*% and **.*%, respectively. In the Center, total investment stands at **.* percent of the national total while in the Islands the share drops to just *.* percent of the total.

Regarding the index of interest, between **** and ****, the Islands recorded the highest value of the Google Trends index for heat pump search, amounting to ** out of ***. This is followed by the Northwest and the Center where the recorded values are ** and **, respectively. Finally, the Northeast and the South record the lowest values: in the former the value is ** while in the latter it drops to **.

3.1 The market structure

In order to analyze the structure of the heat pump market in Italy, active enterprises under Ateco Code **.**.* "Manufacture of heating boilers" are analyzed, which also include enterprises active in the production of heat pumps. In particular, trends in the number of active enterprises, the number of employees in the industry and the legal form of different activities are analyzed.

Number of enterprises

Between **** and ****, there is substantial stability in the number of enterprises active in the industry. During the period analyzed, the total number of active enterprises increased from *** in **** to *** in ****. However, the trend is rather up and down during the entire period: between **** and **** there is an increase of *.*%, between **** and **** a decrease of *.*%, between **** and **** a new increase of **.*%, and finally between **** and **** a new decrease of *.*%.

Active enterprises under Ateco Code **.**.* "Manufacture of heating boilers" Italy, ****-****, in number Istat

Employees Regarding the total number of employees in the industry, there is an increase between **** and ****. During the period analyzed, the total number of employees increased from **** to ****, marking an increase of *.*%. However, while between **** and **** there is a contraction of *.*%, between **** and **** the number of employees grows by **.*%. Employment in enterprises under Ateco Code **.**.* "Manufacture ...

3.2 The value chain

The value chain in the heat pump market, describes the various steps that contribute to value creation in the process of heat pump production, distribution and installation. This model helps identify how each actor contributes to the quality, efficiency and sustainability of the final product. The different stages in the chain include:

Research and Development (***): critical for technological innovation, energy efficiency and reduced environmental impact. In this phase, new heat pump models are designed and tested to meet the growing market demands for sustainability and performance. Material procurement: selection and purchase of quality and sustainable materials, including electronic components, environmentally friendly refrigerants, and insulation and construction materials. Manufacturing: assembly of heat pumps, which includes the manufacture of major components such as compressors, heat exchangers, and control systems. The efficiency of the production process directly affects the quality and cost of the final product. Quality control: rigorous testing of each manufactured unit to ensure that it meets safety, efficiency, and reliability standards before being released to the market. Logistics and distribution: supply chain management to transport heat pumps from production sites to distributors, retailers, or directly to consumers, optimizing time and reducing the environmental impact of transportation. Marketing and sales: promotion of ...

3.3 The main manufacturers

The following is a list of major heat pump manufacturers in the Italian market:

Samsung Electronics Italia s.p.a: founded in South Korea in ****, is a leading multinational in the field of consumer electronics and technology. Known primarily for its smartphones, televisions, and semiconductors, Samsung has also made a name for itself in the heating, ventilation, and air conditioning (***) solutions market, including the production of innovative heat pumps. Samsung's heat pumps are designed to offer efficient and sustainable solutions for heating, cooling, and domestic hot water in both residential and commercial settings. These systems use advanced technologies to maximize energy efficiency, reduce operating costs and minimize environmental impact, thus supporting sustainability and living comfort goals. The company continually engages in research and development of cutting-edge technologies, such as smart control systems and renewable energy-based solutions, to meet the growing needs of markets that are increasingly focused on energy efficiency and ecological impact. Samsung aims to complement its technological expertise with innovative HVAC solutions to create more comfortable, healthy and sustainable living and working environments.

Ariston s.p.a: stands out in the heat pump sector by offering advanced solutions for heating, air cooling and domestic hot water production, aiming for ...

4.1 Products offered

A heat pump is a device used to transfer heat from one place to another by exploiting the thermodynamic properties of a refrigerant fluid. It works on a principle similar to that of a refrigerator, but in reverse. Instead of removing heat from inside a refrigerator and releasing it outside, a heat pump removes heat from an external source (***) and transfers it inside a building to heat it. Heat pumps are considered a very efficient and environmentally friendly method of heating and cooling because they use less electricity than conventional methods. They are particularly efficient in moderate temperature environments, but recent technologies have significantly improved their effectiveness even in extreme weather conditions. There are various types of heat pumps, including:

Water-to-Water Air-Water Air-to-Air Geothermal Absorption

Source: ****

4.2 Prices and trends

Heat pump prices vary according to power, type, and accessories.

In addition to the cost of the pump, we need to consider the cost of installing the heat pump. According to the site Ernesto.it the price on Italian soil varies from a minimum of *** € to a maximum of ** thousand € for there installation. The cost varies greatly depending on the labor required and the time to install. For example, an air pump requires no piping and can be installed independently in many cases; the budget is around € **** to €* *** for labor. Expect to spend about €**** in labor costs for a geothermal unit, as it will take at least three days of work by a team of specialists to install the pipes and the entire system.

5.1 Regulations

ISO **** is the international standard to which European standard EN *** corresponds, which establishes requirements for the safety of people and property, provides guidance for environmental protection, and sets out procedures for the operation, maintenance and repair of refrigeration systems. This term in the European standard also refers to heat pumps. The European standard EU *** is implemented in Italy with UNI EN ***, specifically:

UNI EN ***-* The first of the four parts of this standard specifies the classification and selection criteria that can be applied to refrigeration systems. This set of criteria is used in parts *, * and *. UNI EN ***-* The second of the four parts of UNI EN *** covers the design, construction and installation of refrigeration systems. Piping, components and materials are also included in this section. Requirements for testing, commissioning, marking and documentation are also specified here. The second part also includes additional materials not directly associated with these systems, e.g., fans, motors, electric motors, and drive assemblies for open compressor systems. UNI EN ***-* The third part of the standard specifies installation site requirements (***) for all aspects affecting safety, required because of the refrigeration system and ancillary materials. UNI EN ***-* The fourth part of the standard still ...

5.2 The incentives

Incentives on the purchase of a heat pump in **** see reconfirmed the tax benefits provided by the Renovation Bonus, the Ecobonus and, in part, the Superbonus, for which the rate drops to ** percent. Thus, the Budget Law **** once again allows you to benefit from attractive tax deductions if you decide to install a new air conditioning system equipped with a heat pump, which can ensure a reduction in consumption and environmental impact. Specifically:

l Renovation Bonus provides a **% deduction in case of replacement of the old system with a new one with heat pump in a context of building renovation, pursuant to Article **-bis of Presidential Decree ***/**. On the other hand, the ** percent Ecobonus is granted for expenses incurred in case of replacement of heating and domestic hot water production systems with systems equipped with a heat pump or heat pump water heater, or even hybrid heating systems. This second deduction applies even without renovation work. The Ecobonus **% (***) by a qualified technician.

6.1 Segmentation

• Ariston s.p.a
• Riello s.p.a
• Ferroli s.p.a
• Unical AG s.p.a
• Samsung Electronics Italia s.p.a
• Robert Bosch s.p.a
• Daikin Air Conditioning Italy s.p.a
• Hitachi Energy Italy s.p.a