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Summary of our market study
The global heat pump market is valued at over 6 billion dollars
The French market is expanding rapidly and is Europe's leading market.
The value of heat pump production in the EU has almost doubled to over 3 billion euros.
In France, the value of production exceeds 600 million euros. Its growth coincides with growing environmental concerns and escalating energy costs.
While sales of geothermal heat pumps have fallen, sales of aerothermal heat pumps have more than doubled to over 1 million units, mainly air-to-air models.
The sector is innovating with the arrival of connected and hybrid heat pumps.
France has a trade surplus in heat pumps.
The sector counts over 13,000 companies and employs over 110,000 people.
Demand for heat pumpsis mainly influenced by the cost of domestic heating energy. 80% of French people keep a close eye on their heating consumption. Air-to-water heat pumps and ground-source heat pumps cost around 8.67 and 7.49 euro cents per kW respectively.
Heat pump systems are considered better than individual electric heating solutions by 80% of French people.
Various government financial incentives, such as energy cheques, tax credits for low-income households and a bonus for replacing oil-fired heating systems with renewable alternatives, have been introduced to stimulate demand.
Players in the heat pump sector
- Groupe Atlantic is a renowned French manufacturer
- Ariston Thermo, a key player in the global heat pump market
- BDR Thermea Group is a Dutch company with a strong presence in the heat pump sector.
- Bosch offers a range of heat pumps
- Vaillant Group and Viessmann, German companies with a rich heritage in the heating, ventilation and air-conditioning industry.
- Other major players include Systemair and Lennox International
- UTC (United Technologies Corporation) offers a complete range of heat pump systems under various brand names
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Summary and extracts
1 Market overview
1.1 Market definition and presentation
Heat pumps are an ecological and economical solution for heating and cooling your home. They are based on a thermodynamic system that transforms energy from a cold environment into heat for the space to be heated.
There are several different types of heat pump, with different mechanisms:
- traditional air-to-air aerothermal
- geothermal (transforms energy drawn from the ground)
- hydrothermal (transforms energy drawn from groundwater).
The global heat pump market is booming. Estimated at $68.71 billion in 2024, it should reach $109.66 billion by 2029, recording a CAGR of 9.8% over the period 2024-2029. Similarly, the French heat pump market is experiencing very strong growth, making it the European market leader.
Heat pumps are not only used in homes and existing corporate offices, but are also one of the preferred systems in new-build and renovation projects, after wood-burning inserts and stoves. Heat pumps will account for a growing share of renewable energy consumption in France.
Air-to-air and air-to-water hydrothermal heat pumps are the fastest-growing segments, while geothermal heat pumps are in decline.
The market is largely influenced by growing ecological concerns, as well as the ever-increasing cost of energy to heat homes. The sector is also largely dependent on the public sphere and policies that can stimulate the use of more environmentally-friendly energy solutions.
Innovation also represents a real growth driver for the market. with a renewed, ever more connected and intelligent offering, heat pumps should be able to manage their energy consumption levels even more precisely and appropriately, an economic as well as an ecological advantage.
1.2 The European market
We base our analysis on data supplied by Eurostat using the code ********, which corresponds to the following heading: "Heat pumps (***)"
The value of heat pump production has been growing rapidly over the last ten years, almost tripling from *.*** billion euros in **** to *.* billion euros in ****. Between **** and **** , growth is set to ...
1.3 The domestic market
The value of French heat pump production has risen sharply over the past decade, from €***.* million in **** to €***.* million in ****, an increase of ***.*%, to almost double to €*,*** billion in ****.
Value of heat pump production France, **** to ****, in millions of euros Source: ****
Ground-source heat pumps
The number of sales of geothermal heat ...
1.4 Balance of trade
We base our analysis on UN Comtrade data, using HS code ******, which corresponds to "Heat pumps (***)".
We can see that France has had a surplus balance for the last * years, even if this has fallen sharply since ****.
The value of exports is fairly stable at around $*** million (***). Imports, on the other ...
2 Demand analysis
2.1 The main determinants of demand
In ****, the * main factors affecting the market are :
Value for money Future prospects for heat pumps, Thermal efficiency and comfort, Ecological concerns,
The French have a very good image of air-to-water heat pumps France, ****, %, French people have a very good image of air-to-water heat pumps BVA-xsight
Value for money
The French ...
2.2 Heating consumption in the commercial sector
In ****, total heating consumption in the tertiary sector stood at ** TWh, driven in particular by offices (***). On average, heating accounted for **% of the sector's energy consumption, including nearly **% for the education sector.
Annual tertiary sector heating consumption by branch (***) France, ****, in Twh Source: ****
Share of heating in total energy consumption by ...
3 Market structure
3.1 Number of establishments and employees
We rely on Urssaf data using code ****B, which corresponds to the following definition "Travaux d'installation d'équipements thermiques et de climatisation", which goes beyond heat pumps but gives us an insight into the evolution of the market.
The number of companies and employees in this sector has seen two distinct ...
3.2 How a heat pump works
The table below summarizes how a heat pump works.
3.3 Geographical distribution of plants
The map below shows the geographical distribution of establishments with NAF code "**.**B: Travaux d'installation d'équipements thermiques et de climatisation", which again goes beyond the heat pump market, but gives an idea of the geographical distribution.
Source: ****
Auvergne-Rhône-Alpes and Brittany (***).
Main regions for geothermal heat pump sales France, ****, in ...
3.4 Distribution by power and distribution channel
The graph below shows the breakdown of geothermal heat pump sales by power rating. Power ratings between * kW and ** kW, and between ** kW and ** kW, will have an almost equal share of the market in ****, at around **%. Despite this, there will be a drop of * percentage points in the first segment ...
4 Offer analysis
4.1 Product typology
As previously stated, there are a number of different heat pump models. Heat pumps are distinguished according to three criteria: the energy source, the thermal diffusion system, and the energy source used.
Aerothermal heat pumps
The traditional air-to-air aerothermal heat pump, which transforms the air in one space to heat it ...
4.2 An innovative market
The graph below represents the proportion of searches for a given keyword́ in France over the last * years, compared to when the rate of use of this keyword́ was highest (***). Thus, a value of ** means that the keyword has been used less often in France, and a value of * means that ...
4.3 Heat pump prices by product type
According to Observ ER, heat pump prices in **** will be as follows:
In addition to these various purchase and installation costs, there's the running cost, which varies from around €* to €* per square metre per year (***).
Prices for ground-source heat pumps will rise by an average of *% between **** and ****. Air-source heat pumps, ...
5 Regulations
5.1 Regulatory framework
A market subject to European directives
In ****, new European eco-design and energy labeling directives were implemented[***] :
The European eco-design directive deals with all energy-using products to encourage consumers to buy more energy-efficient appliances. It sets out a list of criteria to be met when purchasing a product to ensure that it ...
6 Positioning the players
6.1 Player segmentation
- Atlantic Groupe
- BDR Thermea (De Dietrich, Remea, Baxi)
- Daikin (France)
- Vaillant Group (Saunier Duval)
- Systemair
- Comafranc
- Richardson
- Hervé Thermique groupe
- Saint-Gobain Groupe
- Carrier Global
- Giordano Riello Group (Aermec)
- Chappée (BDR Therma)
- Intuis (Muller Groupe)
- Airton
- Beretta clima (Carrier)
- Bosch Thermotechnology
- BSB Europe (Broad group)
- Weishaupt
- Warmpac
- Warmpool
- Viessmann (France)
- Toshiba Climate
- Toshiba Corporation
- Thermocold (Ingersoll Rand)
- Nibe Energy System (Technibel)
- Stiebel Eltron
- Panasonic
- SCAAF
- Saunier Duval (Groupe Vaillant)
- Samsung Electronics France
- BAXI Boilers
- Chaffoteaux (Ariston)
- Ariston Thermo
- CIAT (Carrier)
- Riello (Carrier)
- EID
- Erset
- Frisquet
- Heliopac
- Johnson Controls
- Kuthe
- LG Electronics France
- Mitsubishi Electric
- MTA Cooling Conditionning
- Nextherm
- REMKO
- Lennox International
- Airwell (Systemair Groupe)
- Alpha Innotec (Nibe Group)
- Bosch
- Systemair Groupe
- Rexel
- Arkteos (Actidis Groupe)
- Aldes Aerolique
- Idex
- Arkeon Energy Systems
- Xterma Energies
List of charts presented in this market study
- Value of heat pump production
- Breakdown of heat pump production value
- France's watchful eye on heating consumption
- Heating systems that generate the most dissatisfaction
- Confidence in renewable energies
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Latest news
Atlantic to invest 75 million euros in five new R&D centers - 03/10/2024
Saint-Gobain strengthens its position in construction chemicals in Mexico and Central America - 16/08/2024
- Acquisition of FOSROC by Saint-Gobain for almost one billion euros.
- Saint-Gobain acquires the Mexican group OVNIVER/Cemix for $815 million (around 742 million euros).
- Cemix should generate sales of $285 million this year, with an operating margin approaching 22%.
- Cemix has 16 plants and around 1,000 employees. Saint-Gobain generated sales of 1.5 billion euros in the Mexico-Central America zone last year, out of a group total of almost 48 billion euros.
- With the integration of Cemix, Saint-Gobain's pro forma sales in construction chemicals will amount to 6.5 billion euros.
- Saint-Gobain is present in 76 countries in the field of construction chemicals.
- The Group has made around 30 acquisitions in construction chemicals since 2021.
- Acquisition of CSR in Australia for 2.7 billion euros, Saint-Gobain's largest acquisition in 20 years.
Heat pump specialist Atlantic to open its fourteenth factory - 22/07/2024
- Number of Atlantic Group plants in France: 13.
- Expansion project: a fourteenth site dedicated to the manufacture of heat pumps.
- Location of new site: Grand-Chalon area.
Heat pumps: Saunier Duval downsizes in Nantes - 16/07/2024
- Redundancy plan (PSE) covering 250 jobs at its Nantes plant, which employs 750 people at the production unit and 950 in total.
- Capacity of 120,000 heat pumps
- Current production below
- the heat pump market is suffering not only from the real estate crisis, but also from inflation and political instability.
- According to the trade organization Uniclima, 306,000 air-to-water heat pumps will be sold in France in 2023, representing a 14% drop compared with 2022.
Home appliances: Bosch interested in Whirlpool - 27/06/2024
- - Market capitalization of Whirlpool approx. $4.8 billion (€4.5 billion).
- - Electrolux announced the elimination of 8% of its workforce, or 4,000 jobs, and cost-cutting measures, particularly in the United States.
- - Whirlpool owns 25% of Beko Europe, while Arcelik (renamed "Beko") holds 75%.
- - BSH, Bosch's household appliance division, plans to cut 3,500 jobs by 2027, including 1,000 this year.
Saint-Gobain buys construction chemicals company Fosroc for 960 million euros - 27/06/2024
- Purchase price of Fosroc by Saint-Gobain: $1.03 billion (approximately 960 million euros)
- - Year Fosroc founded: 1972
- - Fosroc's geographical presence: strong, particularly in India, the Middle East and Asia-Pacific
- - Expected sales for Fosroc in 2024: $487 million
- - Total projected sales for Saint-Gobain in the building chemicals sector after acquisition: €6.2 billion in 73 countries
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