In Europe, the heat pump industry has experienced significant growth in recent years, with sales reaching new record levels as homeowners seek more sustainable heating solutions. This growth was driven by factors such as rising oil and gas prices, government subsidies for energy transition projects, and a shift towards more environmentally friendly heating options.
Asian companies are increasingly looking to establish a foothold in the European heat pump market. Companies like Mitsubishi Electric, Panasonic, LG, Haier, and Midea have recently acquired European companies like Viessmann’s heating technology business and Arbonia’s Climate division. These acquisitions provide Asian companies with access to established European installers and manufacturing facilities, paving the way for further market growth in the region.
While some companies expect a slowdown in sales as the market matures, long-term prospects remain positive with the EU Commission aiming to significantly increase the number of heat pumps installed in Europe by 2030. This anticipated growth presents an attractive opportunity for Asian companies to enhance their market share in Europe.
One company that is already offering heat pumps from both European and Asian manufacturers is Meier Tobler in Switzerland. While they have not yet introduced Chinese heat pumps to their product range, they are open to exploring this option in the future. The quality of Chinese heat pumps is considered good and they could potentially become a key player in the European market in the coming years.
