Summary of our market study

The global heat pump market has grown significantly.

The global heat pump market is booming, and is estimated at 6.04 billion by 2020

The French market is expanding rapidly and is Europe's leading market. The value of heat pump production in the EU has almost doubled, from €1.489 billion to €3 billion in 2021, according to Eurostat.

In France, the value of production has continued to rise significantly, from 179.9 million to 568.6 million in 2020. This growth coincides with growing environmental concerns and escalating energy costs, prompting consumers and public policies to favor more sustainable heating solutions.

While sales of geothermal heat pumps have declined, sales of aerothermal heat pumps have exploded, with a 226.4% increase between 2016 and 2021, reaching 1,011,410 units sold in 2021, mainly air-to-air models.

The sector also reflects a trend towards innovation, with the arrival of connected and hybrid heat pumps.

France's trade balance for heat pumps shows a declining coverage rate, from 474.7% to 114% between 2017 and 2021, while maintaining a surplus over the past five years.

The French market presents a flourishing ecosystem, with 13,318 companies and 108,658 employees in 2021, according to Urssaf data.

Demand trends in the French heat pump market

In France, demand for heat pumps has been influenced by several key factors that reflect both economic and ecological concerns. Among these factors, the cost of domestic heating energy plays a key role. A large majority of French people, around 79%, keep a close eye on their heating consumption.

French consumers seem to prefer heat pump systems to individual electric heating solutions. Air-to-water heat pumps and geothermal heat pumps cost around 8.67 and 7.49 euro cents per kW respectively.

Environmental concerns also play an important role in shaping market demand. Surveys indicate that ecological considerations top the list of reasons for home renovations, even ahead of aesthetic improvements. These sentiments are reinforced by the French government's green policies, such as the Plan Climat 2017, which aims to promote the adoption of less polluting energy solutions such as heat pumps.

Various financial incentives, such as the energy voucher, tax credits for low-income households and a bonus for replacing oil-fired heating systems with renewable alternatives, have been introduced to stimulate demand.

The country's construction and renovation rates are also having an impact on the heat pump market.

The energy renovation bonus has encouraged a large number of French people to consider energy renovations. The seasonal nature of the energy market, linked to climatic variations, influences heating requirements. There is no fixed date for the activation or deactivation of collective heating systems in France. The law stipulates an indoor temperature of around 18 degrees.

Confidence in the product is particularly high among the French population. Heat pumps enjoy a good reputation. An OpinionWay survey reveals that over 80% of those questioned have confidence in this renewable energy system.

Industry heavyweights

  • Groupe Atlantic is a well-known French manufacturer
  • Ariston Thermo is another key player in the global heat pump market - a preferred choice for many people looking for sustainable heating options.
  • The BDR Thermea Group is a well-established Dutch company in the heat pump sector.
  • Bosch offers a range of high-quality heat pumps
  • Vaillant Group and Viessmann are 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), before its merger in 2020 with Raytheon Technologies, offered a complete range of heat pump systems through its various brands
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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 types of heat pumps, with different mechanisms:

  • traditional air/air aerothermal
  • geothermal (transforms energy drawn from the ground)
  • hydrothermal (transforms energy drawn from the water table).

Just like the booming world market, the French heat pump market is growing rapidly. It should be noted that France is the leading European market.

Heat pumps are used in both homes and existing company offices, and are also one of the preferred systems in new buildings and renovations, after the wood-burning stove.the use of heat pumps will account for a growing share of renewable energy consumption in France.

The air-to-air and air-to-water hydrothermal pump segments are the most dynamic in the sector, while the geothermal heat pump segment is in decline.

The market is largely influenced by growing environmental concerns as well as the constantly rising cost of energy for heating a home. 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. through a renewed, increasingly connected and intelligent offer, heat pumps should be able to manage their energy consumption levels even more precisely and appropriately, which is an economic as well as an ecological advantage.


1.2 The European market

We rely on the data provided 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 past decade as it has doubled from €*.*** billion in **** to €* billion in ****.

Value of heat pump production European Union, **** to ...

1.3 The domestic market

The value of French heat pump production has grown significantly over the past ten years, from ***.* million in **** to ***.* million in ****, an increase of ***.*%.

Value of heat pump production France, **** to ****, in million euros Source: ****

The number of geothermal heat pump sales has been steadily decreasing since ****, both water-to-water and ground-linked ...

1.4 Trade balance

We base our analysis on UN Comtrade data using the code ******, which corresponds to heat pumps.

We observe that France has had a surplus balance over the last * years. However, the coverage rate (***) is falling sharply, from ***.*% to ***% between **** and ****. The value of exports is fairly stable at around $*** million. Imports, ...

2 Analysis of the demand

2.1 The main determinants of demand

The * main factors affecting the market are:

The price of energy to heat your home Environmental concerns The implementation of ecological policies Construction and renovation rates in the territory Climate Confidence in the product


The French are very attentive to the amount of their electricity bill. As shown in the ...

2.2 Heating consumption in the tertiary sector

In ****, total heating energy consumption in the tertiary sector amounted to ** TW/h, driven in particular by administration and offices (***). Heating accounted for an average of **.*% of the sector's energy consumption, of which nearly **.*% was for education.

Annual heating consumption in the tertiary sector by branch France, ****, in kWh/m* Source: ...

3 Market structure

3.1 Number of establishments and employees

We rely on Urssaf data using code ****B, which corresponds to the following definition "Installation work for thermal and air-conditioning equipment", which goes beyond heat pumps but offers us insight into the evolution of the market.

The number of companies and employees in this sector has experienced two distinct trends over ...

3.2 Operation of a heat pump

The table below summarizes the operation of a heat pump

3.3 Geographical distribution of establishments

The map below shows the geographical distribution of establishments with NAF code "**.**B: Installation of heating and air-conditioning equipment", which again goes beyond the heat pump market but gives an idea of the geographical distribution.

Geographical breakdown of sales by region for the various types of pump

Auvergne Rhône-Alpes and ...

3.4 Distribution by power and distribution channels

The graph below shows the distribution of geothermal heat pump sales according to their power. It can be seen that the majority of sales are for capacities between * kW and ** kW, which represent half of all geothermal heat pump sales. Next come heat pumps with a capacity of between ** and ** kW ...

4 Analysis of the offer

4.1 Type of products

As previously stated, there are different models of heat pumps. Heat pumps are distinguished according to three criteria, namely their energy source, their thermal diffusion system and the energy source used.

Aerothermal heat pumps

The traditional air-to-air heat pump, which transforms the air in one space to heat it and transfer ...

4.2 An innovative market

The graph below represents the proportion of searches for a given keyword́ in a region and for a specific time period, compared to when the rate of use of that keyword́ was highest (***).

Thus, a value of ** means that the keyword was used less often in France, and a value of ...

4.3 Heat pump prices by product type

According to Observ ER, the prices of the various heat pumps are as follows in ****:

In addition to these different purchase and installation prices, there is the operating cost which varies from *€ to *€ per square meter per year (***).

However, there are many financial aids available to finance the project (***).

5 Regulation

5.1 Regulatory framework

A market subject to European directives

In ****, new European eco-design and energy labeling directives were applied[***].

The European eco-design directive deals with all products that use energy to encourage consumers to buy more energy efficient appliances. It gives a list of criteria to be respected when buying a product so that ...

6 Positioning of the actors

6.1 Segmentation of actors

  • 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
  • Toshiba Climate
  • Toshiba Corporation
  • Thermocold (Ingersoll Rand)
  • Nibe Energy System (Technibel)
  • Stiebel Eltron
  • Panasonic
  • 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
  • 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
  • Vigilance of the French on heating consumption
  • The types of heating that generate the most dissatisfaction
  • Confidence in renewable energy
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Latest news

Saint-Gobain ready to set up in Australia for 2.5 billion euros - 22/02/2024
  • Saint-Gobain proposes to acquire the entire capital of CSR
  • The CSR Group has some 40 production sites worldwide, around 130 sales outlets and 2,800 employees.
  • CSR's total revenues for the 2022-2023 financial year amounted to A$2.6 billion.
  • By 2022, North America and emerging markets already accounted for 62% of Saint-Gobain's operating income, compared with 40% in 2018.
Decarbonization: Idex goes on the offensive - 18/12/2023
  • Idex currently boasts sales of 2.3 billion euros, with EBITDA of around 150 million euros.
  • Idex aims to double its EBITDA within five years.
  • A competitor, Coriance, number four in the French heating network market with sales of 350 million euros, also claims to have the ambition to double in size by 2030.
  • According to Benjamin Fremaux, President of the Idex Group, the heating network market now receives around a dozen bids a year, compared with two or three a few years ago.
  • Idex already has 18,000 buildings in its portfolio.
Samsung launches a real-time translation tool on a future smartphone - 13/11/2023
  • Technology giant Samsung Electronics plans to roll out an artificial intelligence-based real-time translation tool for a new smartphone in 2024.
  • The feature will be available on the next Samsung Galaxy, due for release in early 2024.
  • The translation process will take at least three to four seconds, during which the AI will understand the original content, translate it into another language and verbalize it to the listener.
  • Samsung is also developing its own generative AI model called Samsung Gauss, capable of producing language, code and images.
  • Samsung Gauss will be integrated into a wide range of Samsung products in the near future, although specific details have not been provided.
  • Samsung is the world's biggest smartphone producer, accounting for a fifth of total market sales between July and September, ahead of Apple (16%), according to specialist Counterpoint.
Aldes: Stanislas Lacroix wants to relocate heat pumps to France - 21/10/2023
  • Aldes is a company located in Vénissieux (Rhône).
  • Aldes manufactures air conditioning, ventilation and thermal comfort products.
  • Aldes has twelve plants and employs 2,200 people.
  • Aldes' CEO also chairs Uniclima, the professional federation for air conditioning and ventilation.
  • The French government subsidizes heat pumps to replace gas-fired boilers.
  • The heat pump industry is dominated by Germany in Europe.
  • on a global scale, competitors include Japan, China and the United States.
Heat pumps: how Arkteos, an SME, manages to make a name for itself - 18/10/2023
  • Arkteos, a company active in the heat pump (PAC) market.
  • Arkteos, based in Guérande (Loire-Atlantique).
  • Arkteos closed its 2022-2023 financial year with sales of 21 million euros, an increase of 43%.
  • Arkteos employs 50 people and 20 temporary staff. Arkteos has been owned by a Nordic family holding company since 2015, and 20% by management.
  • Expensive water-to-water (geothermal) heat pump products account for a third of its business.
  • Arkteos is the national leader in the water-to-water (geothermal) heat pump niche.
  • Arkteos has established a BtoB strategy, half with installers, plumbers, heating engineers and electricians, and 50% with distributors and cooperatives.
  • Vendée Sanitherm is Arkteos' first customer.
  • Arkteos works with Mitsubishi for the external part of the heat pump.
  • Arkteos is a partner of Equium, a Nantes-based start-up developing a new generation of compressor-free heat pumps.
Intuis expands its heat pump plant in the Somme region of France - 18/10/2023
  • The Intuis Group has sales of 200 million euros.
  • The company's heat pump production site in Feuquières-en-Vimeu covers 45,000 m2.
  • The company plans to produce 100,000 heat pumps and 200,000 thermodynamic water heaters a year by 2027.
  • Currently, Intuis manufactures fewer than 10,000 heat pumps and around 35,000 thermodynamic water heaters a year.
  • Intuis has invested €25 million in its Feuquières-en-Vimeu plant.
  • The company's heat pumps can cover up to 200 homes.
  • The company's heat pumps are manufactured in France, with at least 50% of the added value generated on French soil.
  • The Intuis group has 6 factories and 5 R&D sites in France. Intuis employs 1,200 people

Companies quoted in this study

This study contains a complete overview of the companies in the market, with the latest figures and news for each company. :

Atlantic Groupe
BDR Thermea (De Dietrich, Remea, Baxi)
Daikin (France)
Vaillant Group (Saunier Duval)
Hervé Thermique groupe
Saint-Gobain Groupe
Carrier Global
Giordano Riello Group (Aermec)
Chappée (BDR Therma)

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