Summary

The global heat pump market has exhibited substantial growth between 2020 and 2026, with the market size expanding from $6.04 billion in 2020 to a projected $10.411 billion by 2026, representing a CAGR of 9.5%. The European market has mirrored this expansion, with the production value of heat pumps doubling in the EU from 1.489 billion euros in 2011 to 3 billion euros in 2021, dominated largely by Sweden, France, and Germany. Specifically, in Spain, the production value of heat pumps increased dramatically from 28,084 million euros in 2011 to 191,882 million euros in 2021. Spain's real estate market comprises predominantly buildings with more than 10 apartments (47.41%), with an 80.6% heating system penetration rate in Spanish homes as of 2021. The Spanish government is aiming to diversify the energy mix by 2030, slashing fossil fuel usage by 34% and almost doubling the share of renewables. This regulatory push, together with subsidies for heat pump installations and a thriving real estate sector, suggests a robust demand for heat pumps in Spain, contributing to the overarching growth in the heat pump market..### Trends and Analysis of the Spanish Heat Pump Market The Spanish heat pump market has shown robust growth over the past decade. The demand for heat pumps within Spain has surged dramatically, with a focus on residential use, which comprises over 90% of the installed units. The market's expansion is closely tied to the increasing ecological concerns and energy cost-saving needs of consumers. The production value of heat pumps in Spain tells an optimistic story, with a rise from approximately 28 billion euros in 2011 to nearly 192 billion euros in 2021. This represents a significant overall growth of about 580% within the span of a decade and an average annual growth rate of over 20%. Post-2015, there has been a sharp increase in production acceleration, indicating a vigorous industry amidst a rapidly developing market. Globally, the heat pump market size mirrors this expansionary trend, with figures rising from around 6 billion dollars in 2020 to an estimated 10 billion dollars by 2026. The projected Compound Annual Growth Rate (CAGR) of about 9.5% from 2020 to 2026 underlines the increasing vitality of heat pumps in the global energy sector. The segmentation of the market reveals that air-air systems are the most popular type of heat pumps in Spain, representing nearly 99% of the pumps installed in 2021. The preference for reversible systems capable of providing both heating and cooling is clear, as almost all consumers opt for this versatile solution. Geothermal heat pumps, however, represent a mere fraction of installs, distinguishing aerothermal solutions as the dominant technology in the region. Subsidies have played a role in the adoption rates, with various grants available to private individuals and sectors. These financial incentives, reaching up to several thousand euros per dwelling, have undoubtedly stimulated further growth in the heat pump market. Spanish homes are also well equipped with heating systems, with over 80% featuring some form of heating unit. This established infrastructure potentially paves the way for further heat pump integration. Conversely, air-conditioning equipment is present in only half of the Spanish homes, presenting an untapped market potential for heat pumps serving as cooling solutions. Innovation and government regulation are central to market dynamics. With a push towards more energy-efficient and connected systems, the market responds by prioritizing smart, hybridized heat pump solutions, utilizing natural refrigerants in line with environmental regulations. Manufacturing powerhouses like Daikin, Fujitsu, and LG, alongside other key players, are actively contributing to satisfying.### Key Players Shaping the Spanish Heat Pump Landscape The Spanish heat pump market is characterized by a dynamic mix of well-established and emerging players, each contributing to the evolving landscape of this eco-friendly and economically sensible heating and cooling solution. Among the prominent names poised to influence the sector are Daikin AC Spain SA, Saitsu, Fujitsu Technology Solutions SA, General, Haier Iberia SA, Kaysun, LG, Mitsubishi Electric, Panasonic, and Samsung Iberia. Each company brings its unique strengths and innovations to the table, navigating the market with their distinguished product offerings and technological advancements. **Daikin AC Spain SA** stands out as a prime player with a comprehensive range of heat pumping systems, leveraging on a global reputation for quality and reliability. Their advanced solutions cater to a wide spectrum of climate control needs, underlining their commitment to energy efficiency and user comfort. **Saitsu**, although their financial figures remain undisclosed, is recognized for its contribution to the growing demand for heat pumps. By focusing on specialized technology and customer-oriented designs, Saitsu's offerings are tailored to meet the specific requirements of the Spanish market. **Fujitsu Technology Solutions SA** emerges as another significant contributor, with a heritage that spans across various technology sectors. Their heat pumps are known for integrating seamlessly with smart home ecosystems, bringing sophisticated yet user-friendly climate control to modern homes and businesses. In a similar vein, **General** continues to maintain a competitive edge by offering a range of durable and effective heat pump systems that promise to deliver performance and comfort to their users. **Haier Iberia SA**, as part of a global conglomerate, provides innovative heat pump solutions that resonate with consumers looking for smart and integrated home appliances. **Kaysun** shines with its focus on delivering high-quality, energy-efficient heat pump systems, designed to cater to the evolving needs of environmentally-conscious consumers. **LG**, a household name in electronics, also plays a strong role in the heat pump market, offering a blend of stylish design and cutting-edge technology to provide convenient and effective climate control options. Contributing its share of expertise is **Mitsubishi Electric**, renowned for its advanced engineering and commitment to sustainability, delivering a line of heat pumps that boast high performance and eco-compatibility. With **Panasonic**, customers expect to find reliability coupled with technological innovation, ensuring that their heat pump systems are not only effective but also contribute to a greener and more energy-efficient world. Lastly, **Samsung Iberia** stakes its claim in the market with a

The heat pump market - Spain

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Number of pages : 30 pages
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Last update : 06/07/2023

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Summary and extracts

1 Market overview

1.1 Introduction

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 the water table).

Like the booming global market, the French heat pump market is also growing rapidly. France is Europe's leading market.

Heat pumps are used in homes as well as in today's corporate offices, and 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.

2 Demand analysis

3 Market structure

4 Offer analysis

5 Regulations

6 Positioning the players

6.1 Segmentation

Leroy Merlin Espagne
Samsung Group
LG Electronics Deutschland
J.Corradi
Stuv
Thermor
Tradesa
Ev confort
Ducasa
Haverland
ACV
Wolf
Baxi
Junkers
Kaysun

List of charts

Value of heat pump production
Breakdown of heat pump production value
Spanish production of heat pumps
Growth forecasts for the global heat pump market
Distribution of housing types in Spain
Property/household breakdown
Main dwellings with heating systems in Spain
Main dwellings with air conditioning in Spain
Spanish foreign trade in heat pumps
Main destinations for Spanish heat pump exports
Main sources of Spanish heat pump imports
Spanish primary energy mix
Energy savings forecast by sector in Spain
Energy savings targets in Spain through government measures - residential sector
Number of heat pumps installed in Spain
Average price of an aerothermal system installation in Spain
Average price of a heat pump
Average price for labour and materials, air-source heat pump installation
Buildings equipped with heat pumps by sector, among equipped buildings
Aerothermal or geothermal energy?
Types of heat pumps sold in Spain

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Latest news

Samsung Digital City in Suwon - 27/07/2023

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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. :

Leroy Merlin Espagne

Samsung Group

LG Electronics Deutschland

J.Corradi

Stuv

Thermor

Tradesa

Ev confort

Ducasa

Haverland

ACV

Wolf

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