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Report
Sweden Air Source Heat Pump Market By Process (Air to Air (Ducts Vs. Ductless), Air to Water (Split Vs. Integrated)), By End Use (Residential, Hotels & Resorts, Gym & Spas, Education, Food Service, and Others (Healthcare, Offices, etc.)), By Sales Channel (Plumbers, Dealers & Contractors, Retail, Direct Sales, Online, and Others (Distributors, Builders, etc.)), By Region, By Company, Forecast & Opportunities, 2018-2028F
Market Report I 2023-06-01 I 76 Pages I TechSci Research
The Sweden Air Source Heat Pump Market size is anticipated to grow at an impressive CAGR during the forecast period due to increasing energy efficiency, low carbon emissions, and low maintenance cost. New product launches consisting of innovative features by various companies are a prominent trend anticipated to affect new product launches throughout the forecasted period.
According to international statistics, Sweden has the highest per-capita heat pump capacity. Sweden has over a million installed heat pump units, and more than half of all residential homes have one. For a long time, both relative and absolute market sizes for heat pumps in Europe were dominated by Sweden. Since the 1970s, the Swedish heating industry has undergone a significant shift toward heat pumps as electric heating and oil boilers have been phased out. A considerable change has occurred in Sweden's heating industry due to the spread and replacement of direct electric heating, electric boilers, and oil boilers with heat pump technology.
Heat pumps can use different sources of energy. Although geothermal and hydrothermal sources accounted for most of that energy in the past, technical advancements have made the air a significant energy source. Air-to-air and air-to-water heat pumps are now standard in most European nations.
Due to the country's high demand for air-source heat pumps, heat pump manufacturers are prompted to offer new products. For instance, A high-temperature CO2 (R744) heat pump was launched by Vattenfall, a Swedish multinational power company, that replaced a traditional gas boiler for space heating and hot water generation without the need for pricey retrofitting. The high-temperature heat pump system was explicitly created for existing single-family homes that are moderately insulated, powered by gas boilers, and include radiators.
Increasing Infrastructural Development Will Fuel The Market Growth
In Sweden, heat pumps are becoming increasingly common for hot water and house heating. The Swedish Energy Agency's most recent statistics show that since 2009, the proportion of single-family dwellings with heat pumps has surged more than 50%. Today, there are heat pumps in at least one million single-family houses, the reason being more newly constructed homes have heat pumps installed and existing homes are switching to or combining heat pumps with other heating systems. The amount of oil used for heating has decreased by more than 80% during the past ten years. Thus, this factor plays an essential role in fueling the market growth.
Low Maintenance Costs Will Boost the Market Growth
Although air-source heat pumps are yet to gain worldwide popularity, they provide many advantages over conventional heating methods. They don't need a lot of maintenance and are inexpensive to run. They can also serve as a simultaneous heating and cooling solution. The Swedish Refrigeration & Heat Pump Association (SKVP), a trade organization, states that financial concern is the primary consideration when households purchase heat pumps. According to calculations made by the Swedish Energy Agency, air-to-water heat pumps can reduce energy costs by about 50% when hot water is considered. Also, air-to-air heat pumps save heating costs by 30% to 50%. Thus, along with the benefits, low maintenance costs fuel market growth.
Lower Carbon Emissions Will Fuel the Market Growth
In Europe, buildings account for about 36% of all CO2 emissions. The ability of heat pumps to reduce the EU's greenhouse gas emissions is one that European policymakers are increasingly appreciating. Since 1990, the overall CO2 emissions from buildings in Sweden have decreased by more than two-thirds, primarily because of the growth of heat pumps and changes made to the country's heating systems. Heat pump technologies are equipped to decarbonize industrial processes and buildings, including residential and commercial. Thus, increasing concern for the environment will fuel market growth.
Market Segmentation
Sweden's air source heat pump market is segmented based on the process, end use, sales channel, region, and competitional landscape. Based on the process, the market is further fragmented into air-to-air (ducts vs. ductless) and air-to-water (split vs. integrated). Based on end use, the market is segmented into residential, hotels & resorts, gyms & spas, education, food service, and others (healthcare, offices, etc.). Based on sales channels, the market is segmented into plumbers, dealers & contractors, retail, direct sales, online, and others (distributors, builders, etc.). The market is segmented based on region into North, Central, and South.
Market Players
Mitsubishi Electric Europe B.V., ENWELL Group, Enertech AB, Daikin Europe NV, Trane Technologies Company, LLC, Carrier Global Corporation, Viessmann Varmeteknik AB, Robert Bosch AB, DENSO Europe B.V., and Nibe AB are the major market players in Sweden Air Source Heat Pump Market.
Report Scope:
In this report, Sweden air source heat pump market has been segmented into the following categories, in addition to the industry trends, which have also been detailed below:
- Sweden Air Source Heat Pump Market, By Process:
o Air-to-Air
o Air-to-Water
- Sweden Air Source Heat Pump Market, By End Use:
o Residential
o Hotels & Resorts
o Gyms & Spas
o Education
o Food Service
o Others
- Sweden Air Source Heat Pump Market, By Sales Channel:
o Plumbers
o Dealers & Contractors
o Retail
o Direct Sales
o Online
o Others
- Sweden Air Source Heat Pump Market, By Region:
o North
o Central
o South
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in Sweden air source heat pump market.
Available Customizations:
With the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:
Company Information
- Detailed analysis and profiling of additional market players (up to five).
1. Introduction
1.1. Product Overview
1.2. Key Highlights of the Report
1.3. Market Coverage
1.4. Market Segments Covered
1.5. Research Tenure Considered
2. Research Methodology
2.1. Objective of the Study
2.2. Baseline Methodology
2.3. Key Industry Partners
2.4. Major Association and Secondary Sources
2.5. Forecasting Methodology
2.6. Data Triangulation & Validation
2.7. Assumptions and Limitations
3. Executive Summary
3.1. Market Overview
3.2. Market Forecast
3.3. Key Regions
3.4. Key Segments
4. Voice of Customer Analysis (B2C Model Analysis)
4.1. Sample Size Determination
4.2. Respondent Demographics
4.2.1. By Gender
4.2.2. By Age
4.2.3. By Occupation
4.3. Preferred Way for Heating Water
4.4. Brand Awareness
4.5. Sources of Information
4.6. Factors Influencing Purchase Decision
4.7. Challenges Faced Post Purchase
5. Sweden Air Source Heat Pump Market Outlook
5.1. Market Size & Forecast
5.1.1. By Value
5.1.2. By Volume
5.2. Market Share & Forecast
5.2.1. By Process Market Share Analysis (Air to Air (Ducts Vs. Ductless), Air to Water (Split Vs. Integrated))
5.2.2. By End Use Market Share Analysis (Residential, Hotels & Resorts, Gym & Spas, Education, Food Service, and Others (Healthcare, Offices, etc.))
5.2.3. By Sales Channel Market Share Analysis (Plumbers, Dealers & Contractors, Retail, Direct Sales, Online, and Others (Distributors, Builders, etc.))
5.2.4. By Regional Market Share Analysis
5.2.4.1. North Market Share Analysis
5.2.4.2. Central Market Share Analysis
5.2.4.3. South Market Share Analysis
5.2.5. By Company Market Share Analysis
5.3. Sweden Market Mapping & Opportunity Assessment
5.3.1. By Process Market Mapping & Opportunity Assessment
5.3.2. By End Use Market Mapping & Opportunity Assessment
5.3.3. By Sales Channel Market Mapping & Opportunity Assessment
5.3.4. By Regional Market Mapping & Opportunity Assessment
6. Sweden Air-to-Air Heat Pump Market Outlook
6.1. Market Size & Forecast
6.1.1. By Value
6.1.2. By Volume
6.2. Market Share & Forecast
6.2.1. By Type Market Share Analysis (Ducts, Ductless)
6.2.2. By End Use Market Share Analysis
6.2.3. By Sales Channel Market Share Analysis
6.3. Product Benchmarking (Best Selling SKU's)
7. Sweden Air-to-Water Heat Pump Outlook
7.1. Market Size & Forecast
7.1.1. By Value
7.1.2. By Volume
7.2. Market Share & Forecast
7.2.1. By Type Market Share Analysis (Split, Integrated)
7.2.2. By Tank Capacity Market Share Analysis (Less than 200L, 200L to 300L, More than 300L)
7.2.3. By End Use Market Share Analysis
7.2.4. By Sales Channel Market Share Analysis
7.3. Product Benchmarking (Best Selling SKU's)
8. Market Dynamics
8.1. Drivers
8.1.1. Increasing infrastructural development
8.1.2. Low maintenance cost
8.1.3. Increasing environmental awareness
8.2. Challenges
8.2.1. High up-front cost
8.2.2. Stiff competition among market players
9. Impact of COVID-19 on Sweden Air Source Heat Pump Market
9.1. Impact Assessment Model
9.1.1. Key Segments Impacted
9.1.2. Key Regions Impacted
10. Market Trends & Developments
10.1. Adoption of new technologies
10.2. Minimal amount of noise
10.3. Increasing internet penetration
10.4. Increasing affordability
11. Import/ Export Analysis
11.1. Top 5 Exporting Countries
11.1.1. By Value
11.2. Top 5 importing Countries
11.2.1. By Value
12. Porter's Five Forces Model
12.1. Competitive Rivalry
12.2. Bargaining Power of Buyers
12.3. Bargaining Power of Suppliers
12.4. Threat of New Entrants
12.5. Threat of Substitutes
13. SWOT Analysis
13.1. Strengths
13.2. Weaknesses
13.3. Opportunity
13.4. Threat
14. Policy & Regulatory Landscape
15. Sweden Economic Profile
16. Competitive Landscape
16.1. Company Profiles
16.1.1. Mitsubishi Electric Europe B.V.
16.1.1.1. Company Details
16.1.1.2. Products & Services
16.1.1.3. Financials (As per Availability)
16.1.1.4. Key Market Focus & Geographical Presence
16.1.1.5. Recent Developments
16.1.1.6. Key Management Personnel
16.1.2. ENWELL Group
16.1.2.1. Company Details
16.1.2.2. Products & Services
16.1.2.3. Financials (As per Availability)
16.1.2.4. Key Market Focus & Geographical Presence
16.1.2.5. Recent Developments
16.1.2.6. Key Management Personnel
16.1.3. Enertech AB
16.1.3.1. Company Details
16.1.3.2. Products & Services
16.1.3.3. Financials (As per Availability)
16.1.3.4. Key Market Focus & Geographical Presence
16.1.3.5. Recent Developments
16.1.3.6. Key Management Personnel
16.1.4. Daikin Europe NV
16.1.4.1. Company Details
16.1.4.2. Products & Services
16.1.4.3. Financials (As per Availability)
16.1.4.4. Key Market Focus & Geographical Presence
16.1.4.5. Recent Developments
16.1.4.6. Key Management Personnel
16.1.5. Trane Technologies Company, LLC
16.1.5.1. Company Details
16.1.5.2. Products & Services
16.1.5.3. Financials (As per Availability)
16.1.5.4. Key Market Focus & Geographical Presence
16.1.5.5. Recent Developments
16.1.5.6. Key Management Personnel
16.1.6. Carrier Global Corporation
16.1.6.1. Company Details
16.1.6.2. Products & Services
16.1.6.3. Financials (As per Availability)
16.1.6.4. Key Market Focus & Geographical Presence
16.1.6.5. Recent Developments
16.1.6.6. Key Management Personnel
16.1.7. Viessmann Varmeteknik AB
16.1.7.1. Company Details
16.1.7.2. Products & Services
16.1.7.3. Financials (As per Availability)
16.1.7.4. Key Market Focus & Geographical Presence
16.1.7.5. Recent Developments
16.1.7.6. Key Management Personnel
16.1.8. Robert Bosch AB
16.1.8.1. Company Details
16.1.8.2. Products & Services
16.1.8.3. Financials (As per Availability)
16.1.8.4. Key Market Focus & Geographical Presence
16.1.8.5. Recent Developments
16.1.8.6. Key Management Personnel
16.1.9. DENSO Europe B.V
16.1.9.1. Company Details
16.1.9.2. Products & Services
16.1.9.3. Financials (As per Availability)
16.1.9.4. Key Market Focus & Geographical Presence
16.1.9.5. Recent Developments
16.1.9.6. Key Management Personnel
16.1.10. Nibe AB
16.1.10.1. Company Details
16.1.10.2. Products & Services
16.1.10.3. Financials (As per Availability)
16.1.10.4. Key Market Focus & Geographical Presence
16.1.10.5. Recent Developments
16.1.10.6. Key Management Personnel
17. Strategic Recommendations
17.1. Key Focus Areas
17.2. Target Regions
17.3. Target Process
17.4. Target Sales Channel
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