-1.2% the decrease of the heat pump market (all technologies) for heating and cooling between 2022 and 2023 in the EU
Several factors, such as plummeting wholesale gas prices, an inflation shock, an interest rate hike that hampered the new build market conspired to stymie the air-to-water HP market segment’s performance in 2023, dragging it below the 2022 level. Even more disquieting is the fact that several new European governments came to power with lower incentive policies and state support for renewable heating appliances. Sales of reversible air-to-air HPs held up much better and still account for the majority of HP sales across the European Union, both for winter space heating and for coping with the increasingly stifling heat waves affecting a large part of Europe.
