The United Kingdom bucked the trend: heat pump sales grew up to 63% due to supportive government schemes. For instance, the UK Energy Security Bill has provisions for grants and schemes that encourage heat pump installations.
Two million heat pumps were sold in 2024 over 13 countries which make up around 85% of the European market compared to 2.6 million in 2023.Overall the heat pump sector provides around 170,000 direct jobs in Europe.
What brings us to the future?
Over the next 5 years (until 2030), the global market is expected to grow at a compound annual growth rate (CAGR) of 9.3%
The UK has fewer heat pumps as a proportion of the population compared to the EU. New policies like the Energy Security Bill aim to incentivise people to make the switch and massively increase the number of heat pumps. In addition, declining North Sea gas production means the UK will need to import 60% more of its gas by 2035, making the need for greater energy security and alternative heating solutions all the more urgent.
Sources:
EHPA
