Report Description

The Finland Air Source Heat Pump Market is expected to be driven by growing need for energy-efficient solutions and low maintenance cost. Additionally, the growing environmental awareness, which led to an expected increase in market demand during the forecast period is encouraging the use of electric heat pumps.

In Finland, a sizeable share of the total carbon dioxide emissions is produced through combustion-based heating. Not only do we need to cease using fossil fuels, but we also need to eventually stop burning biofuels to stop climate change. Heat pumps are frequently the most practical and economical combustion-free changeover solution. Heat pumps are extremely efficient in using electricity to capture even low-temperature waste and ambient heat for both heating and cooling. Fortunately, in 2021, Finland started the process of electrifying its heating system. 1.2 million heat pumps in Finland already supply about 20% of the country's heating. The market for heat pumps is constantly expanding due to the great profitability of investments. In 2021, the market expanded by 25%.

According to information provided by the Finnish Heat Pump Association SULPU, 130,000 heat pumps were built last year, with investments reaching EUR 800 million. The owners of single-family homes and residential buildings made up the largest group of investors. More than 1.2 million heat pumps in Finland have already received investments total of whopping EUR 7 billion. As a result, it will increase the sales of all heat pump in the projected period.

However, Air-to-air heat pumps, which may also be used for cooling, made up most of the heat pumps installed. According to the Finnish Heat Pump Association, the market share for air-to-air heat pumps used for cooling is 10% to 15%.

However, Oilon opened a new unit in Kokkola in November 2021 to produce industrial heat pumps in Finland. The new plant’s capacity is four times greater than the current one.

Reduction in Tax Rates for Electricity Supply to Boost the Market

The Finland Heat Pump Market for residential and commercial sectors is predicated to grow, because of rising government initiatives in the form of reducing electricity tax rate supply. For instances, The European Union Council issued EU Council Decision No. 9659/22 on June 14, approving a proposal to allow Finland to charge lower taxes on electricity used to power specific heat pumps, electric boilers, and recirculating water pumps. The decision is effective from January 1, 2022, to December 31, 2027. Therefore, Heat pumps offer efficiency, cost-effective operation, and long-term energy bill savings, which promote the use of clean and green heating and cooling solutions are expected to have a major impact on the expansion of The Air Source Heat Pump Market.

Innovative Technology to Boost the Market

The major players are concentrating on integrating various technologies into heat pumps to ensure ease of operation and maintenance. For example, the Daikin Perfera H air heat pump includes two area motion detection sensors that direct air flow away from people and automatically switch to energy saving mode when its sensors detect an empty room, including Wi-Fi as standard equipment. Control the indoor unit from anywhere using the Daikin Onecta app via local network or internet and monitor your energy consumption. A Wi-Fi connection is required to use the remote control. The advancement of technology is one factor that is propelling the growth.

Rising Awareness more Energy Efficient System to Boost the Market Growth

The market is becoming more aware of the importance of energy efficient products in helping to save money and energy, protect the environment, and improve lifestyle, which influences consumers to shift from traditional systems to modern energy efficient types of products such as heat pumps. The main advantage of using an air-source heat pump is its high efficiency in heating, which reduces greenhouse gas emissions while lowering household costs. For instance, in 2022, According to a K-Rauta survey, Finnish consumers are interested in conserving water and energy. Consumers are joining the effort to save energy by preferring energy-efficient lighting, air source heat pumps, and water-saving showers and faucets.


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Market Segmentation

The Air Source Heat Pump Market is segmented based on process, end use, and sales channel. Based on process, the market is divided into air to air (ducts, ductless), air to water (split, integrated). Based on end use, the market is segmented into residential, hotels & resorts, gym & spas, education, food service, and others (healthcare, offices, etc.). Based on sales channels, the market is fragmented into plumbers, dealers & contractors, retail, direct sales, online, and others (distributors, builders, etc.).

Company Profiles

Daikin Europe NV, Oilon Group, Carrier Global Corporation, Trane Technologies Company LLC, Viessmann Oy, Robert Bosch Oy, NIBE Energy Systems Oy, Panasonic Marketing Europe GmbH, Toshiba HVAC Finland, Gebwell Ltd are among the major market players in the Finland platform that lead the market growth of the Finland air source heat pump market.

Attribute

Details

Base Year

2022

Historical Years

2018 – 2021

Estimated Year

2023

Forecast Period

2024 – 2028

Quantitative Units

Revenue in USD Billion, Volume in Thousand Units and CAGR for 2018-2022 and 2023-2028

Report Coverage

Revenue forecast, company share, competitive landscape, growth factors, and trends

Segments Covered

·         Process

·         End Use

·         Sales Channel

·         Region

Regional Scope

Western Finland, Eastern Finland, Lapland, and Rest of Finland

Key Companies Profiled

Daikin Europe NV, Oilon Group, Carrier Global Corporation, Trane Technologies Company LLC, Viessmann Oy, Robert Bosch Oy, NIBE Energy Systems Oy, Panasonic Marketing Europe GmbH, Toshiba HVAC Finland, Gebwell Ltd.

Customization Scope

10% free report customization with purchase. Addition or alteration to country, regional & segment scope.

Pricing and Purchase Options

Avail of customized purchase options to meet your exact research needs. Explore purchase options

Delivery Format

PDF and Excel through Email (We can also provide the editable version of the report in PPT/pdf format on special request)

 

Report Scope:

In this report, the Finland Air Source Heat Pump Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

  • Finland Air Source Heat Pump Market, By Process:
    • Air to Air
    • Air to Water
  • Finland Air Source Heat Pump Market, By End Use:
    • Residential
    • Hotels & Resorts
    • Gym & Spas
    • Education
    • Food Service
    • Others
  • Finland Air Source Heat Pump Market, By Sales Channel:
    • Plumbers
    • Dealers & Contractors
    • Retail
    • Direct Sales
    • Online
    • Others
  •  Finland Air Source Heat Pump Market, By Region:
    • Western Finland
    • Eastern Finland
    • Lapland
    • Rest of Finland
  • Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Finland 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).

Finland Air Source Heat Pump Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

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 Awareness

4.6.  Factors Influencing Purchase Decision

4.7.  Challenges Faced Post Purchase

5.    Finland 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, Ductless), Air to Water (Split, 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.         Western Finland Market Analysis

5.2.4.2.         Eastern Finland Market Analysis

5.2.4.3.         Lapland Market Analysis

5.2.4.4.         Rest of Finland Market Analysis

5.2.5.     By Company Market Share Analysis

5.3.  Finland Air Source Heat Pump 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 Region Market Mapping & Opportunity Assessment

6.    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

7.    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

8.    Pricing Analysis

9.    Market Dynamics

9.1.  Drivers

9.1.1.     Government regulation reduction in electricity cost

9.1.2.     Consumer shifting towards energy efficient systems

9.1.3.     Low carbon emission than gas boilers.

9.2.  Challenge

9.2.1.     Heating decarbonization remains a challenge.

9.2.2.     Availability of substitute products

10.  Impact of COVID-19 on Finland Air Source Heat Pump Market

10.1.              Impact Assessment Model       

10.1.1.  Key Segments Impacted

10.1.2.  Key Regions Impacted

11.  Market Trends & Developments

11.1.              Low maintenance cost

11.2.              Rising environmental awareness

11.3.              Increasing e-commerce sector

11.4.              Increasing demand for energy efficient products.

11.5.              Adoption of new technology.

12.  Porter’s Five Forces Model

12.1.              Competitive Landscape

12.2.              Buyer Power

12.3.              Supplier Power

12.4.              Threat of New Entrants

12.5.              Threat of Substitutes

13.  SWOT Analysis

13.1.              Strengths

13.2.              Weaknesses

13.3.              Opportunities

13.4.              Threats

14.  Finland Economic Profile

15.  Policy & Regulatory Landscape

16.  Competitive Landscape

16.1.              Company Profiles

16.1.1.  Daikin Europe NV

16.1.1.1.       Company Details

16.1.1.2.      Product & Services

16.1.1.3.      Financials (As Reported)

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.  Oilon Group

16.1.2.1.      Company Details

16.1.2.2.      Product & Services

16.1.2.3.      Financials (As Reported)

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.  Carrier Global Corporation

16.1.3.1.      Company Details

16.1.3.2.      Product & Services

16.1.3.3.      Financials (As Reported)

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.  Trane Technologies Company LLC

16.1.4.1.       Company Details

16.1.4.2.      Product & Services

16.1.4.3.      Financials (As Reported)

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.  Viessmann Oy

16.1.5.1.      Company Details

16.1.5.2.      Product & Services

16.1.5.3.      Financials (As Reported)

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.  Robert Bosch Oy

16.1.6.1.      Company Details

16.1.6.2.      Product & Services

16.1.6.3.      Financials (As Reported)

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.  NIBE Energy Systems Oy

16.1.7.1.      Company Details

16.1.7.2.      Product & Services

16.1.7.3.      Financials (As Reported)

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.  Panasonic Marketing Europe GmbH

16.1.8.1.      Company Details

16.1.8.2.      Product & Services

16.1.8.3.      Financials (As Reported)

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.  Toshiba HVAC Finland

16.1.9.1.      Company Details

16.1.9.2.      Product & Services

16.1.9.3.      Financials (As Reported)

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.                Gebwell Ltd

16.1.10.1.    Company Details

16.1.10.2.    Product & Services

16.1.10.3.    Financials (As Reported)

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/Action Plan

17.1.              Key Focus Areas

17.2.              Target Regions

17.3.              Target Process

17.4.              Target End Use

17.5.               Target Sales Channel

18.   About Us & Disclaimer

 (Note: The companies list can be customized based on the client requirements.)

Figures and Tables

Frequently asked questions

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Daikin Europe NV, Oilon Group, Carrier Global Corporation, Trane Technologies Company LLC, Viessmann Oy, Robert Bosch Oy, NIBE Energy Systems Oy, Panasonic Marketing Europe GmbH, Toshiba HVAC Finland, Gebwell Ltd are some of the major players operating in the industry.

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Heat pump technology's contribution, lowering carbon footprint, and government regulations aimed at boosting energy efficiency are the main drivers propelling the growth of the heat pump industry.

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Heat pumps are standard technology solution for meeting domestic and commercial heating needs while emitting significantly less CO2 than gas boilers, concentrating small amounts of heat energy from the air or water to warm the house.

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Heat pumps do not generate heat. They transfer heat from the air or water by circulating a refrigerant between both the indoor fan coil (air handler) unit and the outdoor compressor. In cooling mode, a heat pump absorbs heat from within the home and expel it outside.

profile

Parvati Sharma

Account Manager BD
Press Release

Air to Air Heat Pump to Boost the Finland Air Source Heat Pump Market Growth

Dec, 2022

Increasing government initiatives towards reduction in electricity tax rate which lead to shifting consumer from traditional heating system to heat pump is one of the leading factors driving the Finl