Report Description

The Norway Air Source Heat Pump Market is driven by the rising awareness of the renewable energy source, less energy consumption, and government initiatives. A type of renewable energy technology known as an Air Source Heat Pump (ASHP) uses heat from the outside air to warm the house and heat water. Even at -15°C air temperatures, the pump extracts heat.

Although air-source heat pumps require power, their heat outweighs the electricity used. They are, therefore, an energy-efficient way to heat the house.

One of the quickest and safest ways to conserve energy and cut CO2 emissions today is through heat pumps. Replacing a boiler with a heat pump may result in more than 50% immediate energy savings.

Heat is transferred from an outdoor air source to a water-based system using air-to-water heat pumps. The heat produced can heat rooms or provide hot water for the entire home. One of the most effective types of air-source heat pumps available in the market are the air-to-water heat pumps.

For maximum results, this kind of heat pump needs a temperate environment. Unlike dry and frigid climates where outdoor temperatures drop below -20°C, an air-to-water heat pump performs well at 7°C. Hence, the drop in temperature impact the operational efficiency.

Air-to-air heat pumps draw in outside air, which passes through a compressor to extract heat and then pumps that heated air throughout the house. This technology can also be used in reverse to cool a home during the heat. It absorbs heat in one area and releases it in another using the principles of vapor compression refrigeration.

When comparing the amount of heat produced to the amount of electricity used, air-to-air heat pumps are considered the most efficient. The efficiency rate of a heat pump is calculated using a particular yield indicator called COP (Coefficient of Performance). Air-to-air heat pump can usually generate up to 4.5 times of the energy it consumes.

Increasing Demand from Air-to-Air is Driving the Market Growth

In Norway, air-source heat pumps are prevalent. They exchange heat for heating and cooling by using the temperature of the surrounding air. Air-to-water heat pumps (AWHP) and air-to-air heat pumps are Norway's two most prevalent types of air-source heat pumps (AAHP). The yearly sales of heat pumps climbed from 65,000 in 2015 to 125,000 in 2021, according to NOVAP (Norwegian heat pump association). All different types of heat pumps were sold, but air-to-air heat pumps were by far the most common. Additionally, sales data reveals 36% more heat pumps sold in 2021 than in 2020. The historically high electricity rates, particularly in the last quarter of 2021, can be blamed for the sharp rise in sales statistics.

Product Enhancement Fuels the Market Growth

Researchers from the Norwegian universities of science and technology (NTNU), Sintef Energy Research, and ToCircle have created a new high-temperature heat pump that can generate temperatures up to 180°C (356°F) and is suited for many industrial operations. 20% of European industries that need temperatures between 100°C (212°F) and 180°C can use the new heat pump. The heat pump's compressor, created by the Norwegian company ToCircle, employs steam technology in a rotating vane machine. A compressor with vanes that revolve so that the compressor volume changes with each rotation. The researchers predict that the new technique, in addition to being able to generate very high temperatures, will reduce energy usage by 40 to 70% by utilizing the low-temperature waste heat that is easily accessible in many industrial manufacturing processes. These technological changes and constant product enhancement in the country are fueling the market as the demand from the industrial sector will increase in the forecast period.

High Upfront Cost May Hinder the Market Growth

A major obstacle hindering the market is the high upfront cost of air-source heat pumps. A gas boiler may cost around USD 520 to USD 1040 and can last up to 20 years. At the same time, air-to-air, which costs around USD 1,700 to USD3 ,400, is a comparatively cheaper option than air-to-water heat pumps, which can cost up to USD 15,500. Even though air-source heat pumps have less maintenance cost, consumers in Norway are still interested in gas boilers because the initial investment cost is low. Due to this, the demand for air-source heat pumps could be slow and hinder the market in the projected period.


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Market Segmentation

The Norway Air Source Heat Pump Market is segmented based on process, end use, sales channel, region, and by company. Based on the process, the market is segmented into air-to-air (ducts, ductless), and air-to-water (split, integrated). Based on end-user, the market is divided into residential, hotels & resorts, gyms & spas, education, food service, and others. Based on sales channel, the market is fragmented into plumbers, dealers & contractors, retail, direct sales, online, and others (Distributors, Builders, etc.).

Market Players

Daikin Europe N.V., Mitsubishi Electric Europe BV, Toshiba Europe Limited, Panasonic Marketing Europe GmbH, ABK-Qviller AS (Samsung), GEA Group AG, Fujitsu General Limited, Hitachi Europe Ltd., Wilfa AS, CloverVent AS are the major market players in Norway Air Source Heat Pump Market.

Attribute

Details

Base Year

2022

Historic Data

2018 – 2021

Estimated Year

2023

Forecast Period

2024 – 2028

Quantitative Units

Revenue in USD Million, 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

Eastern Norway, Southern Norway, Fjord Norway, Northern Norway, and Trøndelag

Key companies profiled

Daikin Europe N.V., Mitsubishi Electric Europe BV, Toshiba Europe Limited, Panasonic Marketing Europe GmbH, ABK-Qviller AS (Samsung), GEA Group AG, Fujitsu General Limited, Hitachi Europe Ltd., Wilfa AS, CloverVent AS, etc.

Customization scope

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

Pricing and purchase options

Avail 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/Word format on special request)

 

Report Scope:

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

  • Norway Air Source Heat Pump Market, By Process:
    • Air to Air
    • Air to Water
  • Norway Air Source Heat Pump Market, By End Use:
    • Residential
    • Hotels & Resorts
    • Gyms & Spas
    • Education
    • Food Service
    • Others
  • Norway Air Source Heat Pump Market, By Sales Channel:
    • Plumbers
    • Dealers & Contractors
    • Retail
    • Direct Sales
    • Online
    • Others
  • Norway Air Source Heat Pump Market, By Region:
    • Eastern Norway
    • Southern Norway
    • Fjord Norway
    • Northern Norway
    • Trøndelag

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in Norway 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).
Norway 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.    Norway 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 Region Market Share Analysis

5.2.4.1.        Eastern Norway Market Share Analysis

5.2.4.2.        Southern Norway Market Share Analysis

5.2.4.3.        Fjord Norway Market Share Analysis

5.2.4.4.        Northern Norway Market Share Analysis

5.2.4.5.        Trøndelag Market Share Analysis

5.2.5.    By Company Market Share Analysis

5.3.  Norway 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.    Norway 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.    Norway 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.       Low Running Cost

8.1.2.       Rising Demand of Energy Efficient Products

8.2.  Challenges

8.2.1.    High Installation Cost

8.2.2.    Low Demand of Air to Water Heat Pumps

9.    Impact of COVID-19 on Norway 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.             Rising Domestic Players

10.2.             Increasing Demand from Residential Sector

10.3.             Product Enhancement

10.4.             Increasing Government Incentives

10.5.             Rising Awareness of Geo-thermal Heat Pumps

11. Porter’s Five Forces Model

11.1.             Competitive Rivalry

11.2.             Bargaining Power of Buyers

11.3.             Bargaining Power of Suppliers

11.4.             Threat of New Entrants

11.5.             Threat of Substitutes

12. SWOT Analysis

12.1.             Strengths

12.2.             Weakness

12.3.             Opportunities

12.4.             Threats

13. Policy & Regulatory Landscape

14. Norway Economic Profile

15. Competitive Landscape

15.1.             Company Profiles

15.1.1. Daikin Europe N.V.

15.1.1.1.   Company Details

15.1.1.2.   Products & Services

15.1.1.3.   Financials (As Reported)

15.1.1.4.   Key Market Focus & Geographical Presence

15.1.1.5.   Recent Developments

15.1.1.6.   Key Management Personnel

15.1.2. Mitsubishi Electric Europe BV

15.1.2.1.     Company Details

15.1.2.2.     Products & Services

15.1.2.3.     Financials (As Reported)

15.1.2.4.     Key Market Focus & Geographical Presence

15.1.2.5.     Recent Developments

15.1.2.6.     Key Management Personnel

15.1.3. Toshiba Europe Limited

15.1.3.1.     Company Details

15.1.3.2.     Products & Services

15.1.3.3.     Financials (As Reported)

15.1.3.4.     Key Market Focus & Geographical Presence

15.1.3.5.     Recent Developments

15.1.3.6.     Key Management Personnel

15.1.4. Panasonic Marketing Europe GmbH

15.1.4.1.     Company Details

15.1.4.2.     Products & Services

15.1.4.3.     Financials (As Reported)

15.1.4.4.     Key Market Focus & Geographical Presence

15.1.4.5.     Recent Developments

15.1.4.6.     Key Management Personnel

15.1.5. ABK-Qviller AS

15.1.5.1.     Company Details

15.1.5.2.     Products & Services

15.1.5.3.     Financials (As Reported)

15.1.5.4.     Key Market Focus & Geographical Presence

15.1.5.5.     Recent Developments

15.1.5.6.     Key Management Personnel

15.1.6. GEA Group AG

15.1.6.1.     Company Details

15.1.6.2.     Products & Services

15.1.6.3.     Financials (As Reported)

15.1.6.4.     Key Market Focus & Geographical Presence

15.1.6.5.     Recent Developments

15.1.6.6.     Key Management Personnel

15.1.7. Fujitsu General Limited

15.1.7.1.     Company Details

15.1.7.2.     Products & Services

15.1.7.3.     Financials (As Reported)

15.1.7.4.     Key Market Focus & Geographical Presence

15.1.7.5.     Recent Developments

15.1.7.6.     Key Management Personnel

15.1.8. Hitachi Europe Ltd.

15.1.8.1.     Company Details

15.1.8.2.     Products & Services

15.1.8.3.     Financials (As Reported)

15.1.8.4.     Key Market Focus & Geographical Presence

15.1.8.5.     Recent Developments

15.1.8.6.     Key Management Personnel

15.1.9. Wilfa AS

15.1.9.1.     Company Details

15.1.9.2.     Products & Services

15.1.9.3.     Financials (As Reported)

15.1.9.4.     Key Market Focus & Geographical Presence

15.1.9.5.     Recent Developments

15.1.9.6.     Key Management Personnel

15.1.10.  CloverVent AS

15.1.10.1.  Company Details

15.1.10.2.  Products & Services

15.1.10.3.  Financials (As Reported)

15.1.10.4.  Key Market Focus & Geographical Presence

15.1.10.5.  Recent Developments

15.1.10.6.  Key Management Personnel

16. Strategic Recommendations/Action Plan

16.1.             Key Focus Areas

16.2.             Target Regions

16.3.             Target Type

17. 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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The Norway Air Source Heat Pump Market is segmented by process, end use, sales channel, region, and by competitive landscape.

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Air-to-air heat pumps are more prevalent in the Norway Air Source Heat Pump Market as, they are cheaper than air-to-water heat pumps and due to the cold winters in some regions with high humidity levels during summers.

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Increasing government subsidies, high taxes on fossil fuels, and low electricity rates are the drivers in Norway Air Source Heat Pump Market.

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Daikin Europe N.V., Mitsubishi Electric Europe BV, Toshiba Europe Limited, Panasonic Marketing Europe GmbH, ABK-Qviller AS (Samsung), GEA Group AG, Fujitsu General Limited, Hitachi Europe Ltd., Wilfa AS, CloverVent AS, are the key players in the Norway air source heat pump market.

profile

Parvati Sharma

Account Manager BD
Press Release

Norway Air Source Heat Pump Market to be dominated by Air-to-Air Heat Pumps During the Forecast Period

Dec, 2022

Rising awareness for energy-efficient products, product innovation, and the ban on the usage of fossil fuels are the factors driving the air source heat pump market in Norway.