Norway Heat Pump Market Size & Outlook, 2022-2030
Norway heat pump market, 2018-2030 (US$M)
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Norway heat pump market highlights
- The Norway heat pump market generated a revenue of USD 802.1 million in 2022 and is expected to reach USD 1,766.7 million by 2030.
- The Norway market is expected to grow at a CAGR of 10.4% from 2023 to 2030.
- In terms of segment, air source was the largest revenue generating technology in 2022.
- Geothermal is the most lucrative technology segment registering the fastest growth during the forecast period.
Heat pump market data book summary
| Market revenue in 2022 | USD 802.1 million |
| Market revenue in 2030 | USD 1,766.7 million |
| Growth rate | 10.4% (CAGR from 2022 to 2030) |
| Largest segment | Air source |
| Fastest growing segment | Geothermal |
| Historical data | 2018 - 2021 |
| Base year | 2022 |
| Forecast period | 2023 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Air Source, Water Source, Geothermal |
| Key market players worldwide | Carrier Global Corp Ordinary Shares, Daikin Industries Ltd, Robert Bosch Engineering & Business Solutions, Lennox International Inc, Johnson Controls International PLC, Hitachi Ltd, Ingersoll Rand Inc, Palomar Holdings Inc, Haier, Panasonic Holdings Corp, Danfoss A/S, Fujitsu Ltd, LG Electronics Inc ADR, Samsung Electronics Co Ltd, Midea Group |
Other key industry trends
- In terms of revenue, Norway accounted for 1.0% of the global heat pump market in 2022.
- Country-wise, China is expected to lead the global market in terms of revenue in 2030.
- In Europe, France heat pump market is projected to lead the regional market in terms of revenue in 2030.
- Germany is the fastest growing regional market in Europe and is projected to reach USD 2,982.0 million by 2030.
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Heat Pump Market Scope
Heat Pump Market Companies
| Name | Profile | # Employees | HQ | Website |
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Norway heat pump market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to heat pump market will help companies and investors design strategic landscapes.
Air source was the largest segment with a revenue share of 77.86% in 2022. Horizon Databook has segmented the Norway heat pump market based on air source, water source, geothermal covering the revenue growth of each sub-segment from 2018 to 2030.
According to IMF, Norway’s GDP contracted by 0.8% in 2020 and is expected to be recovered with GDP standing at 3.0% and 4.1% in 2021 and 2022, respectively as vaccination rollouts are increasing. Rapid adoption of heat pumps in the country was encouraged by various reasons, including rising electricity prices, cold winters, and grants & bans on old boilers.
According to the European heat pump association, in 2018, Norway was among the markets with highest performance in the heat pump market. Almost 3% of all Norwegian households installed a new heat pump in the country.
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Our clientele includes a mix of heat pump market companies, investment firms, advisory firms & academic institutions.
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Approximately 65% of our revenue is generated working with competitive intelligence & market intelligence teams of market participants (manufacturers, service providers, etc.).
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Horizon Databook provides a detailed overview of country-level data and insights on the Norway heat pump market , including forecasts for subscribers. This country databook contains high-level insights into Norway heat pump market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Norway heat pump market size, by technology, 2018-2030 (US$M)
Norway Heat Pump Market Outlook Share, 2022 & 2030 (US$M)
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