According to a new study on heat pumps by BSRIA, the global heat pump market is continuing to grow, with the market value reaching US$5.4 billion  (€4 billion) in 2014, up 1.7% from 2013.

The increase was driven by positive growth rates recorded in Europe and in North America, while in Asia the market was curbed by the slowdown of the Chinese economy and a rise in competition leading to the increased pressure on prices in Japan. However, despite the market pressure, Japan remains the biggest market worldwide, in terms of value, reaching around US$1.4 billion (€1 billion) in 2014.

In volume terms, the global sales of hydronic heat pumps grew by 16% in 2014 to almost 2.5 million units. Rising product efficiency requirements and tighter building regulations and standards have been largely supporting the market. Monobloc air-to-water heat pumps represented the bulk of sales in 2014, driven principally by the demand from the Chinese market.

Another year of growth has been recorded for the air-to-water cylinder integrated heat pump water heaters. Following a 26.5% increase in 2013, the heat pump water heater world market was up by 28.8% in 2014. Sales volumes accelerated the most in France and in the North American market, reaching almost 280,900 units worldwide.