€7 Billion in Investments Threatened by Drop in Heat Pump Sales

Sales of heat pumps for space heating and hot water production got off to a good start in Europe during the first quarter of 2023, but data released by the European Heat Pump Association (EHPA) show that sales dropped during the second and third quarters as shown in Fig. 1. On average in the ten countries analyzed, sales during the third quarter of 2023 dropped by 14% compared with 2022. The biggest drops were recorded in Finland and Denmark, which are traditionally strong markets. Strong sales figures in Germany at 120,000 and the Netherlands at 38,000 propped up the quarterly result of the overall market to some extent.