3 REGIONAL -3.1 EUROPE

Europe’s ATW heat pump sector has evolved remarkably and quickly with a steep growth trajectory between 2018 and 2022. The push for decarbonization across Europe and the urgent need to find fossil fuels alternatives — especially in the wake of gas shortages intensified by the Ukraine conflict had been key growth drivers. Citing energy security as a top concern, consumers are increasingly adopting heat pumps, recognizing them as dependable energy sources. Many European countries have passed legislation designed to decrease dependence on Russian gas and have introduced substantial subsidies to boost the heat pump sector. These factors combined to create historically strong demand for ATW heat pumps in 2022.