Heating & Cooling - Northern Europe

In 2024, the revenue in the Heating & Cooling market in Northern Europe amounts to US$2.17bn.
It is projected to experience an annual growth rate of 4.38% (CAGR 2024-2029).
Comparatively, United States generates the highest revenue in this market segment, reaching US$126bn in 2024.
When considering the total population figures, the per person revenue in Northern Europe is US$64.20 in 2024.
In Northern Europe, the heating and cooling market is experiencing a growing demand for energy-efficient and eco-friendly solutions.

Definition:

In the segment of Heating & Cooling, the focus lies on various heating and cooling systems which can be found inside buildings. Included in this segment regarding cooling are mainly air conditioners and cooling supplies.

Additional Information:

The market consists of revenue and average revenue per capita data. Per capita figures take into account the whole population. This market includes only B2C (business to consumer) sales. B2B (business to business) sales (e. g., hardware for coffee shops, offices, etc.) are excluded. For more information on the displayed data, click the info button on the right hand side of each box.

Air conditioners & coolers
Heating systems & heaters
Stoves, fireplaces & chimneys
Heating & cooling supplies

Air treatment devices (purifier, humidifier, etc.)
Ventilators
Solar systems for heating support

The DIY & Hardware Store Market in Northern Europe is experiencing minimal growth, impacted by factors such as economic uncertainty and declining consumer spending. However, the market for Heating & Cooling products remains stable, driven by the increasing demand for energy-efficient and eco-friendly solutions. Factors such as rising awareness about climate change and government initiatives to promote sustainable living are fueling the growth of this market.

Customer preferences: There has been a growing trend in Northern Europe towards eco-friendly and sustainable home solutions, including in the Heating & Cooling Market within the DIY & Hardware Store Market. This shift is driven by increasing awareness and concern for the environment, as well as a desire to reduce energy consumption and costs. This has resulted in a rise in demand for energy-efficient products and materials, as well as a preference for DIY solutions that enable consumers to make their homes more environmentally friendly. Additionally, there is a growing interest in smart home technology, such as thermostats and heating systems that can be controlled remotely, reflecting a desire for convenience and efficiency.

Trends in the market: In Northern Europe, the DIY & Hardware Store Market is seeing a surge in demand for energy-efficient heating and cooling products. This trend is driven by a growing awareness and concern for sustainability and cost savings. As a result, there is an increasing availability of smart thermostats and energy management systems in DIY stores. Additionally, there is a rise in the adoption of renewable energy sources, such as solar panels and heat pumps, for heating and cooling purposes. This presents opportunities for industry stakeholders to cater to the evolving needs of environmentally-conscious consumers and stay competitive in the market.

Local special circumstances: In Sweden, the Heating & Cooling market is heavily influenced by the country's strong commitment to sustainability and energy efficiency. This has led to a high demand for eco-friendly and energy-efficient heating and cooling solutions, such as geothermal and solar-powered systems. Additionally, strict building regulations and government incentives for green construction have further boosted the market. In Norway, the market is also driven by similar factors, but the extreme weather conditions have led to a focus on reliable and durable heating and cooling systems for the harsh winters, leading to a preference for traditional, tried-and-tested solutions over newer, more innovative options.

Underlying macroeconomic factors: The growth of the Heating & Cooling Market within the DIY & Hardware Store Market is heavily influenced by macroeconomic factors such as overall economic health, consumer spending power, and government policies. In countries with a stable and growing economy, consumers have higher disposable incomes and are more likely to invest in home improvement projects, including purchasing heating and cooling products for their homes. On the other hand, countries with economic uncertainty and government policies that restrict spending may experience slower market growth for these products. Additionally, the increasing focus on sustainability and energy efficiency in the construction industry is also driving the demand for energy-efficient heating and cooling solutions, creating new opportunities for growth in this market.

Data coverage:

Data encompasses B2C enterprises. Figures are segmented by product type and consist of the following: Paint, Wallpaper & Supplies, Tools & Machines, Hardware and Building Materials, Lawn & Garden, Heating & Cooling, Bathroom Hardware, and Floor Covering.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use national statistical offices, international institutions, in-house market research, and resources from the Statista platform. Next we use relevant key market indicators and data from country-specific associations such as product value, import value, and export value to determine domestic supply. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing. The main drivers are turnover indices, GDP per capita, and consumer spending per capita.

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Consumer market, in a PDF format.

The heating, ventilation, and air conditioning (HVAC) technology provides environmental comfort through thermal manipulation (heating and air conditioning) and acceptable indoor air quality (ventilation). Sometimes refrigeration is also included in the field as HVACR. The HVAC industry is largely fueled by regional regulations and differences: Asia was said to have one of the largest HVAC market sizes, with a larger demand for air conditioners than in other regions. Meanwhile, Italy was one of the European countries with the biggest heat pump markets in 2020. Due to these differences between countries, there is little to no comparative information on this competitive market. In the United States alone, for example, a certain level of fragmentation can be observed, as the number of employees in the plumbing and HVAC industry varied widely from state to state.