International. Bsria's latest research shows that the 2014 increase was driven by positive growth rates recorded in Europe and North America.
Meanwhile, in Asia the market was held back by the slowdown of the Chinese economy and increased competition leading to increased price pressure in Japan. Despite market pressure, Japan remains the world's largest market, in terms of value, reaching around $1.4 billion in 2014.
In the UK, the global heat pump market continues to grow in sales, reaching US$5.4 billion in 2014, up 1.7% from 2013.
In terms of volume, global sales of hydraulic heat pumps increased 16% in 2014 to almost 2.5 million units. Increasing production efficiency requirements and stricter building standards have been supporting much of the market. The monobloc air-water heat pump market accounted for the bulk of sales in 2014, mainly driven by Chinese market demand. Another growth factor has been recorded by air-water t-cylinder heat pump heaters.
After having posted a 26.5% increase in the year 2013, the market for heater pump water heaters increased 28.8% in 2014; sales volumes accelerated further in France and in the North American market reaching almost 280,900 units worldwide.
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