Heat Pumps
Accelerating growth across the European heat pump market
Heat pumps are the most cost-effective low-carbon solution for decarbonizing heating and cooling in residential, commercial, and industrial buildings. Unlike gas boilers, they use electricity to efficiently transfer heat from the air, ground, or water—and can reverse the process for cooling.
To align with climate goals, The International Energy Agency (IEA) says heat pumps must meet nearly 20% of building heating needs by 2030. The EU targets 60 million installations by then. Adoption will vary by country, influenced by energy prices, regulation, upfront costs, and efficiency.
Strategically, cleantech firms and utilities are bundling heat pumps with solar, batteries, and EV chargers into smart, integrated systems. Software-driven start-ups are also entering the market, challenging HVAC incumbents and prompting a shift toward service-based business models.
The sector is seeing strong M&A activity, including Carrier’s €12B acquisition of Viessmann Climate Solutions. Funding rounds like Quatt’s €25M Series A in 2024 signal continued growth. With rising demand and evolving strategies, more capital raises and acquisitions are expected across Europe.
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Transaction Advisory
Strategy Consulting
Latest heat pump sector insights
New Apricum White Paper: How Heat Pumps Are Powering Europe’s Energy Transition
As Europe accelerates its shift to low-carbon energy, heat pumps are playing a critical role — but the path to widespread adoption remains complex. Apricum’s new white paper explores how market players are responding with integrated solutions, new business models, and strategic partnerships to overcome barriers and scale the heat pump market.
Key topics include
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The growing role of heat pumps in integrated home energy systems
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Business model innovation: leasing, heat-as-a-service, and beyond
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How partnerships with utilities are unlocking new tariff models
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Implications for manufacturers, installers, utilities, and investors
Download Apricum’s white paper on the heat pump sector
Gain valuable insights into how companies can position themselves for success in Europe’s fast-evolving heat pump sector.
Read more and get your copy here
The depth of analysis and practical insights in this white paper reflect the same rigorous, market-focused approach we bring to our consulting and advisory projects.
How we help
Apricum’s heat pump experts provide specialized strategy and M&A advisory across all technologies in the sector. Leveraging deep industry insight and a global network, we help clients identify opportunities, secure capital, and form strategic partnerships to grow and compete in the clean energy market.
Who we help
Heat pump solution providers (pure play and integrated)
Heat pump manufacturing companies
Software providers
Utilities
Private equity firms and other investors
EXPLORE OUR heating sector news
Coefficient of Performance
Heat pumps are significantly more efficient than gas-fired boilers or electrical heating – as measured by their seasonal coefficients of performance (COP)
Heat Pumps
The EU aims to have 60 million heat pumps installed by 2030 cumulatively – requiring (more than) doubling of today’s installed base
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Fast growing cleantech sector
Europe’s heat pump annual installations would be required to grow at a CAGR of 14% until 2030 to meet the EU’s ambitions
Strategic thinking and deep technical knowledge covering the full spectrum of heat pump technologies
Nikolai Dobrott
Founder & CEO, Head oF Apricum's HEat Pump PRACTICE
“With beneficial governmental incentives and shifting consumer demand, there has never been a better time to develop your business in the heat pump market. Our strategic expertise and transaction execution proficiency will help you make the right strategic decisions that enable you to grow your business while helping to mitigate climate change in the residential and commercial heating space.” get in touch
CLIENTS WHO HAVE BENEFITTED FROM OUR EXPERTISE IN HEAT PUMP TECHNOLOGY
“With Apricum’s deep expertise…we were able to make an informed decision…”
“Apricum helped HV during our SPV DD in assessing the quality of Enpal’s SPVs. With Apricum’s deep expertise we were able to holistically look at both the technical and financial quality of Enpal’s portfolio and make an informed decision with regard to an investment into Germany’s largest residential PV installer.”
“Overall extremely impressed by Apricum.”
“Overall extremely impressed by Apricum. As an ex-McKinsey person, I think Apricum brings every bit of the management consulting toolbox into the project, on top of an industry depth in the day-to-day team that is truly impressive and rare in the consulting world.”
“…versatility that you find rarely among consultants.”
“The team demonstrated the highest level of competence down from the minute technical details of photovoltaic production processes up to an excellent understanding of the industry dynamics and the key strategic implications – a versatility that you find rarely among consultants. From day one, they brought their comprehensive sector knowledge to the table. Their reports were very focused without limitations on necessary detail. They served the objective of our engagement very well.”