Overall:

According to the company's introduction, in 2022, the sales of wall mounted furnaces in the European market were approximately 8.6 million units; As of 2022, the stock of wall mounted furnaces in the European market is approximately 140 million units. Currently, the European HVAC market is still developing rapidly, with significant growth in market ownership over the years.

Features:

1. The formation of a "service-oriented" market dominated by substitution.

Relying on a huge market stock, most regions of Europe have formed a "service-oriented" market, with displacement markets becoming the main growth point. Correspondingly, production enterprises have shifted their investment towards terminal services, and Italy is a typical "service-oriented" market. Italy has approximately 26 million households. In 2022, the sales of wall mounted furnaces in the Italian market were approximately 1.18 million units; As of 2022, the stock of wall mounted furnaces in the Italian market is approximately 20 million units.

2. Multi energy complementary systems are an important direction for the development of European HVAC enterprises.

At present, fully premixed condensing wall mounted furnaces are still the mainstream product in the European HVAC market. At the ISH exhibition in Frankfurt, Germany, the application of multi energy complementary systems based on wall mounted furnaces has increased, and multiple system solutions have become more mature and complete. According to some companies, the application of multi energy complementary systems with clean energy as the main focus is one of the main directions for the future development of European HVAC enterprises.

3. Government intervention has a significant impact.

Through the Frankfurt International Exhibition on Bathroom Equipment, Buildings, Energy, Air Conditioning Technology, and Renewable Energy (ISH), in addition to the display of gas boiler products, the display of electric heating products has significantly increased. In response, some companies stated that the development of the European HVAC market largely depends on government policy guidance. Before March this year, due to policy subsidies, electric heating products had good market performance, and with the cancellation of this subsidy in some regions, market demand should be affected.

4. Good news of Türkiye's HVAC market.

Affected by the war between Russia and Ukraine, as well as the increasing demand of Türkiye's HVAC market, the sales volume of all premixed condensing products grew rapidly, and the demand for parts products also increased accordingly.

Secondly, affected by the earthquake in Türkiye, post disaster reconstruction will also create new growth points for Türkiye's HVAC market.

It is reported that since Türkiye and Russia can achieve connectivity, the Türkiye exhibition held in October is expected to welcome more exhibitors and buyers, including the Russian HVAC industry, which is also good news for the Türkiye HVAC market.

5. Increase the layout and investment in the domestic HVAC market.

Most enterprises hold a positive attitude towards the Chinese HVAC market and express their intention or continue to increase their layout and investment in the domestic HVAC market. Continuously optimistic about the domestic economic environment; A comparative consideration of the huge population base and market ownership; The natural gas supply network is complete and mature; China's active implementation of the "dual carbon" goals, etc