Thanks for the feedback! It would be boring to write investor letters if no one ever commented on them 
Would you have any data to back this up? I like numbers and it would be fun to see something concrete showing that the air-to-water heat pump market is growing significantly less
We talked about both air source heat pumps and air-to-water heat pumps, as well as geothermal heating. The message was clear. The air-to-water heat pump market is believed to be growing the fastest. This is because the features and efficiency of air-to-water heat pumps have improved rapidly, and in our conditions, they weren’t previously fully ”trusted”. According to them, air source heat pumps have been the largest in terms of units for about twenty years, but they are never the primary heating source, always supporting some other system.
In 2022, nearly 200,000 heat pumps were sold in Finland. The market grew by about 50%, including all heat pumps. Sales of air-to-water heat pumps grew by 60%.
Looking at the first three quarters, 30% more air-to-water heat pumps were sold than in Q1-Q3 2021. If for the full year 2022 they sold 60% more, it means the pace accelerated significantly during Q4 2022.
Looking at Sweden’s sales statistics, air-to-water heat pumps overtook air source heat pumps. Incidentally, based on these statistics, significantly fewer pumps are sold in Sweden than in Finland.
SWEDEN
And if we also look at Denmark, air-to-water has been rapidly closing the gap on air source heat pumps.
DENMARK (BLUE AIR-TO-WATER (AND WATER-TO-WATER))
