Multi-Industry: 3rd Industrials trip to HVAC InstallerSHOW: Key takeaways

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Multi-Industry: 3rd Industrials trip to HVAC InstallerSHOW: Key takeaways

Equity Research

25 June 2026 | 6:10AM BST

Multi-Industry: 3rd Industrials trip to HVAC InstallerSHOW: Key

takeaways

We hosted meetings with five HVAC equipment suppliers and the Director General of Christian Hinderaker, CFA

+44(20)7774-7366 |

the European Heat Pump Association (EHPA) on our field trip to the InstallerSHOW in christian.hinderaker@gs.com

Goldman Sachs International

Birmingham on 24th June 2026. Our key takeaways are:

Hollie Cooper

+44(20)7051-0956 |

1. Global warming is likely, in our view, to drive further adoption of air-to-air hollie.cooper@gs.com

(ATA) heat pumps in the UK and Europe. This reflects their capability as both a

heating and cooling technology, as well as the ambitions of a number of HVAC

OEMs that are seeking to broaden their product ranges in response to installers’

feedback and their need to achieve economies of scale. We expect innovations in

the ATA segment to be a particular focus for the market over the next year,

including from NIBE which recently announced its entry into this segment (where

it had never had a presence) and Viessmann, which announced the UK launch of

its Vitocal 200-A today at the InstallerSHOW.

2. The UK heat pump market has significant long-term growth potential, with

recent policy changes likely to provide a near-term boost in demand. Though

heat pump (HP) adoption remains low compared to the >1.8m gas boilers sold

each year, UK HP sales grew +27% YoY to c.125k units in 2025. With penetration

at ≤1% of all households there is substantial room for long-term growth,

supported by policy measures and consumers’ desire to reduce their energy

costs. The Government’s Warm Homes Plan is targeting c.450,000 annual