Worldwide sales of heat pumps are set to soar to record levels in the coming years as the global energy crisis accelerates their adoption, the International Energy Agency says in a new special report released Monday.
The report entitled, The Future of Heat Pumps, showed that heat pumps could play a role in the reduction of fossil fuels, and natural gas in particular, in household heating, offices, schools and factories.
Heat pumps typically cost less over their lifetimes than fossil fuel boilers, thanks to their higher efficiency. At today’s energy prices, annual energy bill savings for households that switch to heat pumps can range from $300 in the United States to $900 in Europe.
“Sales in 2022 are set to hit record levels in response to the global energy crisis, especially in Europe, where some countries are seeing sales double in the first half of 2022 compared with the same period last year,” the report stated.
Annual sales of heat pumps in the EU could rise to 7 million by 2030, up from 2 million in 2021, if governments succeed in hitting their emissions reduction and energy security goals.
Global heat pump sales rose by nearly 15% in 2021, double the average of the past decade, led by the European Union, where they rose by around 35%.
“Heat pumps are a hyper-efficient and climate-friendly solution that help consumers save money on bills and enable countries to cut reliance on imported fossil fuels,” the report said.
According to the IEA report, heat pumps could reduce natural gas demand by nearly 7 billion cubic meters (bcm) by 2025, roughly equal to the natural gas supplied via the Trans Adriatic Pipeline in 2021. And if EU climate targets are met, such annual gas savings would grow to at least 21 bcm by 2030.
Commenting on the report, IEA Executive Director Fatih Birol said heat pumps are an indispensable part of any plan to cut emissions and natural gas use and an urgent priority in the European Union today.
“The technology is tried and tested, even in the coldest of climates. Policy makers should be putting their weight behind this technology that is witnessing unprecedented momentum at the moment,” he said, adding that heat pumps will be central to efforts to ensure everyone can heat their homes this winter and the next to protect vulnerable households and businesses from high prices, and to meet climate objectives,” Birol said.
Heat pumps to reduce CO2 emissions
According to the IEA’s scenario, in which all governments achieve their energy and climate pledges in full, heat pumps become the main way of decarbonizing space and water heating worldwide.
The IEA estimates heat pumps have the potential to reduce global carbon dioxide (CO2) emissions by at least 500 million tonnes in 2030—equal to the annual CO2 emissions of all cars in Europe today.
Leading manufacturers are seeing promising signs that the current momentum and policy support could put the industry on a trajectory that triples sales by 2030, and they have accordingly announced plans to invest more than $4 billion in expanding heat pump production and related efforts, mostly in Europe.
Source: Anadolu Agency