NextGen Day

The global energy crisis is accelerating the adoption of heat pumps, which will lead to record-breaking global sales in the upcoming years, according to a new special report from the International Energy Agency released on Monday.

According to the study “The Future of Heat Pumps,” heat pumps could help cut back on the usage of fossil fuels, particularly natural gas, for heating homes, workplaces, schools, and enterprises.

Due to their better efficiency, heat pumps often cost less during their lifespan than fossil fuel boilers.

In houses that transition to heat pumps, annual energy bill savings can range from $300 in the United States to $900 in Europe, based on current energy prices.

In reaction to the global energy crisis, sales in 2022 are expected to reach record highs, particularly in Europe, where several nations have seen sales more than double in the first half of 2022 compared to the same period in 2017.

If governments are successful in achieving their carbon reduction and energy security goals, heat pump sales in the European Union might increase to 7 million annually by 2030 from 2 million in 2021.

Sales of heat pumps increased globally by almost 15% in 2021, double the average increase over the previous ten years, driven primarily by a 35% increase in the European Union.

According to the paper, “Heat pumps are a highly effective and environmentally friendly solution that aids customers in cost savings and enables nations to lessen reliance on imported fossil fuels.”

By 2025, heat pumps could cut the demand for natural gas by over 7 billion cubic meters (bcm), which is roughly equivalent to the natural gas delivered by the Trans Adriatic Pipeline in 2021.

Such yearly gas savings would increase to at least 21 bcm by 2030 if EU climate targets are satisfied.

Heat pumps are a crucial component of any strategy to reduce emissions and the use of natural gas, according to IEA Executive Director Fatih Birol, who also commented on the research. Heat pumps are currently an important priority in the European Union.

Even in the coldest climates, the technique has been successfully tested. He added that heat pumps will be crucial to efforts to ensure that everyone can heat their homes this winter and the next to protect vulnerable households and businesses from high prices and to meet climate objectives. “Policymakers should be putting their weight behind this technology that is witnessing unprecedented momentum at the moment,” Birol said.

Using heat pumps to cut back on CO2 emissions

In the IEA’s scenario, where every government fully complies with its energy and climate commitments, heat pumps take the lead in decarbonizing space and water heating globally.

According to the IEA, heat pumps may, by 2030, reduce carbon dioxide (CO2) emissions worldwide by at least 500 million tonnes, which is comparable to the current annual CO2 emissions of all cars in Europe.

Leading manufacturers have announced intentions to invest more than $4 billion in boosting heat pump production and related initiatives, largely in Europe, as they see encouraging signals that the current momentum and legislative backing could put the industry on a trajectory that triples sales by 2030.

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Disclaimer

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