EU heat pump market grows by 9%
The EU heat pump market grew by 9% last year, with nearly 1.1 million heat pumps sold.
According to the European Heat Pump Association (EHPA), who compiled the figures, the increase was as a result of a favourable construction sector and an increasing appetite for renewable energy and energy efficiency.
The figures reveal that the 1,087,423 heat pumps sold contributed to a storage capacity of 37GW and generated 16.9TWh of useful heat. Total number of installed heat pumps is now 10.5 million.
The EHPA admits that not all markets have reported their data, so these figures are only preliminary, but since the top 10 markets have all grown, the positive trend is seen as a robust one.
An ongoing future growth of around 10% annually is predicted. In turn, the EHPA forecasts that the installed stock will double within the next 6-7 years and again by around 2030.
This organic growth will have a positive benefit on prices, with the EHPA predicting a 36% cost reduction by 2030. And, if additional technology development kicks in and market framework conditions are adjusted, cost reduction rates will occur sooner, it says.
However, the EHPA warns that even this high level of European sales won’t be fast enough to decarbonise the heating and cooling sector. “Therefore, we hope that the outcome of our report will inspire an update of expectations and will result in higher and more ambitious targets, on the side of both the policy makers and the industry,” says the EHPA.