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Good news from the heat pump industry! EHPA's market outlook and statistics review reveals a growing market for the 3rd year in a row. Benefiting from a favorable construction sector and an increasing appetite for renewable energy and energy efficiency, EU heat pump markets have grown by 12% or nearly 1 million heat pumps.
Our report shows that just in 2016, 1 million HPs contribute:
- 33.2 GW: storage capacity
- 16.2 TWh: useful heat generated
- 10.2 TWh: renewable energy integrated
- 6 TWh: auxiliary electricity used
- 2.6 Mt: CO2 emissions saved
- 13.1 TWh: final energy saved
In general, 10 million HPs deployed until now all over Europe generated:
- 333 GW: storage capacity
- 165 TWh: useful heat generated
- 106 TWh: renewable energy
- 59.3 TWh: auxiliary electricity used
- 27.1 Mt: CO2 emissions saved
- 135 TWh: final energy saved
Experts predict a continuing growth of around 15% annually. This means that the installed stock will double within the next 6-7 years and a second time by around 2030. This organic growth will result in a 36% cost reduction by 2030. If additional technology development kicks in and market framework conditions are adjusted, cost reduction rates will occur sooner. However, that high level of heat pump advancement on European markets won’t be fast enough to decarbonize 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.
In order to boost further developments, policy makers should continually show their support and recognition of HPs, as a key technology, in the energy transformation. It needs long term, stable conditions to encourage the industry to increase investments in R&D and production capacity as well as training. These activities will result in better, more efficient and more cost competitive heat pump systems, that can fulfill expectations. Such common efforts will be necessary to decarbonize Europe.
We are looking forward to comments and feedback from all the readers. We hope that the Market and Statistics Report 2017 will be inspirational for existing and new players in this exciting field of technology!
To receive a copy of the report (free for the press), please contact Ms. Eirini Litina.
Ms. Eirini Litina, Communications Officer, +32 (2) 400 10 35, firstname.lastname@example.org