European heat pump sales and growth hit record highs broadcast article
Electricity bills and large subsidies resonate, European heat pump sales and growth hit record highs broadcast article
The European Heat Pump Association (EHPA) announced on Monday that the sales and growth rate of European heat pumps will hit a record high in 2022.
(Source: European Heat Pump Association)
According to preliminary data compiled by the association from 16 European markets, a total of nearly 3 million heat pump systems will be sold in these regions in 2022, and the year-on-year growth rate of nearly 38% is also slightly higher than the previous year's record growth rate of 34%. The number of heating heat pumps and hot water heat pumps currently installed in Europe has reached 20 million, providing heat for 16% of local residential and commercial buildings.
For Europe, the violent fluctuations in energy prices in the past year and the policy support of various governments for energy transition are the background for the booming sales of heat pumps. According to statistics from the European Heat Pump Association, the growth rate of installed capacity in many countries, including Germany, can reach more than 50%.
(Source: European Heat Pump Association)
To put it simply, a heat pump is an energy-saving technology that uses the principle of the reverse Carnot cycle and uses only a small amount of electric energy to efficiently utilize natural renewable energy such as air and geothermal energy. It can also perform refrigeration through the reverse cycle.
In the context of the energy crisis, European countries have also introduced policies to subsidize residents and businesses to reduce the use of fossil fuels. Guosen Securities analysts Chen Weiqi and Wang Zhaokang summarized the heat pump subsidy policies and proposals of European countries in last year's "Air Source Heat Pump Industry Special Topic: Europe's Energy Transformation Accelerates, Heat Pumps Usher in an Explosion Period". Among them, Italy has the strongest support, and users You can get a total of 110% of the heating system purchase price refund from the government for 5 years through a 5-year tax deduction.
(Source: Guosen Securities)
Thomas Hanke, Secretary General of the European Heat Pump Association, told the media that the growth rate of this industry has exceeded many people’s imagination. Previously, supply chain shortages and market uncertainty caused by the new crown epidemic caused some people in the industry to underestimate the potential growth. speed. Skyrocketing electricity bills and large government subsidies are all reasons for people to embrace new energy.
According to the association, the nearly 3 million heat pumps sold in 2022 are equivalent to replacing 4 billion cubic meters of natural gas, or equivalent to reducing 8 million tons of carbon dioxide emissions. All heat pump equipment in Europe combined can reduce carbon dioxide emissions by almost 54 million tons per year, which is approximately equal to the carbon emissions of the entire Greece.
Although the growth of heat pumps is strong, many markets are still in the process of gradually accepting this product. According to the German Heat Pump Industry Association, German heat pump sales surged 53% to 236,000 units in 2022, but natural gas heating equipment still sold 598,000 units.
In the REPowerEU plan proposed by the European Union in May last year, it stated that in order to end its dependence on Russian energy, EU member states should commit to installing 10 million heat pumps for individual consumers in the next five years.