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Heat Pumps
Heat pump sales stalled in 2023 as household budgets were squeezed
Global sales of heat pumps decreased by 3% in 2023 after two consecutive years of double-digit growth fuelled by the energy crisis. This slowdown reflects broader aversion to large-ticket purchases among consumers amid higher interest rates and inflation. Heat pumps are a large investment for households, and sales are particularly sensitive to borrowing costs and consumer sentiment.
At the same time, natural gas prices have mostly declined from their peaks in 2022, highlighting the need to tilt energy tariffs and taxes in favour of cleaner consumer choices…
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Heating
The energy crisis has marked a turning point for residential gas demand in Europe
Heating is a significant driver of global energy demand, both in buildings and in industry, and is an important component of energy expenditure for households, especially in colder climates. Many households use natural gas to warm their homes, provide hot water and to cook. Residential and commercial gas demand dropped by more than 15% in 2022 compared to the year before. While 40% of the decline in residential and commercial demand in Europe can be attributed to weather-related factors (reduced space heating needs due to…
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Heat Pump Taxonomy
A common framework for heat pumps classification and data Heat pumps are a cornerstone technology for achieving secure, affordable and sustainable heating. They have become one of the most common heating technologies and have the potential to impact significantly future trends for energy consumption in buildings and beyond.Tracking and analysing the pace of heat pump deployment compared to that of conventional heating technologies is essential for understanding future needs with regards to energy demand, investments in electricity infrastructure and fuel supply.Despite their growing importance, data on heat pump installations, as well as on their performance and cost, remain…
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Ramping up Heat Pumps in Moldova: A Roadmap
Buildings account for more than half of Moldova’s final energy consumption, with three-quarters of that used for space and water heating. At the same time, Moldova lacks domestic hydrocarbon resources and imports more than 80% of its primary energy. Heat pump technology offers Moldova an effective means of accelerating the transition in building heating.The recent expansion of Moldova’s solar and wind capacity also means that heat pumps can now play a greater role in cutting greenhouse gas emissions and lowering local air pollution. Finally, Moldovan’s 2024 referendum, endorsing the goal of European Union membership, underscores…
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Investment in next-generation geothermal is surging. Policies are key to further growth
Next-generation geothermal readies for take-off Next-generation geothermal is seeing a burst of financing, innovation and new supply agreements Geothermal energy harnesses naturally occurring heat found beneath the Earth’s surface to provide heating and cooling, electricity and energy storage. As global electricity demand rises and power systems place a growing premium on firm supply, geothermal energy’s ability to provide an around-the-clock, low-emissions source of power is attracting renewed attention. However, easy-to-access conventional geothermal resources are relatively rare and mostly confined to a small number of shallow geothermal hotspots globally, accounting for…
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Global Energy Review 2026 Technology: Heat pumps
Global heat pump sales fell by about 2% in 2025. Sales in China and Japan were largely flat, while Europe saw a strong return of demand. Sales in the United States declined.In China, heat pump sales stayed broadly stable. Reversible air conditioners (used as primary heating equipment) make up about half the Chinese heat pump market, and while record-breaking sales of air conditioners supported strong demand in the first half the year, they fell sharply in the second half. Sales of air-to-water and hot water heat pumps, which make up the remainder of the market, remained…
- Key findings
- Global trends
- Oil
- Natural gas
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+ 9 pages
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Space Cooling
Country and regional highlights
Updated energy efficiency standards and new policies target emissions associated with space cooling
CO2 emissions
Progress on efficiency and power decarbonisation have not been sufficient to curb emissions growth from rising space cooling demand
Energy
In 2022 energy consumption for space cooling further increased by more than 5% from 2021
Activity
More than half of floor area additions to 2030 will occur in areas of the world with a high need for space cooling
Policy
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District Heating
Country and regional highlights
Momentum for change is growing within the district heating industry
CO2 emissions
Decarbonisation efforts have not yet been sufficient to curb associated emissions
Energy
Despite large potential for the integration of renewable sources and recycled heat, fossil fuels dominate district heat supplies globally
Deployment
The district heating industry is transitioning to lower-temperature networks and integrating renewable energy sources
Innovation
Policy
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Ramping up Heat Pumps in Moldova: A Roadmap Heat pumps in Moldova
This chapter explores the benefits of heat pumps and their potential application in Moldova. It discusses different heat pump types and potential applications, then dives into the benefits of heat pumps in terms of energy efficiency, energy security, greenhouse gas emissions, economic development and EU accession. The chapter then discusses the status of heat pumps in Moldova and their potential, addressing the applications for which they are most suited in the Moldovan context. Heat pump applications Heat pumps have been widely recognised as a key technology for decarbonising heating in buildings, industry and district heating systems. Global and European scenarios…
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Hydroelectricity
Hydropower is the largest source of renewable energy today, but that could change soon
Hydro is currently the third largest source of power generation worldwide after coal and natural gas. In 2024, it generated around 4 500 terawatt-hours of electricity, or 14% of the global total.
More than 150 gigawatts (GW) of new hydro capacity is set to come online by the end of the decade, mostly in emerging and developing economies. As a result, electricity generation from hydropower is expected to increase by 7% between 2025 and 2030. However, its share in global electricity generation is poised to…