Heat pumps offer attractive solutions to energy-efficient heating and cooling, and the market is growing. According to a November 2021 report from the International Energy Agency (IEA), nearly 180 million heat pumps were used for heating in 2020, as the global stock increased nearly 10% per year over the past five years.
The report notes that though some of those heat pumps only partially cover space and water heating needs, growth is still evident across all primary heating markets, including North America, Europe and Northern Asia. The report also acknowledges that heat pumps have become the most common technology in newly built houses in many countries, but still only meet 7% of global heating demand. “In the United States, for example, the share of heat pump sales for newly constructed buildings exceeds 40% for single-family dwellings and is near 50% for new multi-family buildings.”