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Buildings

8%

Average compound annual growth rate (CAGR) of heat pump sales in selected markets since 2012.

81%

Concentration of heat pump sales in just 5 markets

83%

Share of surveyed markets with heat pump purchase incentives in place

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Heat pump sales by market

Global heat pump sales rose only 1% from 2021 to 2022, to 11 million, 7 percentage points less than the average compound annual growth rate since 2012. Sales remain concentrated in just five markets, with – the US, Japan, mainland China, France and Italy – together accounting for 81% of the total in 2022.

Heat pump prices

Due to high upfront costs, heat pump demand remains quite dependent on subsidies or other consumer-support mechanisms

Clean buildings policies

Heat pump purchase incentives are present in 24 of the markets surveyed, making them the most popular such policy on the books. Low-carbon heat targets or roadmaps, which are in place in 76% of covered markets, are a close second. Tax credits and boiler scrappage are also relatively popular, with roughly 50% of markets using these to support heat pump adoption.

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Climatescope 2023 print report cover

Power Transition Factbook

This marks the 12th anniversary of Climatescope, BNEF’s annual assessment of energy transition opportunities. In recent years, the project has been expanded to include activity not just in clean power, but also in the decarbonization of transportation and buildings.

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