Energy Technology Prospects 2023 Report

In the future, heat pump technology will become the main clean energy source, driving the development of the heat pump market and increasing employment

On January 11, 2023, Fatih Birol, Executive Director of the International Energy Agency, introduced the release of the report. The report points out that the new global clean energy economy is developing, and all clean energy technologies around the world are entering a vigorous development stage.

The "2050 Net Zero, Global Energy Sector Roadmap" released by the International Energy Agency in the spring of 2021 clearly states that in order to achieve ambitious and sometimes necessary carbon dioxide reduction targets by 2050, 50% of global heating demand must be met through heat pumps by 2045 at the latest.

The energy economy mainly emphasizes the market and employment opportunities.

Heat pump market

IEA's analysis also shows that the trading volume of heat pumps is lower than that of solar photovoltaic modules. But in 2021, the demand for heat pump products suddenly surged, coupled with open trade policies, resulting in a sharp increase in imports from outside the European continent, almost all from Asian countries.

In order to meet the development of global clean energy, the cumulative investment during 2022-2030 is about 640 billion US dollars (calculated in real US dollars in 2021). By 2030, the investment gap in heat pumps will be approximately $15 billion.

The International Energy Agency stated that this highlights the importance of the government setting clear and credible deployment goals. Clear goals will effectively limit the uncertainty of demand and guide investment decisions.

Employment opportunities

According to the data analysis report, a sufficiently skilled and large workforce will be the core of energy transformation. For the supply chain of clean energy technologies such as solar photovoltaic, wind energy, and heat pump systems, in order to achieve IEA's 2050 Net Zero Emissions (NZE) vision, approximately 800000 professional workers capable of implementing these technologies will be required.

The European heat pump industry provides a large number of job positions, but there are not enough well-trained workers to fill these positions. As part of the HP4All project funded by the European Union, the speaker addressed this thorny issue at a recent webinar organized by EHPA, which focuses on skills.

By 2030, the number of clean energy manufacturing related jobs will more than double from the current 6 million to nearly 14 million. More than half of these jobs are related to electric vehicles, solar photovoltaic, wind energy, and heat pumps.

Overall, the future development of the heat pump market has great certainty. Whether it is commercial investment or personal employment, it is worth studying the industry policies and technological development related to heat pumps.