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The worldwide heat pump market has enormous potential,with China well ahead in terms of production and sales.

The market for R32 heat pumps is projected to see explosive growth over the course of the next decade, in accordance with the objective of achieving carbon neutrality on a worldwide scale. Over the course of the previous decade, the market for heat pumps across the world expanded in a way that was both consistent and gradual. The International Energy Agency (IEA) found that the total heat pump stock in the world in the year 2020 was close to 180 million, and that the compound annual growth rate (CAGR) between the years 2010 and 2020 was 6.4%, with China and North America being the primary markets. In recent years, in response to the overall warming of the planet’s climate, the majority of the world’s wealthy nations have proposed carbon neutrality goals. It is anticipated that the sector will enter a phase of rapid expansion during the next 10 years, since doing so will be one of the most effective methods to conserve energy and cut emissions. The International Energy Agency (IEA) forecasts that the worldwide installation of heat pumps will more than triple from its capacity in 2020 to reach approximately 600 million units by 2030. This would be more than three times the amount of capacity that was installed in 2020.

China is a major country in the world’s heat pump production and export, and it will also benefit from the increased demand for heat pumps in Europe. Relying on the production advantages of the entire manufacturing industry chain, China is a major country in the world’s inverter heat pump production and export. China’s yearly production of heat pump goods is expected to account for around 64.8% of the world’s total in the year 2020. In 2020, China imported 1400 heat pumps and exported 662900 heat pumps, as reported by the General Administration of Customs; in 2021, China’s heat pump exports increased significantly, reaching 1309700 units, with a year-on-year growth rate of 97.6%; this was a direct result of the demand explosion in the European OEM heat pump market.

The demand for air source heat pumps in 22h1 Europe skyrocketed as a direct result of short-term geopolitical tensions and the financial support provided by the government. The worldwide market for heat pumps has maintained a strong growth rate over the last several years, particularly in the context of the upgrading and transformation of energy. In the beginning of 2022, a geopolitical conflict broke out between Russia and Ukraine. At the same time, oil and gas prices were skyrocketing, which further stimulated the outbreak of heat pump demand in Europe. This, in turn, stimulated an acceleration of heat pump exports from China to major European countries in 22h1. According to the statistics provided by customs, from January to June 2022, China’s exports of heat pumps to Bulgaria, Poland, Italy, and other countries climbed by 614%, 373%, and 198% correspondingly year-on-year, with Bulgaria, Poland, and Italy seeing the largest growth rate. A substantial growth tendency was also seen in other significant nations located in Europe and North America.

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