China's Heat Pumps Surge in Global Markets

As global energy transitions and environmental policies drive forward, air source heat pumps, recognized for their efficiency, energy-saving, and environmental benefits, are experiencing rapid growth in the global market. Here are some key points outlining the latest developments in the overseas air source heat pump market:

Global Market Size and Growth: According to market research, the air source heat pump market size exceeded $44 billion in 2022 and is expected to show a compound annual growth rate (CAGR) of 13% from 2023 to 2032, with revenues expected to exceed $165 billion by 2032.

Technological Innovation and Application: China, as the world's largest producer and seller of heat pumps, has competitive products and technology in the global market. For instance, Voya Air has been deeply involved in overseas markets for many years, offering a comprehensive range of products for hot water, heating, and drying to meet European market demands. In terms of technological innovation, Tongyi Air's heat pumps achieve stable operation in a wide temperature range from -30°C to 55°C, with full DC inverter technology that far exceeds industry first-level energy efficiency, saving up to 30% more energy.

Overseas Market Expansion: Air source heat pumps have gradually entered overseas markets and accumulated mature application experience. Countries like Japan, Canada, and Israel have already applied air source heat pumps in home markets, villa heating, and other fields, receiving widespread praise.

Policy Support: The EU, Australia, and other countries have long included air source heat pump technology in the category of renewable energy and provided corresponding policy support. This has provided significant market opportunities for Chinese air source heat pump companies.

Export Growth: In 2021, China's air source heat pump export scale reached 4.86 billion yuan, with a year-on-year growth rate of 93.6%, almost doubling. Due to the rapid development of the overseas heat pump market, the proportion of China's air source heat pump export value in the overall market has increased rapidly, with a share of 21.4% in 2021.

Importance of the European Market: Europe is an important region for China's air source heat pump exports, with France having the largest scale, and Italy, Germany, and other countries showing impressive growth rates. In 2021, China's air source heat pump exports to Europe accounted for more than half of the total heat pump export value.

Opportunities in the Global Energy Crisis: Due to the global energy crisis, the market growth of air source heat pumps has accelerated due to energy upgrades. In 2022, the overseas market has reached a proportion of 62.7%, with the vigorous development of the European market enhancing the overall layout of the overseas market.