Asia: Heat Pump Market 2024

Heat Pump Market Size in Asia

After three years of growth, the Asian heat pump market decreased by -26% to $X in 2021. Overall, consumption, however, saw a relatively flat trend pattern. As a result, consumption attained the peak level of $X, and then fell remarkably in the following year.

Heat Pump Production in Asia

In value terms, heat pump production shrank to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +4.1% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2020 with an increase of 17% against the previous year. As a result, production attained the peak level of $X, and then declined in the following year.

Heat Pump Exports

Exports in Asia

For the seventh consecutive year, Asia recorded growth in shipments abroad of heat pumps (other than air conditioning machines), which increased by 91% to X units in 2021. In general, exports recorded a significant increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, heat pump exports skyrocketed to $X in 2021. Over the period under review, exports recorded a resilient expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

China dominates exports structure, resulting at X units, which was approx. 85% of total exports in 2021. It was distantly followed by Japan (X units), achieving an 8.4% share of total exports. South Korea (X units) and the United Arab Emirates (X units) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to heat pump exports from China stood at +24.6%. At the same time, South Korea (+68.7%), the United Arab Emirates (+29.5%) and Japan (+7.5%) displayed positive paces of growth. Moreover, South Korea emerged as the fastest-growing exporter exported in Asia, with a CAGR of +68.7% from 2012-2021. While the share of China (+19 p.p.) and South Korea (+3.1 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Japan (-16.2 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest heat pump supplier in Asia, comprising 71% of total exports. The second position in the ranking was held by Japan ($X), with a 19% share of total exports. It was followed by South Korea, with a 5.6% share.

In China, heat pump exports expanded at an average annual rate of +20.0% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Japan (+6.4% per year) and South Korea (+73.1% per year).

Export Prices by Country

The export price in Asia stood at $X per unit in 2021, shrinking by -4.1% against the previous year. Over the period under review, the export price showed a noticeable downturn. The most prominent rate of growth was recorded in 2019 when the export price increased by 15%. Over the period under review, the export prices reached the peak figure at $X per unit in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Japan ($X per unit), while China ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+2.6%), while the other leaders experienced mixed trends in the export price figures.

Heat Pump Imports

Imports in Asia

In 2021, supplies from abroad of heat pumps (other than air conditioning machines) increased by 18% to X units, rising for the second consecutive year after five years of decline. Overall, imports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when imports increased by 45% against the previous year. Over the period under review, imports reached the peak figure at X units in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

In value terms, heat pump imports surged to $X in 2021. Over the period under review, imports, however, recorded a pronounced descent. The level of import peaked at $X in 2015; however, from 2016 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Turkey (X units) and the United Arab Emirates (X units) represented the major importers of heat pumps (other than air conditioning machines) in Asia, together achieving 31% of total imports. Hong Kong SAR (X units) took an 8.3% share (based on physical terms) of total imports, which put it in second place, followed by Vietnam (7.7%), Israel (7.5%), Japan (6%) and India (6%). Singapore (X units), Oman (X units), South Korea (X units), Taiwan (Chinese) (X units), Saudi Arabia (X units) and Cyprus (X units) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by India (with a CAGR of +16.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the United Arab Emirates ($X), Turkey ($X) and Saudi Arabia ($X) constituted the countries with the highest levels of imports in 2021, with a combined 37% share of total imports. These countries were followed by Israel, Japan, India, Hong Kong SAR, South Korea, Vietnam, Singapore, Oman, Taiwan (Chinese) and Cyprus, which together accounted for a further 42%.

India, with a CAGR of +17.2%, saw the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Asia stood at $X per unit in 2021, with an increase of 16% against the previous year. In general, the import price, however, continues to indicate a slight shrinkage. The growth pace was the most rapid in 2015 when the import price increased by 19%. Over the period under review, import prices reached the maximum at $X per unit in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Saudi Arabia ($X per unit), while Vietnam ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (+9.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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