Australia: Heat Pump Market 2024

Heat Pump Market Size in Australia

The Australian heat pump market surged to $X in 2021, jumping by 66% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption enjoyed buoyant growth. Heat pump consumption peaked in 2021 and is likely to see gradual growth in the near future.

Heat Pump Exports

Exports from Australia

In 2021, shipments abroad of heat pumps (other than air conditioning machines) increased by 326% to X units for the first time since 2017, thus ending a three-year declining trend. In general, exports, however, showed a pronounced contraction. The exports peaked at X units in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, heat pump exports skyrocketed to $X in 2021. Overall, exports, however, saw a abrupt descent. Over the period under review, the exports reached the maximum at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

New Zealand (X units), Vietnam (X units) and the United States (X units) were the main destinations of heat pump exports from Australia, together comprising 65% of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Vietnam (with a CAGR of +43.7%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for heat pump exported from Australia were New Zealand ($X), Vietnam ($X) and the United States ($X), together accounting for 75% of total exports. Indonesia, Hong Kong SAR, the Philippines, Japan and Thailand lagged somewhat behind, together comprising a further 18%.

Indonesia, with a CAGR of +44.2%, recorded the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average heat pump export price amounted to $X per unit, reducing by -40.5% against the previous year. In general, the export price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 an increase of 40%. Over the period under review, the average export prices hit record highs at $X per unit in 2019; however, from 2020 to 2021, the export prices failed to regain momentum.

Average prices varied noticeably for the major external markets. In 2021, amid the top suppliers, the countries with the highest prices were Thailand ($X per unit) and Japan ($X per unit), while the average price for exports to Indonesia ($X per unit) and the United States ($X per unit) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Thailand (+10.7%), while the prices for the other major destinations experienced more modest paces of growth.

Heat Pump Imports

Imports into Australia

For the third year in a row, Australia recorded growth in overseas purchases of heat pumps (other than air conditioning machines), which increased by 73% to X units in 2021. Over the period under review, imports continue to indicate prominent growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, heat pump imports soared to $X in 2021. In general, imports showed a resilient expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, China (X units) constituted the largest heat pump supplier to Australia, accounting for a 50% share of total imports. Moreover, heat pump imports from China exceeded the figures recorded by the second-largest supplier, Slovakia (X units), ninefold. Italy (X units) ranked third in terms of total imports with a 3.6% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China amounted to +16.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Slovakia (+42.7% per year) and Italy (+36.3% per year).

In value terms, China ($X) constituted the largest supplier of heat pumps (other than air conditioning machines) to Australia, comprising 78% of total imports. The second position in the ranking was held by Slovakia ($X), with an 8.5% share of total imports. It was followed by Italy, with a 5.7% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China totaled +26.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Slovakia (+57.4% per year) and Italy (+37.1% per year).

Import Prices by Country

The average heat pump import price stood at $X per unit in 2021, with an increase of 8.5% against the previous year. Over the period under review, the import price, however, recorded a perceptible curtailment. The pace of growth appeared the most rapid in 2018 an increase of 14% against the previous year. The import price peaked at $X per unit in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

Average prices varied noticeably amongst the major supplying countries. In 2021, amid the top importers, the highest price was recorded for prices from Japan ($X per unit) and Italy ($X per unit), while the price for Slovakia ($X per unit) and China ($X per unit) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Malaysia (+17.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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