Hong Kong SAR, China: Heat Pump Market 2024

Heat Pump Market Size in Hong Kong SAR, China

For the fifth year in a row, the Hong Kong heat pump market recorded decline in sales value, which decreased by -20.6% to $X in 2021. In general, consumption showed a pronounced decline. Over the period under review, the market hit record highs at $X in 2014; however, from 2015 to 2021, consumption remained at a lower figure.

Heat Pump Production in Hong Kong SAR, China

In value terms, heat pump production contracted rapidly to $X in 2021 estimated in export price. In general, production faced a sharp curtailment. Over the period under review, production attained the peak level at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Heat Pump Exports

Exports from Hong Kong SAR, China

In 2021, after two years of growth, there was significant decline in overseas shipments of heat pumps (other than air conditioning machines), when their volume decreased by -33.1% to X units. Overall, exports continue to indicate a abrupt decline. The growth pace was the most rapid in 2019 when exports increased by 210% against the previous year. The exports peaked at X units in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

In value terms, heat pump exports fell notably to $X in 2021. In general, exports saw a abrupt curtailment. The pace of growth was the most pronounced in 2020 when exports increased by 107% against the previous year. Over the period under review, the exports hit record highs at $X in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

Exports by Country

China (X units) was the main destination for heat pump exports from Hong Kong SAR, with a 15% share of total exports. Moreover, heat pump exports to China exceeded the volume sent to the second major destination, Macao SAR (X units), threefold. Sweden (X units) ranked third in terms of total exports with a 0.4% share.

From 2012 to 2021, the average annual growth rate of volume to China totaled -19.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Macao SAR (-24.0% per year) and Sweden (0.0% per year).

In value terms, China ($X) remains the key foreign market for heat pumps (other than air conditioning machines) exports from Hong Kong SAR, comprising 66% of total exports. The second position in the ranking was taken by Macao SAR ($X), with a 23% share of total exports. It was followed by Sweden, with a 1.7% share.

From 2012 to 2021, the average annual growth rate of value to China amounted to -18.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Macao SAR (-23.6% per year) and Sweden (0.0% per year).

Export Prices by Country

The average heat pump export price stood at $X per unit in 2021, waning by -50.6% against the previous year. In general, the export price saw a abrupt shrinkage. The growth pace was the most rapid in 2018 when the average export price increased by 185%. As a result, the export price attained the peak level of $X per unit. From 2019 to 2021, the average export prices remained at a lower figure.

Average prices varied noticeably for the major external markets. In 2021, amid the top suppliers, the highest price was recorded for prices to France ($X per unit) and Sweden ($X per unit), while the average price for exports to China ($X per unit) and Macao SAR ($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 France (+1.7%), while the prices for the other major destinations experienced more modest paces of growth.

Heat Pump Imports

Imports into Hong Kong SAR, China

In 2021, supplies from abroad of heat pumps (other than air conditioning machines) decreased by -14% to X units, falling for the seventh consecutive year after three years of growth. Over the period under review, imports, however, continue to indicate a remarkable increase. The growth pace was the most rapid in 2013 with an increase of 703% against the previous year. Imports peaked at X units in 2014; however, from 2015 to 2021, imports failed to regain momentum.

In value terms, heat pump imports declined modestly to $X in 2021. In general, imports, however, saw a buoyant expansion. The pace of growth was the most pronounced in 2013 with an increase of 253% against the previous year. Imports peaked at $X in 2014; however, from 2015 to 2021, imports remained at a lower figure.

Imports by Country

Japan (X units), Malaysia (X units) and China (X units) were the main suppliers of heat pump imports to Hong Kong SAR, with a combined 37% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Japan (with a CAGR of +3.6%), while imports for the other leaders experienced a decline.

In value terms, the largest heat pump suppliers to Hong Kong SAR were Japan ($X), Malaysia ($X) and China ($X), together accounting for 84% of total imports.

Among the main suppliers, Japan, with a CAGR of +4.0%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

In 2021, the average heat pump import price amounted to $X per unit, rising by 13% against the previous year. Over the period under review, the import price, however, continues to indicate a deep downturn. The pace of growth appeared the most rapid in 2018 when the average import price increased by 16% against the previous year. Over the period under review, average import prices hit record highs 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 the United States ($X per unit) and Australia ($X per unit), while the price for China ($X per unit) and Japan ($X per unit) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+0.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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