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Chinese exporters of air source heat pumps thrive as European demand jumps 2022-09-07
Chinese Exporters of Air Source Heat Pumps Thrive as European Demand Jumps
Chinese manufacturers of air source heat pumps have seen exports boom in the first half, especially to Europe where governments are keen to subsidize this eco-friendly heating system that draws its source of heat from the surroundings. This is in stark contrast to a sharp drop in overseas sales of most other household appliances.
The value of China’s exports of air source heat pumps soared 68.2 percent in the first six months from the same period last year to CNY3.4 billion (USD489 million), accounting for almost half of all sales, and the growth rate for the whole year is expected to top 50 percent, industry consulting platform Chinaiol said.
Demand in Europe, in particular, is exploding as many European governments bring in substantial subsidies of up to EUR5,000 (USD5,000) to encourage the use of these green heating devices that can be used as air conditioning systems in homes and offices as well as in hot water systems. Export volumes to Italy, Poland and Spain all expanded by more than 50 percent in the first half from a year ago.
Last year, China exported around two million air source heat pumps to Europe. Industry insiders are optimistic that the annual export volume could top 10 million units in the next few years.
And as a result, Chinese producers are benefiting. The country's air source heat pump sector saw revenue surge almost 30 percent in the first half year on year to CNY7.1 billion (USD1 billion), according to Chinaiol.
Vanward’s air source heat pump sales more than doubled over the period to CNY86.4 million (USD12.4 million) and the value of its exports jumped nearly two-and-a-half fold to CNY7.8 million. While the value of Midea Group’s heat pump exports more than tripled, Chinaiol said.
Other white goods makers, such as Gree, Haier and Hisense, are now putting more emphasis on overseas sales of air source heat pumps, Zhou Nan, secretary general of the household electrical appliance branch of the China Chamber of Commerce for Import and Export of Machinery and Electronic Products, told Yicai Global.
Europe’s household air source heat pump market could reach 37.7 million units, Cinda Securities said. And as products are upgraded, long-term market demand for heat pumps in Europe could exceed 40 million units, with a market size of more than EUR400 billion (USD400 billion).
Source: Yicai
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