How far have heat pump sales recovered?
- Recent reports say European natural gas prices are approaching a 4-year high, drawing attention to the market for heat pumps that use electric heating. After speaking with listed companies including Haier Smart Home, Midea Group and Hisense Home Appliances, a Financial Associated Press reporter learned that heat pump sales this year have been significantly better than in the past two years.
- However, the sales reported by companies still fall short of levels seen when the Russia-Ukraine conflict broke out in 2022. The market is recovering compared with the past two years, but the recovery remains limited compared with the peak in demand during the crisis.
Why is this year's demand different from that in 2022?
- A heat pump company executive said that in 2022, natural gas supplies fell precipitously and prices soared to extreme levels. Fearing gas shortages and supply disruptions in winter, residents panic-bought heating equipment such as heat pumps and electric blankets.
- The executive attributed this year's changes to higher natural gas prices: energy prices are driving a recovery in the heat pump market, but the demand backdrop differs from the supply crisis and panic-driven market conditions of that year.
What products do the companies offer?
- A representative of Hisense Home Appliances said the company recently established a dedicated heat pump product research and development department, adding dedicated investment in product development.
- Sunrain's products exported to Europe mainly include solar thermal and air-source energy products. Vanward Electric has launched new products for the EU market, including R290 hot-water heat pumps and trigeneration heat pumps, while stepping up technology upgrades and product development for air-source heat pumps in regions including Europe and Australia.