Development Status, Competition Pattern and Future Development Trend of Air Source Heat Pump

1. Overview of air source heat pump industry

The air source heat pump industry is an important part of the field of clean energy and energy-saving and environmental protection technology. It uses high-level energy to make heat flow from low-level heat sources (such as air) to high-level heat sources, thereby achieving efficient and environmentally friendly energy utilization. The industry chain includes upstream component manufacturing (such as compressors, heat exchangers, controllers, etc.), midstream heat pump whole machine manufacturing and downstream application fields (such as building heating, cooling, hot water supply, etc.). In recent years, with the increasing global demand for clean energy and environmental protection technology, the air source heat pump industry has developed rapidly. In the future, with the continuous advancement of technology and the continuous expansion of the market, the air source heat pump industry is expected to achieve more extensive applications and a larger market scale. At the same time, cooperation and synergy between upstream and downstream enterprises in the industrial chain will also become an important force to promote the development of the industry.

2. Analysis of the development status of the air source heat pump industry

* The market scale continues to expand

In recent years, the market scale of air source heat pumps has continued to expand. According to the "In-depth Research and Investment Opportunity Analysis Report on China's Air Source Heat Pump Industry from 2024 to 2029" released by China Research Institute of Industry, the annual sales of China's air source heat pump industry (including natural fluorine and ground water) reached 28.11 billion yuan in 2022, achieving a growth of 13.5%. In 2023, air source heat pumps increased by 13.3% year-on-year, and performed outstandingly in the entire heating and cooling industry.

Air source heat pumps are widely used in heating, hot water, drying and other fields. Among them, the heating market is the main application field of air source heat pumps, occupying a large market share. At the same time, as consumers' awareness of energy-saving and environmental protection technologies increases, the hot water market and the drying market have gradually become important application fields for air source heat pumps.

* Policy support and market promotion

The rapid development of the air source heat pump industry is inseparable from the government's policy support and market promotion. In recent years, governments of various countries have introduced relevant policies to encourage the application of clean energy and energy-saving and environmental protection technologies. In China, the government has vigorously promoted the application of air source heat pumps in the heating field through policies such as "coal to electricity". At the same time, with consumers' pursuit of high-quality life, air source heat pumps have gradually become the darling of the market with their high efficiency, environmental protection and energy saving.

* Technological innovation and industrial upgrading

The air source heat pump industry has made continuous breakthroughs in technological innovation. For example, the application of technologies such as high-efficiency compressors and intelligent control systems has improved the energy efficiency and performance of products. These technological innovations have provided strong support for the development of the air source heat pump industry. At the same time, with the improvement and optimization of the industrial chain, the overall competitiveness of the air source heat pump industry will be improved.

3. Analysis of the competitive landscape of the air source heat pump industry

* Increased market concentration

The domestic market of air source heat pumps is characterized by the leading of three major white goods leaders and overall dispersion. Leomon, Midea and Gree, three traditional white goods companies, have led the Chinese air source heat pump market for two consecutive years. Judging from the changes in the concentration of China's air source heat pump industry in 2022, the market has further concentrated on the head companies. The market share of the industry's TOP3, TOP5 and TOP10 companies has increased, among which the proportion of the top three companies has increased most significantly, an increase of 2.8 percentage points from 2021.

* Brand competition pattern

In the air source heat pump market, home appliance giants such as Leomon, Midea, and Gree have occupied a large market share with their strong brand influence and technical strength. At the same time, professional heat pump brands such as Zhongguang Otis and Newent have also occupied a certain position in the market. These brands have won the trust and recognition of consumers through continuous technological innovation and product quality improvement.

* Regional competition pattern

In terms of regional competition pattern, the northern heating market is an important retail growth channel for the heat pump industry, and the northeastern market represented by Hebei and Liaoning occupies the top position. Due to the low temperature in winter and the large demand for heating in these regions, air source heat pumps are widely used in the heating field. At the same time, with the pursuit of high-quality life and the improvement of environmental awareness in the southern region, the application of air source heat pumps in the southern market has gradually increased.

4. Analysis of future development trends and prospects of the air source heat pump industry

* High-efficiency and environmentally friendly refrigerant replacement driven by carbon neutrality goals

Facing increasingly stringent carbon emission standards, heat pump technology research and development focuses on improving system energy efficiency and accelerating the transition to low-carbon, zero ODP (ozone depletion potential) and low GWP (global warming potential) natural refrigerants, such as the widespread application of carbon dioxide heat pump systems. This will become an important trend in the future development of the air source heat pump industry.

* Integrated application of intelligence and Internet of Things technology

Heat pump technology is deeply integrated with the Internet of Things, big data and artificial intelligence. Through intelligent perception of environmental changes and user needs, it realizes autonomous learning and precise control, thereby greatly improving equipment operation efficiency, reducing energy consumption, and creating a more intelligent living and working environment. In the future, air source heat pumps will pay more attention to the application of intelligence and Internet of Things technology to meet consumers' pursuit of high-quality life.

* Multi-source coupling and composite application

In the future, heat pumps will further broaden the source of low-grade heat sources, integrate a variety of renewable energy sources, such as solar energy and wind energy, and realize multi-source coupling utilization. At the same time, various types of heat pumps such as air source, water source, and ground source are used in combination to adapt to different regional conditions and application scenarios and improve the overall efficiency of energy utilization. This will be another important direction for the future development of the air source heat pump industry.

* Dual drive of policy support and market demand

With the urgent need for global warming and energy transformation, and the attention of governments to clean energy and energy-saving and environmental protection technologies, the air source heat pump industry will usher in more policy support and market demand. These supports and demands will promote the sustained and rapid development of the air source heat pump industry.

* Market competition and survival of the fittest

With the continuous expansion of the air source heat pump market and the intensification of competition, the industry will see the phenomenon of survival of the fittest. High-quality companies will win more market share and user trust through technological innovation, product quality improvement, and service innovation. At the same time, there will be more mergers and acquisitions and capital operations in the industry to improve overall competitiveness.