Heat pump market growing fast in China

Heat pump market growing fast in China
Jul. 06, 2009 – According to JARN, the heat pump water heaters market in China is growing fast, with sales having reached an estimated 250,000 units in 2008. Although R22 remains the refrigerant of choice at present, some local players have recently begun to develop CO2 compressors and heat pump systems.

A new article by Japan Air Conditioning, Heating & Refrigeration News (JARN) reports that the Chinese market size for heat pump water heaters in 2008 reached an estimated 250,000 units, which corresponds to an estimated RMB 1.3 billion (about US$ 190 million), while for 2009 the market is expected to exceed RMB 1.5 billion (about US$ 220 million). These figures compare to 360 million RMB (€37 million) in 2005 and 1.20 billion RMB (€106 million) in 2007.

To put this into perspective, the overall water heater market in China is about 18.7 million units each year, which could provide a huge potential market for the heat pump water heaters.