Under the goal of global carbon neutrality, the heat pump market is expected to usher in rapid development in the next decade. In the past decade, the global heat pump market developed steadily but slowly. According to the data of IEA (International Energy Agency), the global heat pump stock in 2020 was nearly 180 million, and the CAGR between 2010 and 2020 was 6.4%, with China and North America as the main markets. In recent years, under the background of global climate warming, all major developed countries have put forward carbon neutral targets. As one of the most effective ways to save energy and reduce emissions, the industry is expected to usher in a ten-year high-speed development period. According to the prediction of IEA, the global heat pump installation is expected to reach 280 million units by 2025, and nearly 600 million units by 2030, more than three times the installed capacity in 2020.

Relying on the production advantages of the whole manufacturing industry chain, China is a major country in the world's heat pump production and export, and will also benefit from the increased demand for heat pumps in Europe. In 2020, the annual output of heat pump products in China will approximately account for 64.8% of the world. According to the data of the General Administration of customs, in 2020, China imported 1400 heat pumps and exported 662900 heat pumps; In 2021, benefiting from the demand explosion of European heat pump market, China's heat pump exports increased significantly, reaching 1309700 units, with a year-on-year growth rate of 97.6%.

Stimulated by short-term geopolitical conflicts and government subsidies, the demand for heat pumps in 22h1 Europe increased explosively. In the context of energy upgrading and transformation, the global heat pump market has maintained rapid development in recent years. In early 2022, the geopolitical conflict between Russia and Ukraine broke out, and the soaring oil and gas prices further stimulated the outbreak of heat pump demand in Europe, which stimulated the acceleration of heat pump exports from China to major European countries in 22h1 in the short term. According to customs data, from January to June 2022, China's heat pump exports to Bulgaria, Poland, Italy and other countries increased by 614%, 373% and 198% respectively year-on-year, with the fastest growth rate. Other major European and American countries also showed a high growth trend.