HEAT PUMP MARKET ANALYSIS

Market Concentration and Competitive Landscape

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Rising energy costs and a greater focus on sustainability in the building sector has led many governments to introduce stricter energy efficiency mandates and codes. These regulations require new constructions to meet certain performance standards for heating and cooling that can be best achieved through technologies like heat pumps. For example, countries in the European Union have stipulated reduction targets for energy use from space heating through directives like the Energy Performance of Buildings Directive. Similarly, in countries like Japan and South Korea, subsidies are provided to make heat pumps a more economically viable choice that can fulfil renewable energy obligations.

For instance, in November 2023, LG Electronics is a manufacturer of  consumer electronics & home appliances, is establishing a research facility in Alaska, U.S., as part of the Consortium for Advanced Heat Pump Research (CAHR), a partnership between LG Electronics and local universities. The focus is on advancing research and development in heating, ventilation, and air conditioning (HVAC) with a goal to enhance the competitiveness of LG's HVAC products through innovations in cold climate technology.