With the ongoing deployment of COVID-19 vaccines worldwide, countries have adopted active fiscal and monetary policies and other measures, and the global economy began to recover in 2021. However, the decarbonization targets ahead are daunting. It has become a consensus that heat pump technology is essential to achieve this goal. In particular, European countries have formulated and promulgated clean energy policies. Many countries have provided generous subsidies for heat pumps, dramatically promoting air-to-water (ATW) heat pump markets. The global ATW heat pump market achieved an excellent V-shaped recovery in 2021, following the relatively low growth rate experienced in 2020.
VRFs can be used in the residential, light commercial, commercial, and industrial fields. Even during the pandemic, VRF technology continues to gain widespread recognition in the global market, and the number of applications continues to increase.
In 2021, the global compressor market rebounded after a significant drop caused by the pandemic. International carbon neutrality policy has accelerated the replacement of refrigerants. Refrigerant replacement in major global markets and the improvement of energy efficiency levels have promoted the technological upgrading of compressors and have brought tremendous business opportunities to the compressor industry.
Since 2021, with the acceleration of global vaccination and the successive lifting of blockade measures by various countries, the recovery of the world economy has remarkably improved. But the pandemic is continuing, and people in many parts of the world are still working from home. Life, work, and study have not returned to normal.
In 2021, the weather in most parts of the world was not very hot, and there are some areas where the weather is seasonable, but due to the pandemic, excellent opportunities for air conditioner sales were missed. Stay-at-home demand continues to drive the residential market, but the growth momentum has significantly weakened compared with 2020. There are apparent differences in the increases and decreases in needs in various regions.
The International Monetary Fund (IMF) estimates that the global economy shrank by 4.4% in 2020. Affected by the COVID-19 pandemic, countries generally implemented economic blockade policies in the second quarter. The manufacturing and service industries were shut down, unemployment rates soared, and the gross domestic product (GDP) decline in many countries hit a record. After the third quarter, the countries’ economies gradually unblocked. Still, the second wave of the pandemic triggered an economic blockade policy, and the momentum of economic recovery has been weakened. The reorganization of global industrial chains and value chains is accelerating, and some global industrial chains are forced to press the ‘pause button.’