Samsung and LG Intensify Competition in South Korea's Residential Heat Pump Market

Samsung and LG Intensify Competition in South Korea's Residential Heat Pump Market

SOUTH KOREA: Samsung Electronics and LG Electronics are expanding their presence in South Korea's emerging residential heat pump market, supported by the government's heating electrification initiative. Heat pumps are gaining traction as an energy-efficient, low-carbon alternative to gas boilers, creating long-term opportunities in new housing, apartment renovations and maintenance services. LG secured the largest share of the government's Jeju electrification project, leveraging its European experience with the Therma V air-source heat pump. Meanwhile, Samsung is targeting apartment developments with its EHS All-in-One system, which combines cooling, underfloor heating and hot water. Both companies are positioning HVAC as a key growth business amid slowing demand for traditional consumer electronics.

Source: Pulse