South Korea Expands Residential Heat Pump Adoption

South Korea Expands Residential Heat Pump Adoption

South Korea: South Korea’s residential heating market is shifting towards heat pumps as the government advances heating electrification measures and manufacturers expand household product offerings. Industry sources stated that KD Navien plans to launch a residential heat pump boiler in the domestic market next month after supplying the product in the United Kingdom. Heat pumps operate by transferring heat from outdoor air indoors and are being positioned as an alternative to gas boilers due to higher energy efficiency and the absence of direct carbon dioxide emissions during operation. Major manufacturers including Samsung Electronics and LG Electronics have also entered the residential heat pump segment, while Kiturami Group is preparing to expand from commercial to household applications.

The government has allocated KRW 14.4 billion (USD 10.4 million/EUR 9.6 million) in subsidies this year to support heat pump installations, covering up to 70 per cent of installation costs. This reduces the cost of systems priced between KRW 10 million and KRW 12 million (USD 7.2 million to USD 8.7 million/EUR 6.6 million to EUR 7.9 million) to approximately KRW 3 million to KRW 4 million (USD 2.2 million to USD 2.9 million/EUR 2 million to EUR 2.6 million) for households. The government aims to install 3.5 million units by 2035 and reduce greenhouse gas emissions by 5.18 million tonnes. According to market research estimates cited in the report, the global heat pump market is projected to grow from USD 100.18 billion (EUR 92.2 billion) in 2026 to USD 211.93 billion (EUR 195.1 billion) by 2034.

Source: The Chosun Daily