According to industry online data, the export value of domestic heat pumps will be about 5 billion yuan in 2021, an increase of more than 100% year-on-year. The “REpowerEU” will promote the EU’s large-scale demand for renewable energy sources such as heat pumps, short-term European local manufacturing level is limited, the development of alternative supply chain is very complex and expensive, most of the EU renewable energy products are still dependent on imports, the Chinese heat pump enterprises will be a huge opportunity. Therefore, the domestic heat pump industry should increase research and development efforts, cultivate their own brands, to meet the new opportunities and challenges.