LG Electronics launches global heat pump consortium

Cho Joo-wan, CEO and President of LG Electronics, delivered a welcome speech at the inauguration ceremony of the ‘LG Electronics Global Heat Pump Consortium’ held on the 23rd at LG Science Park in Magok, Gangseo-gu, Seoul. (LG Electronics)

South Korean tech giant LG Electronics Inc. has launched a global heat pump consortium, bringing researchers from North America, Europe, and Asia together to collaborate on heating, ventilation, and air conditioning (HVAC) business and technology development.

LG Electronics’ goal is to create synergy and take the lead in the heat pump industry.

LG Electronics announced on Tuesday that it invited researchers from the heat pump research and development (R&D) consortium in North America, Europe, and Asia to Korea and hosted a four-day launch event for the LG Electronics Global Heat Pump Consortium at LG Sciencepark in Gangseo District, western Seoul, on Monday.

According to market research firm IBISWorld, the HVAC market is expected to grow to $61 billion by 2028 from $58.4 billion in 2023.