Indian is expected to grow at the fastest rate in the heat pumps market owing to its sustainable policies, underpenetrated market scenario, rising urbanization rates, higher disposable income, and growth in the middle-class economy. Further, the business-friendly policies and growing construction sector can contribute to the growth of industrial and commercial heat pumps as well. In price-sensitive countries like India, marketing strategies can be focused on cost-to-value benefits and the ideal payback period to stimulate interest. Further, it is also more crucial to generate awareness among the consumers regarding the advantages of heat pumps over conventional air conditioners and room heaters where it is more essential for market success.
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The construction industry faced a huge downfall in 2020, especially during Q1 and Q2 2020 owing to the COVID-19 pandemic, where infrastructural activities were brought to a complete halt. The rising unemployment in the residential sector is also a challenging factor for construction-oriented industries. The construction market is also expected to contract by 7–8% in 2020 despite its slow revival in the latter half of 2020. However, growth can be more certain post-2021, where India is expected to contribute over $635 billion to the global construction market by 2022. With the increasing construction industry in the next years, the demand for heat pumps will grow parallelly in India.
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- Market Coverage
- Market number available for – 2022-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill Inc., and others
Market Segmentation
Indian Heat Pumps Market by Product Type
- Air Source
- Water Source
- Ground Source
Indian Heat Pumps Market by Capacity
- <10KW
- 10KW-20KW
- >20W
Indian Heat Pumps Market by End-User
- Commercial
- Industrial
- Residential
Company Profiles
- Ariston Thermo India Pvt. Ltd.
- Daikin Airconditioning India Pvt. Ltd.
- Danfoss A/S
- Flamingo Heat Pumps
- Fujitsu General, Ltd.
- Heat Pumps India
- LG Electronics, Inc.
- Mitsubishi Electric Corp.
- Thermax, Ltd.
The Report Covers
- Comprehensive research methodology of the Indian heat pumps market.
- This report also includes a detailed and extensive market overview with key analyst insights.
- An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
- Analysis of regional regulations and other government policies impacting the Indian heat pumps market.
- Insights about market determinants that are stimulating the Indian heat pumps market.
- Detailed and extensive market segments with the regional distribution of forecasted revenues.
- Extensive profiles and recent developments of market players.
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