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.
The Indian heat pumps market is segmented based on product type, capacity, and end-user. Based on product type, the heat pumps market is segmented into air source, water source, and ground source. Based on capacity, the heat pumps market is segmented into <10KW, 10KW-20KW, >20KW. Based on end-user, the market is classified into commercial, industrial, and residential. The commercial segment is observing the fastest growth in India, as new building code policies, efforts from green building councils, and renovations of commercial spaces are expected to validate the growth. It has also become an inevitable option among the vendors where it is enforcing them to add a new product line for commercial spaces which was earlier dominated by residential applications only.
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Indian Heat Pumps Market Segmentation
By Product Type
· Air Source
· Water Source
· Ground Source
By Capacity
· <10KW
· 10KW-20KW
· >20W
By End-User
· Commercial
· Industrial
· Residential
Company Profiles
· A.O. Smith India Water Products Pvt. Ltd.
· 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.
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