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. 

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.

Flamingo is considered to be the largest domestic manufacturer of heat pumps in the country based in New Delhi. Similarly, EcoTech is another major domestic manufacturer based in Ahmedabad specializing in domestic, commercial, and industrial heat pumps. Copeland heat pumps have also been awarded the National Energy Management Award for their energy savings in 2019. Accordingly, cities like Bangalore, Chennai, Kolkata, Mumbai can find wide-scale adoption owing to the concentration of industries and commercial spaces alongside households suitable for heat pump adoption. Some of the other players generating significant revenues in the Indian heat pumps market include Ariston Thermo India Private Limited, Daikin Airconditioning India Pvt. Ltd.; Danfoss, LG Electronics, and Mitsubishi Electric Corporation.

Research Methodology

The market study of the Indian heat pumps market is incorporated by extensive primary and secondary research conducted by the research team at OMR.  Secondary research has been conducted to refine the available data to breakdown the market into various segments, derive total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior, and macro-economic factors. Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives, managers, key opinion leaders, and industry experts. Primary research brings authenticity to our reports.

Secondary Sources Include

• Financial reports of companies involved in the market.
• Whitepapers, research-papers, and news blogs.
• Company websites and their product catalog.

The report provides an in-depth analysis of market size, intended quality of the service preferred by consumers. The report will serve as a source for a 360-degree analysis of the market thoroughly integrating different models.

Market Segmentation

1. Indian Heat Pumps Market Research and Analysis by Product Type
2. Indian Heat Pumps Market Research and Analysis by Capacity
3. Indian Heat Pumps Market Research and Analysis by End-User

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.