The Scope for Solar Energy Coupled with Increasing Construction Industry Leading the Charge for Heat Pumps Market in India

Indian heat pumps are estimated to exhibit a sturdy CAGR of 9.2% during the forecast period (2020-2026). India is a country with a well-recognized scope for solar energy, the combination of solar thermal collectors and heat pumps can be a more attractive option for maximizing renewable energy usage. Heavy-duty heat pumps with higher capacity are recommended for food and beverage, textiles, and chemical industries which have a lot of untapped potentials. Hotels, shopping malls can be targeted for quicker commercial adoption. Vendors like Scanair offers heat pumps up to 150 kW capacity ideal for hospitals, canteens, shopping malls, theatres, pre-heating, and drying in small scale industrial applications. However, the limited availability of expert technicians and renowned suppliers in the market coupled with lack of skilled labor might be a challenge for the heat pumps market where the vendors need to be more concerned about the impact of the burden

Browse the full report description Indian Heat Pumps Market Size, Share & Trends Analysis Report by Product Type (Air Source, Source, and Ground Source), by Capacity (<10KW, 10KW-20KW, >20KW), and by End-User (Commercial, Industrial, and Residential) Forecast Period (2020-2026) at https://www.omrglobal.com/industry-reports/indian-heat-pumps-market

In India, the demand concentration was more significant in the southern region in 2019 owing to the rising construction activities of high-rise buildings, low manual labor, rising urbanization, an increase in co-working spaces, and home improvement activities. However, the advent of the COVID-19 pandemic put halt to most of the construction and other activities that have damaged the market revenue. Although, it can be expected that in the last quarter of 2020, the heat pumps market in India will start gaining gradual momentum as the lockdown impositions have lifted and more and more industries have started their operations.

Market Coverage

• The market number available for – 2019-2026
• Base year- 2019
• Forecast period- 2020-2026
• Segment Covered- by Product Type, Capacity, and End-User
• Country Covered- India
• Competitive Landscape- Ariston Thermo India Pvt. Ltd., Daikin Airconditioning India Pvt. Ltd.; Danfoss, LG Electronics, Inc., and Mitsubishi Electric Corp.

Key questions addressed by the report

• What is the market growth rate?
• Which segment dominates the market in the base year?
• Which segment will project the fastest growth in the market?
• How COVID-19 impacted the market?

o Recovery Timeline

o Deviation from the pre-COVID-19 forecast

o Most affected segment

• Who is the leader in the market?
• How players are addressing challenges to sustain growth?
• Where is the investment opportunity?

Indian Heat Pumps Market Report Segment

By Product Type

• Air Source
• Water Source
• Ground Source

By Capacity

• <10KW
• 10KW-20KW
• >20W

By End-User

• Commercial
• Industrial
• Residential