Latest Development (2022) in India Industrial Heat Pump Market
India Industrial Heat Pump Market is expected to gain proliferation during the upcoming years on account of the growing demand for energy-efficient cost-effective appliances in various sectors. The growing initiatives taken by the government such as providing tax rebates and corporate tax credits are expected to flourish the India Industrial Heat Pump Market Growth. Moreover, increasing renewable rebate programs in the country are also driving the development of the market. Moreover, the advantages offered by the manufacturers such as low maintenance requirements, low carbon footprints, and high life-span is also contributing to the Industrial Heat pump market share.
India Industrial Heat Pump Market report thoroughly covers the market by types, rated capacity, operating temperature limit, regions, and industry types. The market report provides an unbiased and detailed analysis of the ongoing market trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.
India Industrial Heat Pump Market Synopsis
The India industrial heat pump market witnessed moderate growth during the period 2017-2019 as a result of the rising efforts by the industrial sector to reduce the costs of energy and environmental effects due to the emission of large amounts of carbon from industrial processes. Installation of heat pumps in the industrial sector has emerged as a viable option to save energy and reduce carbon footprint. Further, the continued government support in the form of initiatives and policies such as the “Make in India” initiative gave a boost to the manufacturing sector in the country, which in turn, bolstered the demand for industrial heat pumps in India during the recent past.
According to 6Wresearch, India Industrial Heat Pump Market size is projected to grow at a CAGR of 13.6% during 2021-2027. Industries are giving more emphasis on cost efficiency, and energy efficiency and making efforts to reduce their carbon footprints which would propel the demand for industrial heat pumps in the coming years with the rising applications in several industries including pharmaceutical, chemical, and food & beverage.
Market Analysis By Type
By type, the market is segmented into air-to-air, air-to-water, and water-to-water types of industrial heat pumps. The water-to-water and air-to-water segments have currently a dominating revenue share in the market with a cumulative market share of around 80% of the total market revenues in 2020. The water-to-water segment has the highest dominance in the overall market revenues as they require less electricity, city and provide high efficiency. By regions, the market is segmented into Northern, Southern, Eastern, and Western regions. The Southern region of India is currently at the top of the market due to the presence of a large number of industries in that area that are the end-users of the industrial heat pump market like pharmaceutical, textile, and many more.
Market Analysis By Operating Temperature Limit
On the basis of operating temperature limit, the up to 20°C and 20°C - 90° C segment captured the maximum share in the India industrial heat pump market in 2020. The 20°C- 90°C segment has dominated the overall market revenues in 2020 and is anticipated to continue to have the maximum share in the forecast period as the operating temperature limit of up to 20° C does not give efficient energy outcomes, thus most of the industries prefer to use heat pumps at an operating temperature that lies between 20° - 90° C.
COVID-19 Impact on India Industrial Heat Pump Market
On account of the outbreak of the COVID-19 pandemic, the industrial heat pump market in India saw a stark decline in market revenues due to the closure of industries and supply chain disruptions caused by the lockdown. Despite the decline in market revenues during 2020, the market is anticipated to recover by 2021 and return to a normal growth trajectory thereafter on account of several projects in the development pipeline such as the Atal Nagar Health ATMS project, Active Pharmaceutical Ingredients project, Dahej Hydrazine Hydrate project and several other projects in the chemical and pharmaceutical industry.
Key Players in the market
Some of the key players in the India Industrial Heat Pump Market are:
- Brio Energy Pvt. Ltd
- Carrier Air Conditioning & Refrigeration Ltd.
- EcoTech Solutions
- Flamingo Heat Pumps
- GEA Group Aktiengesellschaft
- Johnson Controls International plc
- Midea Group Co. Ltd.
- Mitsubishi Electric Hydronics & IT Cooling Systems S.p.A.
- Swegon Bluebox Private Limited
- Trane Technologies plc
Key Attractiveness of the Report
- COVID-19 Impact on the Market.
- 10 Years Market Numbers.
- Historical Data Starting from 2017 to 2020.
- Base Year: 2020
- Forecast Data until 2027.
- Key Performance Indicators Impacting the Market.
- Major Upcoming Developments and Projects.
Key Highlights of the Report:
- India Industrial Heat Pump Market Overview
- India Industrial Heat Pump Market Outlook
- India Industrial Heat Pump Market Forecast
- Historical Data and Forecast of India Industrial Heat Pump Market Revenues for the Period 2017-2027.
- Historical Market Data and Forecast of India Industrial Heat Pump Market Revenues, by Types for the Period 2017-2027.
- Historical Market Data and Forecast of India Industrial Heat Pump Market Revenues, by Rated Capacity for the Period 2017-2027.
- Historical Market Data and Forecasts of India Industrial Heat Pump Market Revenues, by Compressor Types, for the Period 2017-2027.
- Historical Market Data and Forecasts of India Industrial Heat Pump Market Revenues, by Operating Temperature Limit, for the Period 2017-2027.
- Historical Market Data and Forecasts of India Industrial Heat Pump Market Revenues, by Regions, for the Period 2017-2027.
- Market Drivers and Restraints
- Market Trends
- Industry Life Cycle
- Porter’s Five Force Analysis
- Market Opportunity Assessment
- India Industrial Heat Pump Market Share, By Companies
- Competitive Benchmarking
- Company Profiles
- Key Strategic Recommendations
Market Scope and Segmentation
Thereportprovides a detailed analysis of the following market segments:
By Types
- Air-to-Air
- Air-to-Water
- Water-to-Water
By Rated Capacity
- Up to 100 kW
- 100.1-250 kW
- 250.1-500 kW
- Above 500 kW
By Compressor Types
- Scroll Compressor
- Screw Compressor
By Operating Temperature Limit
- Up to 20 C
- 20 - 90 C
- Above 90 C
By Industry Types
- Manufacturing and Automotive
- Pharmaceutical
- Textile
- Chemical & Others FoodDairy and miscellaneous
By Regions
- Northern
- Southern
- Eastern
- Western
