India Heat Pump Market Size & Outlook, 2022-2030
India heat pump market, 2018-2030 (US$M)
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India heat pump market highlights
- The India heat pump market generated a revenue of USD 356.2 million in 2022 and is expected to reach USD 749.8 million by 2030.
- The India market is expected to grow at a CAGR of 9.8% from 2023 to 2030.
- In terms of segment, air source was the largest revenue generating technology in 2022.
- Air Source is the most lucrative technology segment registering the fastest growth during the forecast period.
Heat pump market data book summary
| Market revenue in 2022 | USD 356.2 million |
| Market revenue in 2030 | USD 749.8 million |
| Growth rate | 9.8% (CAGR from 2022 to 2030) |
| Largest segment | Air source |
| Fastest growing segment | Air Source |
| Historical data | 2018 - 2021 |
| Base year | 2022 |
| Forecast period | 2023 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Air Source, Water Source, Geothermal |
| Key market players worldwide | Carrier Global Corp Ordinary Shares, Daikin Industries Ltd, Robert Bosch Engineering & Business Solutions, Lennox International Inc, Johnson Controls International PLC, Hitachi Ltd, Ingersoll Rand Inc, Palomar Holdings Inc, Haier, Panasonic Holdings Corp, Danfoss A/S, Fujitsu Ltd, LG Electronics Inc ADR, Samsung Electronics Co Ltd, Midea Group |
Other key industry trends
- In terms of revenue, India accounted for 0.4% of the global heat pump market in 2022.
- Country-wise, China is expected to lead the global market in terms of revenue in 2030.
- In Asia Pacific, China heat pump market is projected to lead the regional market in terms of revenue in 2030.
- India is the fastest growing regional market in Asia Pacific and is projected to reach USD 749.8 million by 2030.
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Heat Pump Market Scope
Heat Pump Market Companies
| Name | Profile | # Employees | HQ | Website |
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India heat pump market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to heat pump market will help companies and investors design strategic landscapes.
Air source was the largest segment with a revenue share of 92.17% in 2022. Horizon Databook has segmented the India heat pump market based on air source, water source, geothermal covering the revenue growth of each sub-segment from 2018 to 2030.
According to the IMF, India’s GDP growth declined by 8% in 2020 due to the outbreak of COVID-19. The entire country was in lockdown for a few months which impacted the country’s GDP growth. It is expected that India’s GDP growth will be recovered in 2021 and stand at 12.5% in the same year.
In various regions of the country, space cooling is no more a luxury but a serious element in endorsing health & wellbeing, sustainable cities that are resistant to changing climates and economic development.
According to India's Cooling Action Plan, the demand for space cooling in buildings will increase by 11 times between 2018 and 2038. By 2050, the International Energy Agency estimates that India is likely to be the largest consumer of space cooling across the globe.
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Our clientele includes a mix of heat pump market companies, investment firms, advisory firms & academic institutions.
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30% of our revenue is generated working with investment firms and helping them identify viable opportunity areas.
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Approximately 65% of our revenue is generated working with competitive intelligence & market intelligence teams of market participants (manufacturers, service providers, etc.).
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The rest of the revenue is generated working with academic and research not-for-profit institutes. We do our bit of pro-bono by working with these institutions at subsidized rates.
Horizon Databook provides a detailed overview of country-level data and insights on the India heat pump market , including forecasts for subscribers. This country databook contains high-level insights into India heat pump market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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India heat pump market size, by technology, 2018-2030 (US$M)
India Heat Pump Market Outlook Share, 2022 & 2030 (US$M)
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