India Heat Pump Market Research Report, 2029

Inside the dynamic urban centers and peaceful rural landscapes of India, the heat pump industry is going through a profound transformation fueled by innovative technologies and strategic government interventions. Indian researchers and engineers are in the lead, relentlessly pushing the boundaries for designing and incorporating cutting-edge features that bring entirely new functionalities to these systems. The precision with which these technologists design heat pumps results in features such as hybrid configurations, integrating multiple energy sources into the system. By integrating solar, electricity, and other forms of renewable energy input, these hybrid heat pumps provide unprecedented efficiency and flexibility to cater to the diverse climatic conditions of the Indian subcontinent. Integration with smart features, powered by the Internet of Things capabilities and advanced control algorithms, is creating a new era of operational efficiency and user experience for heat pump systems. From remote monitoring to predictive maintenance, these features enable users to fine-tune their energy use, reduce operating costs, and increase system reliability, thereby enhancing the environmental and economic benefits of heat pump technology. The Indian government has become the major driver of large-scale energy-efficient technology, heat pumps being one of them, across the spectrum. With strategic programs and incentive measures, policymakers are providing incentives for the installation of diverse kinds of heat pump machines in residences, commercial buildings, as well as industries. For example, under the "Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan (PM KUSUM)\" scheme, which focuses on the agricultural sector, subsidies and financial assistance are accorded to farmers to enable them to adopt solar pumps for irrigation, which are capable of being integrated with heat pump technology for heating and cooling applications. Similarly, schemes like "Atal Jyoti Yojana" and "UJALA (Unnat Jyoti by Affordable LEDs for All)" target increased energy efficiency and renewable energy adoption across the nation, which facilitates a favorable environment for the heat pump industry to develop and thrive. According to the research report "India Heat Pump Market Research Report, 2029," published by Actual Market Research, the India heat pump market is anticipated to add to more than USD 1200 Million by 2024–29. The market players implement several market penetration strategies with regard to increasing their presence and reach in the Indian heat pump market which involves strategies such as product differentiation, strategic pricing, channel partnerships, and localized marketing campaigns that cater to various consumer needs and preferences within different segments. Quality Assurance and After-Sales Support with respect to heat pump systems are vital elements for instilling consumer trust and confidence in this technology. The warranty coverage and maintenance services provided, together with technical support, will enhance the customer experience, leading to good customer relationships. A strong after-sales support mechanism, with widespread availability of spare parts and service networks, will ensure the optimum performance and a longer life cycle of heat pump systems. The Indian heat pump market is affected by the global supply chain dynamics that pertain to raw material sourcing, manufacturing processes, and supply chain disruptions. Factors such as commodity price vagaries, trade policies, geopolitical tensions, and supply chain disruptions, for example, in light of the COVID-19 pandemic) can have an impact on the availability and price of heat pump components and equipment. Market players monitor global trends in supply chain dynamics and orient their strategies towards sourcing and operations to mitigate risks associated with supply chain disruptions and to ensure the uninterrupted supply of products to meet domestic market demand.

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In India, air-to-air heat pumps are popular as they have easy installation, energy efficiency, and have applications for the varied climatic conditions varying from hot summers to mild or cold winters across different regions. These serve both heating and cooling applications, whether for residential or commercial purposes. For example, the Indian company Daikin offers a range of air-to-air heat pumps suited for Indian climatic conditions. In India, air-to-water heat pumps are being increasingly favored due to their supply of energy-efficient hot water for residential, commercial, and industrial uses. They can also be combined into a solar thermal system to create hybrid solutions that further enhance energy savings. An Indian company, Thermax Ltd, offers air-to-water heat pumps and solar-assisted heat pump systems. Ground source heat pumps are relatively less common in India because of higher installation costs and space restrictions. They deliver high energy efficiency and consistent performance. The level of performance makes ground source heat pumps better suited for applications where space limitations are not a concern, and the building owner is interested in the pursuit of long-term energy savings. An advantage in the Indian market is high energy consumption by all economic sectors in the country. Initiatives of the Indian government that emphasize energy efficiency and renewable energy sources will be an opportunity for heat pump market expansion. Initiatives like the Star Labeling Program that is run by the Bureau of Energy Efficiency or SMEE, and the schemes promoted by the Ministry of New and Renewable Energy to make people aware of the technologies related to solar water heating systems, intend to increase the share of efficient devices. The heat pump market is slowly surfacing in India with an increased focus on the saving of energy and looking for solutions for sustainable cooling. Up to 10 kW application category supports the requirements of small residential and single-family houses in India. Heat pumps in this capacity range can serve the purposes of space heating, cooling, and hot water production. International brands such as Daikin, Mitsubishi Electric, and Hitachi are also active in this category, with offerings that have customization for the Indian market. For example, the Daikin Altherma air-to-water heat pump, with up to 8 kW capacity, provides efficient heating and cooling solutions to Indian homes, thereby being an energy-efficient alternative to the conventional forms of air conditioning. 10–20 kW caters to the larger residential buildings, small office buildings, and applications from light commercial, whereby this output provides the sufficient heating and cooling solution. 20–30 kW serves medium-sized commercial and industrial applications in India, such as office spaces, retail stores, and small manufacturing setups, the heat pumps in this range provide higher output to meet the heating and cooling requirements of large spaces. For example, a perfect choice towards fulfilling the needs of medium commercial applications in India is the 20–30 kW-capacity, air-to-water heat pump called Sintesis by Trane. It provides effective cooling and heating with minimal environmental impact. Above 30 kW are massive commercial and industrial segments in India, such as hospitals, shopping malls, data centers, and manufacturing plants, heat pumps in this capacity range offer substantial output that meets large facilities' heating and cooling requirements. Important drivers have been the role played by the Bureau of Energy Efficiency (BEE) and the Energy Conservation Building Code (ECBC) for creating awareness and motivating in view of adopting energy-efficient technologies, including heat pumps, in India. The demand for heat pumps from the residential sector in India is likely to gain traction at a gradually increasing rate, as consumers begin to realize their benefits, such as space heating, cooling, and hot water generation. The current adoption rate in the residential sector is low; Growth will be seen, especially when energy costs are rising, and energy-efficient technology awareness is high, primarily in urban areas and high-income households. The commercial sector in India, including office buildings, retail premises, and hospitality properties, forms an essential opportunity to showcase the potential of the heat pump. The applicability of air-to-water and water source heat pumps for space cooling, heating, and hot water preparation in the commercial space is high. International players like Carrier, Trane, and Climaveneta have introduced their commercial heat pump solutions tailored to fit the Indian commercial market. Business entities are striving to achieve energy efficiency along with cost savings and sustainability goals, thereby driving the adoption of heat pumps in both new constructions and retrofit projects. The industrial sector in India is increasingly assessing the scope of heat pump technology for application related to process heat and cooling. Brands like Daikin, Nibe, and Viessmann have started to launch their range of industrial-grade heat pump solutions in the Indian market. The high focus of the industrial sector in India towards the adoption of energy-efficient processes and low-cost options while meeting environmental compliance will drive the adoption of heat pumps in the various manufacturing processes and industrial setups. The BEE, along with ECBC, is increasing awareness and encouraging energy-efficient technology, such as heat pumps. In a scenario where energy costs are rising, the demand for heat pump-enabling solutions will increase manyfold, with an increase in concern and awareness toward environmental issues in a developing nation like India. Considered in this report • Historic year: 2018 • Base year: 2023 • Estimated year: 2024 • Forecast year: 2029

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Kripa Shah

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Aspects covered in this report • Heat Pump market Outlook with its value and forecast along with its segments • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation By Type • Air-to-Air Heat Pump • Air-to-Water Heat Pump • Water Source Heat Pump • Ground Source Heat Pump • Hybrid Heat Pump By Capacity • Up to 10 kW • 10–20 kW • 20–30 kW • Above 30 kW

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By End User • Residential • Commercial • Industrial The approach of the report: This report consists of a combined approach of primary and secondary research. Initially, secondary research was used to get an understanding of the market and list the companies that are present in it. The secondary research consists of third-party sources such as press releases, annual reports of companies, and government-generated reports and databases. After gathering the data from secondary sources, primary research was conducted by conducting telephone interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this; we have started making primary calls to consumers by equally segmenting them in regional aspects, tier aspects, age group, and gender. Once we have primary data with us, we can start verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations, and organizations related to the Heat Pump industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing and presentations, it will also increase competitive knowledge about the industry.