India: Heat Pump Market 2024

Heat Pump Market Size in India

After four years of growth, the Indian heat pump market decreased by -10.4% to $X in 2021. In general, consumption, however, posted a resilient increase. As a result, consumption attained the peak level of $X, and then declined in the following year.

Heat Pump Production in India

In value terms, heat pump production fell to $X in 2021 estimated in export price. Overall, production, however, saw a resilient increase. The pace of growth was the most pronounced in 2020 with an increase of 31% against the previous year. As a result, production attained the peak level of $X, and then fell in the following year.

Heat Pump Exports

Exports from India

In 2021, the amount of heat pumps (other than air conditioning machines) exported from India contracted notably to X units, with a decrease of -72.8% on 2020. Overall, exports continue to indicate a abrupt curtailment. The most prominent rate of growth was recorded in 2020 with an increase of 95% against the previous year. The exports peaked at X units in 2017; however, from 2018 to 2021, the exports stood at a somewhat lower figure.

In value terms, heat pump exports contracted to $X in 2021. Over the period under review, total exports indicated a buoyant expansion from 2012 to 2021: its value increased at an average annual rate of +8.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -26.0% against 2016 indices. The pace of growth appeared the most rapid in 2013 with an increase of 76%. The exports peaked at $X in 2016; however, from 2017 to 2021, the exports remained at a lower figure.

Exports by Country

The United Arab Emirates (X units) was the main destination for heat pump exports from India, accounting for a 242% share of total exports. Moreover, heat pump exports to the United Arab Emirates exceeded the volume sent to the second major destination, Nigeria (X units), fourfold. The third position in this ranking was held by Denmark (X units), with a 30% share.

From 2012 to 2021, the average annual growth rate of volume to the United Arab Emirates stood at +37.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Nigeria (+27.2% per year) and Denmark (-7.6% per year).

In value terms, the United Arab Emirates ($X), Nigeria ($X) and Denmark ($X) appeared to be the largest markets for heat pump exported from India worldwide, together accounting for 81% of total exports.

Nigeria, with a CAGR of +42.1%, recorded the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average heat pump export price amounted to $X per unit, picking up by 232% against the previous year. In general, the export price saw a remarkable increase. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Nigeria ($X per unit), while the average price for exports to Turkey ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the Philippines (+18.8%), while the prices for the other major destinations experienced more modest paces of growth.

Heat Pump Imports

Imports into India

Heat pump imports into India skyrocketed to X units in 2021, with an increase of 18% compared with 2020 figures. In general, imports posted buoyant growth. The pace of growth appeared the most rapid in 2019 with an increase of 66% against the previous year. As a result, imports reached the peak of X units. From 2020 to 2021, the growth of imports remained at a lower figure.

In value terms, heat pump imports surged to $X in 2021. Overall, imports posted a prominent increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, the United Arab Emirates (X units) constituted the largest heat pump supplier to India, accounting for a 68% share of total imports. Moreover, heat pump imports from the United Arab Emirates exceeded the figures recorded by the second-largest supplier, China (X units), threefold. Denmark (X units) ranked third in terms of total imports with a 10% share.

From 2012 to 2021, the average annual growth rate of volume from the United Arab Emirates totaled +24.1%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+12.9% per year) and Denmark (+136.7% per year).

In value terms, China ($X), the United Arab Emirates ($X) and Denmark ($X) were the largest heat pump suppliers to India, with a combined 91% share of total imports.

Among the main suppliers, Denmark, with a CAGR of +180.5%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average heat pump import price amounted to $X per unit, rising by 62% against the previous year. Overall, the import price continues to indicate a relatively flat trend pattern. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Denmark ($X per unit), while the price for the United Arab Emirates ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Denmark (+17.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :