Southern Asia: Heat Pump Market 2024

Heat Pump Market Size in Southern Asia

After four years of growth, the South Asian heat pump market decreased by -10.4% to $X in 2021. Overall, consumption, however, posted a prominent expansion. As a result, consumption reached the peak level of $X, and then reduced in the following year.

Heat Pump Production in Southern Asia

In value terms, heat pump production reduced to $X in 2021 estimated in export price. In general, production, however, showed resilient growth. The growth pace was the most rapid in 2020 when the production volume increased by 31%. As a result, production attained the peak level of $X, and then contracted in the following year.

Heat Pump Exports

Exports in Southern Asia

Heat pump exports contracted notably to X units in 2021, falling by -72.2% against the previous year. Over the period under review, exports recorded a abrupt decline. The most prominent rate of growth was recorded in 2020 when exports increased by 94%. Over the period under review, the exports hit record highs at X units in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

In value terms, heat pump exports declined to $X in 2021. Total exports indicated a resilient expansion from 2012 to 2021: its value increased at an average annual rate of +8.0% 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 -25.7% against 2016 indices. The pace of growth appeared the most rapid in 2013 with an increase of 78%. The level of export peaked at $X in 2016; however, from 2017 to 2021, the exports remained at a lower figure.

Exports by Country

India dominates exports structure, finishing at X units, which was near 97% of total exports in 2021. Pakistan (X units) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to heat pump exports from India stood at -7.0%. At the same time, Pakistan (+33.0%) displayed positive paces of growth. Moreover, Pakistan emerged as the fastest-growing exporter exported in Southern Asia, with a CAGR of +33.0% from 2012-2021. Pakistan (+2.4 p.p.) significantly strengthened its position in terms of the total exports, while India saw its share reduced by -1.8% from 2012 to 2021, respectively.

In value terms, India ($X) remains the largest heat pump supplier in Southern Asia, comprising 100% of total exports. The second position in the ranking was held by Pakistan ($X), with a 0.3% share of total exports.

In India, heat pump exports increased at an average annual rate of +8.1% over the period from 2012-2021.

Export Prices by Country

The export price in Southern Asia stood at $X per unit in 2021, picking up by 226% against the previous year. Over the period under review, the export price enjoyed a buoyant expansion. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was India ($X per unit), while Pakistan amounted to $X per unit.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by India (+16.2%).

Heat Pump Imports

Imports in Southern Asia

In 2021, approx. X units of heat pumps (other than air conditioning machines) were imported in Southern Asia; surging by 10% compared with 2020 figures. In general, imports saw a buoyant increase. The pace of growth was the most pronounced in 2019 with an increase of 63%. As a result, imports attained the peak of X units. From 2020 to 2021, the growth of imports failed to regain momentum.

In value terms, heat pump imports surged to $X in 2021. Over the period under review, imports enjoyed buoyant growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

India prevails in imports structure, amounting to X units, which was approx. 70% of total imports in 2021. Pakistan (X units) took a 9.9% share (based on physical terms) of total imports, which put it in second place, followed by Bangladesh (8.3%) and Nepal (6.5%). Sri Lanka (X units) held a relatively small share of total imports.

Imports into India increased at an average annual rate of +16.1% from 2012 to 2021. At the same time, Nepal (+41.8%), Sri Lanka (+11.3%) and Bangladesh (+1.5%) displayed positive paces of growth. Moreover, Nepal emerged as the fastest-growing importer imported in Southern Asia, with a CAGR of +41.8% from 2012-2021. By contrast, Pakistan (-10.3%) illustrated a downward trend over the same period. From 2012 to 2021, the share of India and Nepal increased by +36 and +6 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, India ($X) constitutes the largest market for imported heat pumps (other than air conditioning machines) in Southern Asia, comprising 74% of total imports. The second position in the ranking was taken by Bangladesh ($X), with an 11% share of total imports. It was followed by Pakistan, with an 8.5% share.

In India, heat pump imports expanded at an average annual rate of +17.2% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Bangladesh (+4.3% per year) and Pakistan (-11.8% per year).

Import Prices by Country

In 2021, the import price in Southern Asia amounted to $X per unit, with an increase of 43% against the previous year. Overall, the import price, however, saw a relatively flat trend pattern. Over the period under review, import prices reached the peak figure at $X per unit in 2012; afterwards, it flattened through to 2021.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Bangladesh ($X per unit), while Sri Lanka ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Bangladesh (+2.7%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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