Sri Lanka: Heat Pump Market 2025

Heat Pump Market Size in Sri Lanka

In 2021, the Sri Lankan heat pump market decreased by -61.2% to $X, falling for the second year in a row after two years of growth. Over the period under review, consumption, however, enjoyed a remarkable increase. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2021, consumption failed to regain momentum.

Heat Pump Exports

Exports from Sri Lanka

In 2021, approx. X units of heat pumps (other than air conditioning machines) were exported from Sri Lanka; reducing by -50% against 2020. Over the period under review, exports recorded a perceptible setback. The pace of growth appeared the most rapid in 2017 with an increase of 75% against the previous year. Over the period under review, the exports reached the peak figure at X units in 2020, and then reduced markedly in the following year.

In value terms, heat pump exports rose to $X in 2021. In general, exports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 with an increase of 15%. As a result, the exports attained the peak of $X. From 2020 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

India (X units) and Maldives (X units) were the main destinations of heat pump exports from Sri Lanka.

From 2012 to 2021, the biggest increases were recorded for India (with a CAGR of 0.0%).

In value terms, Maldives ($X) remains the key foreign market for heat pumps (other than air conditioning machines) exports from Sri Lanka, comprising 71% of total exports. The second position in the ranking was held by India ($X), with a 19% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Maldives stood at +32.1%.

Export Prices by Country

In 2021, the average heat pump export price amounted to $X per unit, surging by 106% against the previous year. Overall, the export price enjoyed a notable expansion. The export price peaked at $X per unit in 2015; however, from 2016 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was Maldives ($X per unit), while the average price for exports to India totaled $X per unit.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Maldives (+2.2%), while the prices for the other major destinations experienced a decline.

Heat Pump Imports

Imports into Sri Lanka

In 2021, supplies from abroad of heat pumps (other than air conditioning machines) decreased by -60% to X units, falling for the second year in a row after two years of growth. In general, imports, however, recorded a resilient expansion. The most prominent rate of growth was recorded in 2013 with an increase of 512% against the previous year. Imports peaked at X units in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

In value terms, heat pump imports dropped notably to $X in 2021. Overall, imports faced a deep contraction. The growth pace was the most rapid in 2013 when imports increased by 590% against the previous year. As a result, imports attained the peak of $X. From 2014 to 2021, the growth of imports remained at a lower figure.

Imports by Country

Indonesia (X units), the United States (X units) and Singapore (X units) were the main suppliers of heat pump imports to Sri Lanka, together comprising 6.4% of total imports.

From 2012 to 2021, the biggest increases were recorded for Indonesia (with a CAGR of +18.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Indonesia ($X), the United States ($X) and Singapore ($X) appeared to be the largest heat pump suppliers to Sri Lanka, with a combined 49% share of total imports.

In terms of the main suppliers, Indonesia, with a CAGR of +23.8%, recorded the highest growth rate of 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

The average heat pump import price stood at $X per unit in 2021, reducing by -60.1% against the previous year. Over the period under review, the import price showed a dramatic descent. The pace of growth appeared the most rapid in 2013 an increase of 13%. As a result, import price attained the peak level of $X per unit. From 2014 to 2021, the average import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the Netherlands ($X per unit), while the price for India ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Malaysia (+4.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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