Posted On: 2021-04-06
The water-to-water industrial heat pumps acquires the largest revenue share in the industrial heat pumps market in India – 6Wresearch
The India industrial heat pump market witnessed moderate growth during the period 2017-2019 as a result of the rising efforts by the industrial sector to reduce the costs of energy and environmental effects due to the emission of large amounts of carbon from industrial processes. Installation of heat pumps in the industrial sector has emerged as a viable option to save energy and reduce carbon footprint. Further, the continued government support in the form of initiatives and policies such as the “Make in India” initiative gave a boost to the manufacturing sector in the country, which in turn, bolstered the demand for industrial heat pumps in India during the recent past.
According to 6Wresearch, the India Industrial Heat Pump Market size is projected to grow at a CAGR of 13.6% during 2021-2027F. Since the industries are giving more emphasis on cost efficiency, energy efficiency and making efforts to reduce the carbon footprints, the demand for industrial heat pumps is anticipated to witness significant growth over the coming years. However. on account of the outbreak of the Covid-19 pandemic, the industrial heat pump market in India saw a stark decline in the market revenues due to the closure of industries and supply chain disruptions caused by the lockdown. Despite the decline in market revenues during 2020, the market is anticipated to recover by 2021 and return to normal growth trajectory thereafter on account of several projects in the development pipeline such as the Atal Nagar Health ATMS project, Active Pharmaceutical Ingredients project, Dahej Hydrazine Hydrate project and several other projects in the chemical and pharmaceutical industry.
According to Alpana Tyagi, Senior Research Analyst, 6Wresearch, ”By types, the market is segmented into air-to-air, air-to-water, and water-to-water type of industrial heat pumps. The water-to-water segment is currently dominating the market as they require less electricity and provide high efficiency. Further, the 250.1-500 kW segment acquired the highest revenue share in the India industrial heat pump market in 2020 owing to its major application in large scale industries including food & beverage, pharmaceutical and chemical industries. Furthermore, on account of the rising number of large-scale plants and industrial projects including the Dahej Caustic Soda Plant would further augment the revenue share of 250.1-500 kW and it would continue to dominate the market in the forecast period. “
According to Anmol Dhanju, Research Associate, 6Wresearch,” 20° - 90° C segment captured the maximum share in the India industrial heat pump market in 2020 and is anticipated to continue to have the maximum share in the forecast period as the operating temperature limit of up to 20° C does not give efficient energy outcome, thus most of the industries prefer to use heat pumps at an operating temperature that lies between 20° - 90° C.”
According to Avantika Jain, Research Associate, 6Wresearch,” On account of being host to several industries, the southern region contributed a major chunk in the India industrial heat pump market revenues during 2020 and would continue to lead the market over the coming years as well. Chennai, one of the major city in the region, is a hub for the manufacturing of automobiles and auto components, textile and garments, and many more. Moreover, the western region could be considered as the second-largest contributor to the market revenues as it houses many pharmaceutical, textiles and consumer durables industries.”
“India Industrial Heat Pump Market (2021-2027F)” report provides an in-depth analysis with 25 figures and 10 tables, covered in 96 pages. The report estimates and forecasts the India industrial heat pumps market by types, rated capacity, operating temperature limit, regions and industry types. The report provides an unbiased and detailed analysis of the ongoing trends, opportunities/high growth areas and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.