Heat pumps are becoming increasingly popular for their state-of-the-art technology, which provides heating to commercial and residential buildings. However, the world still relies on traditional heating systems like fossil fuels or natural gas to heat buildings. The rising population, a rapidly growing economy, and increased energy consumption have led to GHG emissions in India. In such situations, heat pumps stand out as the most important technology for ensuring both security and sustainability in heating for buildings and industries. They efficiently provide heat, making them crucial for achieving these goals.
As per TechSci Research, the Global residential heat pump market was valued at USD 48.26 billion in 2022 and is expected to record robust growth in the forecast period with a CAGR of 8.0% by 2028. It is said that favourable government policies for energy-efficient solutions and lowering carbon footprints are expected to boost market growth over the forecast period. India, the third-largest growing economy in the world, is anticipated to grow at the fastest rate in the heat pump market due to its sustainable policies, growing urbanisation rates, higher disposable income, and growth in the middle-class economy.
Heat pumps are versatile systems that offer both heating and cooling for residential and commercial buildings. The heat pump market in India has witnessed growth as consumers and businesses seek energy-efficient and environmentally friendly HVAC solutions. For this reason, heat pumps are gaining popularity because they can offer efficient temperature control and reduce energy consumption. Moreover, government incentives and awareness have also led to the adopting heat pumps. Manufacturers are continuously enhancing the performance and reliability of heat pumps to meet the diverse heating and cooling requirements of customers in India.
Companies such as Voltas Ltd., Daikin Air Conditioning India Pvt. Ltd., and Bosch Thermotechnology are among the key players that have been introducing and promoting energy-efficient heat pump systems. These companies contribute to sustainable cooling and heating solutions across India. Several studies reveal that growing awareness of climate change and the need to reduce carbon emissions drive the significant adoption of heat pumps in India. Government policies on renewable energy and green technologies are propelling the market to a great extent. As people seek more cost-effective, sustainable heating and cooling solutions, the heat pump market continues to expand across the country.
