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India Heat Exchanger Market Synopsis
India heat exchanger market witnessed significant growth from 2019 to 2022, driven by the increasing demand in the oil and gas sector, as well as the power and energy sector. This growth was a result of the continuous expansion of electricity generation capacity in the country, with thermal power contributing the largest share, followed by renewables and hydroelectric power. Although the heat exchanger market experienced a decline during the first half of 2020 due to nationwide lockdown measures imposed during the COVID-19 pandemic, it regained momentum after the lifting of the lockdown. The resumption of industrial activities across the country supported the market's growth trajectory. Furthermore, the demand for heat exchangers witnessed notable growth in the chemical and pharmaceutical industries, fueled by the increased sales of COVID-19-related drugs and vaccines.
According to 6Wresearch, India heat exchangers market size is projected to grow at a CAGR of 11.6% during 2023-2029F. India heat exchanger industry is anticipated to witness substantial growth, driven by various government initiatives and ambitious targets. At the COP26 event, the Government of India announced its commitment to achieving 500 GW of non-fossil fuel-based energy by 2030, emphasizing its focus on renewable energy sources. This commitment sets the stage for significant advancements in the energy sector and creates a favorable environment for the heat exchanger market. Additionally, the government has outlined plans to enhance the domestic output of the chemical sector, with a target of reaching $304 billion by 2025, surpassing the $232.8 billion recorded in 2022, and eventually aiming for $1000 billion by 2040. This projected growth presents substantial opportunities for heat exchanger manufacturers, given the critical role of heat exchangers in the chemical industry. Furthermore, the pharmaceutical sector in India is expected to experience significant expansion, targeting a market size of $130 billion by 2030. This ambitious objective signifies substantial growth in pharmaceutical output, which will drive the demand for heat exchangers in the sector.
Key Attractiveness of the Report
- COVID-19 Impact on the Market.
- 11 Years Market Numbers.
- Historical Data Starting from 2019 to 2022.
- Base Year: 2022
- Forecast Data until 2029.
- Key Performance Indicators Impacting the Market.
- Major Upcoming Developments and Projects.
Key Highlights of the Report
- India Heat Exchanger Market Drivers and Restraints
- Historical Data and Forecast of India Heat Exchanger Market Revenues, for the Period 2019-2029F
- India Heat Exchanger Market Overview
- Historical Data and Forecast of India Heat Exchanger Market Revenues, By Product Types, for the Period 2019-2029F
- India Heat Exchanger Market Outlook
- Historical Data and Forecast of India Heat Exchanger Market Revenues, By Material Types, for the Period 2019-2029F
- India Heat Exchanger Market Forecast
- Historical Data and Forecast of India Heat Exchanger Market Revenues, By End Use Industries, for the Period 2019-2029F
- India Heat Exchanger Market Revenue Share, By Companies
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