India HVAC market is expected to reach $5.9 billion by 2024, registering a CAGR of 7.0%, during the forecast period. The growth in the market can be attributed to increasing number of high-rise buildings, shopping complexes & malls, and hypermarkets in Tier-II cities. Apart from this, the market is expected to propel on account of on-going smart city projects in the country.
Based on ventilation type, India HVAC market is segmented into ventilation fans, humidifiers/dehumidifiers, air cleaners, and air handling units and fan coil units. Of these, ventilation fans category is estimated to hold the largest revenue share in the market, in 2018.
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In 2018, air handling unit category is estimated to hold higher revenue share. This is owing to rising usage of air handling units across various applications such as commercial offices and buildings, industries, hospitals, data centers, server rooms, and universities.
Variable Refrigerant Flow (VRF) system is categorized into heat pump systems and heat recovery systems. Out of these, heat recovery sub-category is projected to register faster growth during the forecast period. This can be attributed to the fact that these systems provide significant advantages over heat pump systems, such as efficient heat management as well as lower energy requirements.
India HVAC is a highly competitive market, wherein the competition is primarily based on price, energy efficiency, reputation, quality, and technical know-how. In the recent past, product launches have been the major activities in the market in the country.
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Some of the key players operating in the India HVAC market include Johnson Controls International plc, Ingersoll-Rand plc, United Technologies Corporation, Daikin Industries Ltd., Mitsubishi Electric Corporation, LG Electronics Inc., Fujitsu Limited, Panasonic Corporation, Gree Electric Appliances, Inc. of Zhuhai, Blue Star Limited, Havells India Limited, Whirlpool Corporation, and Voltas Limited.
Market Segmentation by End-User
- Commercial
- Commercial Offices/Buildings
- Hospitality
- Transportation
- Supermarkets/Hypermarkets
- Healthcare
- Government
- Others (include educational institutions, cold storage facilities, data centers, banks, departmental stores, convenience stores, and stadiums)
- Industrial
- Food and Beverage
- Oil and Gas
- Automotive
- Energy and Utilities
- Others (include electronics, textile, pharmaceutical, manufacturing, glass, pulp and paper, shipbuilding, machinery, steel, cosmetic, rubber, tobacco, nuclear, toy, and, arms and ammunition, chemical and cement industries)
- Residential
- Northern
- Southern
- Western
- Eastern
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