HVAC Systems Market Size In India is set to grow by USD 3.98 billion from 2024-2028, Growing demand for inverter HVAC systems to boost the market growth, Technavio

NEW YORK, June 13, 2024 /PRNewswire/ -- The HVAC systems market size in India is estimated to grow by USD 3.98 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  10.77%  during the forecast period.  Growing demand for inverter HVAC systems is driving market growth, with a trend towards increasing popularity of smart HVAC systems  However, need for high R and D investment  poses a challenge. Key market players include Air Control India Pvt Ltd, Blue Star Ltd., Daikin Industries Ltd., Fujitsu General Ltd., Godrej and Boyce Manufacturing Co. Ltd., Haier Smart Home Co. Ltd., Havells India Ltd., Hitachi Ltd., Honeywell International Inc., IFB Industries Ltd., Ingersoll Rand Inc., Johnson Controls International Plc, LG Electronics Inc., Mitsubishi Electric Corp., Panasonic Holdings Corp., Samsung Electronics Co. Ltd., Toshiba Corp., Trane Technologies Plc, Voltas Ltd., and Whirlpool Corp..

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Key Market Trends Fueling Growth

The HVAC systems market in India is experiencing growth due to the adoption of smart and connected systems. IoT-enabled devices, such as wireless acoustic transmitters and steam trap monitors, aid in monitoring HVAC system operations. End-users prioritize predictive maintenance for increased efficiency and reduced downtime. Manufacturers like Havells India, LG Electronics, and Samsung Electronics offer IoT-enabled smart HVAC systems for residential use.

Industrial HVAC systems benefit from IIoT integration for energy savings and reduced on-site services. The focus on building smart factories in India supports this trend. 

The HVAC systems market in India is experiencing significant growth, with a focus on energy-efficient and smart technologies. HVAC systems are essential for maintaining comfortable indoor environments in various sectors such as commercial, residential, and industrial.

The use of sustainable and eco-friendly HVAC systems is a trending topic, with many companies offering products that meet this demand. The HVAC industry in India is also witnessing the adoption of IoT technology, enabling remote monitoring and control of systems. Additionally, the government's push towards renewable energy sources is driving the demand for HVAC systems that integrate solar energy systems. Overall, the HVAC market in India is witnessing a surge in demand due to increasing urbanization and the need for energy-efficient solutions. 

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Market Challenges

• The HVAC systems market in India faces significant challenges due to the increasing demand for energy-efficient systems and intense competition. Manufacturers are investing heavily in R&D to create innovative designs and integrate automation technologies. However, the shortened product lifecycle and difficulty in passing R&D costs to end-users necessitate long-term investments and higher manufacturing costs. Established players like United Technologies and Daikin Industries continue to invest in India for energy-efficient and eco-friendly HVAC systems.
• The HVAC systems market in India faces several challenges. The high cost of installation and maintenance is a major concern for many businesses and individuals. The lack of skilled labor and proper training in HVAC technology is another challenge. Additionally, the inconsistent electricity supply and the need for energy-efficient solutions are pressing issues.
• Furthermore, the increasing demand for air conditioning due to rising temperatures and urbanization puts pressure on the industry to provide cost-effective and sustainable solutions. The use of advanced technologies like IoT and AI can help address some of these challenges by improving efficiency and reducing costs.
• However, the adoption of these technologies requires significant investment and infrastructure development. Overall, the HVAC systems market in India presents both opportunities and challenges for players in the industry.

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Segment Overview 

1. Application 
• 1.1 Non-residential
• 1.2 Residential
2. Type 
• 2.1 Centralized
• 2.2 Decentralized
3. Installation Sites
• 3.1 New installation
• 3.2 Retrofit
4. Geography 
• 4.1 APAC

1.1 Non-residential-  The non-residential HVAC systems market in India, comprising commercial and industrial sectors, is the leading segment with consistent growth. This growth is attributed to the expanding construction sector, infrastructure development investments, and rising demand for office spaces. India's office space demand is increasing, driven by urbanization and favorable commercial real estate policies.

Cities like Hyderabad, Bengaluru, NCR Delhi, Mumbai, and Pune are experiencing significant office space absorption. Furthermore, the growing number of start-ups and co-working spaces are boosting HVAC systems demand. Infrastructure development projects, such as the plan to build 220 new airports, will increase the demand for centralized split ACs, thereby fueling the HVAC systems market growth in India's non-residential segment.

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Research Analysis

The HVAC Systems Market in India is witnessing significant growth due to the increasing demand for energy-saving products and regulations promoting energy efficiency. The HVAC industry is focusing on the use of R-410 and A2L refrigerants to meet the new HVAC regulations. The adoption of AI-based automated solutions is also on the rise, enabling smart climate control in residential, commercial, and industrial properties.

Energy-efficient buildings and sustainable structures, such as shopping centers, industrial facilities, and warehouses, are prioritizing the implementation of advanced cooling and heating systems. The telecommunication sector is also investing in energy-efficient HVAC technologies to support their critical infrastructure. The market is expected to continue its expansion, driven by the need for reliable climate control solutions in various sectors.

Market Research Overview

The HVAC Systems market in India has been experiencing significant growth due to increasing urbanization and rising disposable income. The market is driven by the demand for energy-efficient and cost-effective solutions in both residential and commercial sectors. The Indian government's initiatives to promote renewable energy and energy efficiency have further boosted the market.

The HVAC Systems market in India caters to various applications such as air conditioning, heating, ventilation, and refrigeration. The market is segmented based on product types, applications, and regions. The major product types include split systems, packaged systems, and central systems.

The market is expected to continue its growth trajectory in the coming years due to the increasing demand for comfort and indoor air quality solutions. The market is also witnessing the adoption of advanced technologies such as IoT, AI, and ML for energy management and system optimization. The Indian HVAC Systems market is a dynamic and competitive landscape with numerous players offering innovative solutions to cater to the evolving customer needs.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Application
• Non-residential
• Residential
• Type
• Centralized
• Decentralized
• Installation Sites
• New Installation
• Retrofit
• Geography
• APAC

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio