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The India - Heating, Ventilation, and Air Conditioning (HVAC) Systems Market size is forecast to increase by USD 3.98 billion, at a CAGR of 10.77% between 2023 and 2028. The growth rate of the market depends on several factors such as the growing demand for inverter HVAC systems, the increasing office absorption space, and the rising preference for rental HVAC systems.
The report includes a comprehensive outlook on the India HVAC systems market report offering forecasts for the industry segmented by Application, which comprises non-residential and residential. Additionally, it categorizes Types into centralized and decentralized and covers Installation Sites, including new installation and retrofit. The report provides market size, historical data spanning from 2018 to 2022, and future projections, all presented in terms of value in USD billion for each of the mentioned segments.
HVAC Systems Market in India Forecast 2024-2028
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Our researchers studied the data for years, with 2023 as the base year and 2024 as the estimated year, and presented the key drivers, trends, and challenges for the market.
HVAC systems are used for heating, cooling, and air conditioning functions in commercial and residential buildings and industrial facilities. Service providers rent HVAC systems to end-users on an hourly, monthly, or yearly basis. End-users compensate the equipment owners based on factors such as the duration of renting and the type of equipment rented for a particular application. Further, several rental business companies in India are engaged in offering HVAC systems. Companies such as MAX COOL (MEP) SYSTEM, IKON Group, and United Technologies offer HVAC systems for rent for non-residential applications.
Moreover, companies such as Edunetwork Pvt. Ltd., GrabOnRent Internet Pvt. Ltd., and Marketplace IT Solutions Pvt. Ltd. offer HVAC systems for rent for residential applications. Such a growing preference for rental HVAC systems is expected to be one of the key factors that support the growth of the India HVAC systems market during the forecast period.
Regulators across the world, including India, are focusing on the transition of the HVAC systems market from high global warming potential (GWP) refrigerants to low-GWP refrigerants. Regulations on the refrigerants used in the HVAC system have ensured that manufacturers adopt low-GWP refrigerants in their products. The prominent HVAC system manufacturers in India have started investing in developing low-GWP refrigerants since 2015. As the Government of India is looking to combat climate change, the use of high-GWP refrigerants such as hydrofluorocarbons (HFC) refrigerants is declining.
In addition, refrigerant manufacturers are focusing on developing low-GWP refrigerants for both domestic and global markets. Hence, the trend of HVAC system manufacturers and refrigerant manufacturers adopting low-GWP refrigerants in the HVAC system is expected to have a positive impact on the India HVAC systems market during the forecast period.
The HVAC systems market in India is witnessing rapid technological advances, and this is compelling end-users to upgrade their systems, which eventually adds to their costs. The growing competition among HVAC system manufacturers is leading to the introduction of advanced technology in the India - HVAC systems market. Shifting from existing HVAC systems to new and advanced systems incurs additional costs. Therefore, end-users prefer to upgrade the existing systems through retrofitting, which is less costly than changing the complete system. Retrofitting requires highly skilled technicians with knowledge of the latest innovations and technologies in HVAC systems.
Additionally, the India - HVAC systems market requires highly skilled manpower for installation, maintenance, and repair. To overcome this shortage, the Indian Society of Heating, Refrigerating, and Air Conditioning Engineers (ISHRAE) and the Institute of Excellence (IIE) are offering education and training programs. However, the skills gap in the HVAC systems market in India is expected to remain high, and this is expected to hamper market growth during the forecast period.
The market share growth by the non-residential segment will be significant during the forecast period. The growth of the India - heating, ventilation, and air conditioning systems market in the non-residential segment is driven primarily by the growth of the construction sector, increasing investments in infrastructural development, and growing demand for office spaces, among others. The demand for office spaces in India is increasing steadily.
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The non-residential was the largest segment and was valued at USD 2.98 billion in 2018. Additionally, the growing number of start-ups, coupled with the increasing availability of co-working office spaces, are expected to propel the demand for HVAC systems in India. In addition to increasing office spaces, the growing investments in infrastructural development in India are expected to drive the demand for HVAC systems. For instance, in March 2022, the Government of India announced plans to build 220 new airports across the country by 2025. As a result, there is an increase in demand for centralized split ACs, which will thereby drive the growth of the India - heating, ventilation, and air conditioning systems market. Such factors are expected to drive the segment growth which in turn drive the growth of the market growth during the forecast period.
Based on the type, the market has been segmented into centralized and decentralized. The centralized?segment will account for the largest share of this segment.?The growth of the adoption of centralized HVAC systems in India is influenced by several factors, such as the country's economic development, urbanization, and a growing awareness of the importance of indoor air quality and energy efficiency. Furthermore, centralized HVAC systems offer better control over indoor air quality, providing filtration and ventilation solutions. This is particularly important in urban areas such as Delhi, Mumbai, and Bangalore, with air pollution concerns and a focus on creating healthier indoor environments. Hence, India's diverse climate, ranging from hot and humid to cold and dry, requires HVAC systems that can adapt to varying conditions. As centralized systems offer flexibility in temperature and humidity control, the centralized segment will contribute to the growth of the India HVAC systems market during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Blue Star Ltd - The company offers HVAC systems such as air purifiers AP372LAH, single zone mini split, swimming pool heater heat pump, and others.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including 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.
Technavio India HVAC systems market research report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The India HVAC systems market analyses and reports forecast market growth by revenue and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
India HVAC Systems Market Scope |
|
Report Coverage |
Details |
Page number |
149 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 10.77% |
Market Growth 2024-2028 |
USD 3.98 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
9.98 |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
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. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Type
8 Market Segmentation by Installation Sites
9 Customer Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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