NEW YORK, Dec. 14, 2022 /PRNewswire/ — As per the market research study published by P&S Intelligence, the total value of the Indian HVAC market was $7,820.5 million in 2021, and it will reach $29,282.7 million by 2030, growing at a rate of 15.8% in the near future. The growth of the industry is due to the rapid infrastructure development, technical advancements, and increasing tourism activities.
Equipment Is Main Revenue Contributor
Equipment had the larger share in the past because of the increase in the demand for HVAC systems from the housing sector. This is owing to the extreme climate of India, resulting in freezing winters and scorching summers.
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Cooling Equipment Had Largest Share
The cooling category had an over 80% share in 2021, as a result of the subtropical climate in most parts of the nation. The high temperatures in summers in the north, growing levels of humidity in the southern and western parts, and fast-increasing usable income are pushing the requirement for air conditioners.
Furthermore, the development of SMEs and commercial hubs and the Smart Cities Mission are driving the demand for cooling systems.
HVAC Systems Most Used in Commercial Buildings
The commercial category is the largest, with an about 52.1% share, and it will observe significant growth in the years to come.
This will be because of an increase in the count of corporate offices and shopping complexes. The mounting number of high-rise buildings, along with malls, shopping complexes, and hypermarkets, in tier-II cities is the main factor for the industry growth in India.
Increasing Inclination toward Smart HVAC Systems
The shift toward smart HVAC systems is a key trend in India. For the reduction in energy consumption and advancement of the system efficiency, numerous buyers are accepting smart HVAC systems that come with better controls, advanced real-time performance monitoring, building automation, and IoT-based controls.
These appliances also offer better variability of temperature and remote access, together with reminders for preventive maintenance, thus leading to an enhanced lifespan and system efficiency.
Growing Construction Activities Propelling System Demand
The construction industry has grown considerably in the recent past. This is because of the real estate regulatory reforms, large-scale government projects, and rapid urbanization. According to Invest India, the construction industry of the country will reach $1.4 trillion by 2025 and become the third-largest worldwide.
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Northern Region Dominates Industry
The northern region dominated the market, with an around 29% share, in the past. This is because of the extremely hot weather in Haryana, Delhi, and Uttar Pradesh and the cold weather in Himachal Pradesh, Uttarakhand, and Jammu & Kashmir.
Different climatic zones require different HVAC systems; for cold areas, heat pumps are important most of the year. Likewise, for humid and hot areas, cooling equipment, such as room ACs, is imperative.
India HVAC Market Report Coverage
By Offering
- Equipment
- Heating
- Ventilation
- Cooling
- Service
- Upgradation/Replacement
- Maintenance & Repair
- Installation
- Consulting
By End-User
- Commercial
- Office And Building
- Hospitality
- Transportation
- Supermarket/Hypermarket
- Healthcare
- Government
- Industrial
- Food And Beverage
- Oil And Gas
- Automotive
- Energy And Utilities
- Residential
Regional Analysis
- South India
- West India
- North India
- East India
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