The India HVAC Industry has garnered $7,820.5 million revenue in 2021, and it is projected to rise at a rate of 15.8% from 2021 to 2030, to generate $29,282.7 million in 2030. It is attributed to advanced infrastructure development, growing tourism activities, and technological advancements across the country.
In addition, the burgeoning disposable income and numerous government initiatives propel the appliances energy efficiency, resulting in industry growth.
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Government campaigns, including Digital India, and Athithi Devo Bhava, increase the footfall of tourists. It thus, results into expansion of tourism and hospitality sector.
Moreover, global players are establishing factories in India, to meet the requirement of local population, and thus propels the industry growth. In addition, the burgeoning middle-class population and growing ventilation requirements fuel such systems sale.
Equipment category holds the substantial industry share, led by burgeoning demand in residential sector. It is due to extreme climate of the country, that results into freezing winters, and scorching summers.
Under the equipment segment, the cooling category captures the significant share, of over 80%, ascribed to subtropical climate in major parts of the country. The extreme heat during summers in norther region, rising humidity levels in southern and western parts of the country, and surging disposable income fuels the industry growth.
Moreover, rising number of SMEs, commercial hubs, and government projects, include Smart Cities Mission, fuel the demand for product.
Under end user, the commercial category has generated largest revenue share, of 52.1%, and it is projected to rise significantly in the coming years. It is ascribed to rising number of corporate offices and shopping complexes in the country. The rising number of high-rise buildings, malls, shopping complexes, and hypermarkets, in tier-II cities propels the industry growth.
The duration of summer is typically eight to nine months in the norther region, including two months of extreme humidity, that fuels the air conditioning systems demand. Additionally, the expansion of the construction sector, with road development propels residential and hospitality construction.
Similarly, airport sectors, ports, and railways are experiencing massive development and renovation. It thus, fuels the India based HVAC industry.
Presently, there is shifting focus on HVAC systems. The rising number of buyers adopt smart HVAC systems, to provide building automation, better controls, IoT based controls, and real-time performance monitoring.
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Over the few years, the construction sector has risen considerably. It is ascribed to quick urbanization, advent of real estate regulatory reforms, and large-scale government projects. Over the years, the government initiatives to develop smart cities drive the construction activities. It thus, fuels the demand for HVAC systems.
Therefore, the expansion of construction sector fuels the India based HVAC Industry.
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