India HVAC Market Insight, Analysis, Forecast 2022-2028

1. India HVAC Market, By Offering (Equipment, Services), By End-User (Residential, Commercial, Industrial), By Region (North India, South India, East India, West India), Trend Analysis, Competitive Market Share & Forecast,2022-2028

2. India HVAC Market- Industry Trends & Forecast Report 2028 A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the India HVAC market was worth USD 8.6 billion in the year 2021. It is estimated to grow at a CAGR of 14.80%, earning revenue of around USD 21.5 billion by the end of 2028. The growth of the India HVAC market is flourishing at a high rate owing to the changing lifestyle and increasing disposable income of Indian consumers. Furthermore, the rising construction of residential, commercial, and industrial facilities due to rising private and public investment in infrastructural development along with increasing demand for energy-efficient technologies are also propelling the growth of the market in this region.

3. Growth Drivers  Rising Focus Towards Energy-Efficient Systems The HVAC system is an energy-efficient solution, which proves to be economical as well in the long run. Several HVAC equipment are designed in a way to put less burden on energy consumption. For instance, the installation of Variable Frequency Drive (VFDs) for air blower modulation will subsequently reduce the energy consumption at part load operations. Furthermore, the installation of 2-way or 3-way valves will modulate chilled water flow as per indoor environmental conditions which reduces the load on the chiller. Sample copy: https://www.blueweaveconsulting.com/report/india-hvac-market/report-sample

4. Restraints  High Installation Cost Of HVAC System India is an extremely price-sensitive market and even the slightest high price in any industry, including HVAC, can harshly impact the market growth. According to an article published on Howtodiscuss, the minimum cost of HVAC installation in India is around INR 40,000/piece (approx USD 533.08) and can go up to INR 3,00,000 (approx USD 3998). Along with the installation cost, the customers also had to bear annual maintenance and repair costs which are around INR 10-15k per year. This acts as a major restraining factor for market growth.

5. Impact of COVID-19 The sudden outbreak of COVID-19  negatively impacted the growth of the Indian HVAC market. The nationwide lockdown imposed by the government to curb the virus spread restricted the manufacturing and supply of non-essential items including HVAC equipment. Furthermore, the construction of residential, commercial, and industrial facilities was halted due to lockdown guidelines and lack of investment. The purchasing power of the consumers was also affected owing to the economic crisis in the country. All these factors resulted in a significant drop in the demand for HVAC systems in India, impacting the overall market growth.

6. Regional Insights Geographically, the Indian HVAC market is segmented into North India, South India, East India, and West India. North India dominates the India HVAC market and is likely to dominate the market in the forecast period as well. The varying climatic conditions witnessed by states in this region act as a major driving factor for the market. High altitude regions such as Jammu and Kashmir, Himachal Pradesh, Uttarakhand, etc., have a high demand for heating appliances. However, states and union territories in northern plains such as Delhi, Uttar Pradesh, Bihar, etc., demand different types of heating and cooling appliances.

7. Competitive Landscape The leading market players in the Indian HVAC market are Carrier Midea India Private Limited, Carrier Airconditioning & Refrigeration Ltd., Daikin Industries Ltd., Mitsubishi Electric Corporation, LG Electronics Inc., Fujitsu Limited, Panasonic Corporation, Blue Star Limited, Havells India Limited, Voltas Limited, Johnson Controls-Hitachi Air Conditioning India Limited, and other prominent players. The market is highly competitive with the presence of various global and regional industry participants. The companies constantly launch new products with advanced features to gain a competitive edge over the market.

8. Recent Development • In September 2021, Daikin India, a subsidiary of Japanese multinational air conditioning manufacturing company, announced the setup of its third manufacturing plant in Andhra Pradesh.

9. Key Players Carrier Midea India Private Limited, Carrier Airconditioning & Refrigeration Ltd., Daikin Industries Ltd., Mitsubishi Electric Corporation, LG Electronics Inc., Fujitsu Limited, Panasonic Corporation, Blue Star Limited, Havells India Limited, Voltas Limited, Johnson Controls-Hitachi Air Conditioning India Limited, and other prominent players.

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