The India HVAC market is growing due to infrastructural development, technological advancements, and expanding tourism sector. The value of the domain in 2018 was estimated by P&S Intelligence to be $3.9 billion and the CAGR during the forecast period (2019–2024) to be 7.0%.
The term, ‘HVAC’ short for heating, ventilation, and air conditioning, refers to electrical equipment used in either just one or all these applications simultaneously. Apart from heating or cooling, these systems also take away the contaminants and odor, filling the room with fresh air from outside.
Further, among the northern, southern, western, and eastern regions, the northern region contributed over 30.0% revenue to the market in 2018. Now, the heating category of the Indian HVAC market is divided into furnaces, boilers, heat pumps, and unitary heaters, among which the boilers category held 17.6% revenue share in the market in 2018.
Among the types of systems used, i.e. heating, ventilation and cooling, cooling systems were the largest category in 2018, both in terms of the total units sold and revenue generated. The primary reasons for the dominance of cooling systems in the HVAC market of India have been the hot weather conditions in most parts of the country and the growth of small and medium enterprises (SMEs) and commercial hubs.
Apart from housing and commercial spaces, the growing population is also raising the demand for public infrastructure. In 2017, the government announced its intention to construct 100 airports by 2032. Further, it pledged $57 million in the 2019 Interim Budget for the expansion of Delhi Metro in Ghaziabad and Noida. Thus, the rapid infrastructural development is expected to bode well for the HVAC market in India, as all airports, and metro stations and tunnels extensively use such systems.
The market players have already taken stock of the situation and started launching new HVAC systems. Apart from product launches, advancements in technology is another key trend being witnessed in the Indian HVAC market. Thus, it is clear that HVAC system manufacturers stand to be benefited by the developments in the infrastructure and real estate sectors.
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