Indian HVAC Market to Witness Massive Growth in Coming Years: P&S Intelligence

Compared to 1.3% in 2016–2017, the construction sector of India grew by 4.3% during 2017–2018. Additionally, it has been predicted to become the world’s third-biggest by 2025, by Invest India, primarily driven by residential construction. This factor is projected to push the Indian heating, ventilation, and air conditioning (HVAC) market at a massive 16.0% CAGR between 2020 and 2030, to $31,598.6 million by 2030, from $8,526.7 million in 2019, according to P&S Intelligence.

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The major drivers for the country’s residential infrastructure sector are the increase in the urbanization rate and the Smart Cities Mission. Both these factors would augment the demand for room ACs, as well as ventilation systems and heat pumps, in the residential sector, thereby helping in the rapid growth of the Indian HVAC market in the years to come. Similarly, commercial construction is picking up with the rising focus on enhancing the metro rail and air connectivity to all parts of the nation.

The coronavirus pandemic has been taking a heavy toll on the Indian HVAC market, as governments around the world have closed down major manufacturing and commercial facilities to check the spread of the infection. This has resulted in the ceased production and import of HVAC systems to India. Moreover, even people are not purchasing such equipment presently, as they are only spending on essential goods. Similarly, the shortage of laborers has pushed back the completion deadlines for infrastructure projects, which has further led to the low demand for HVAC systems currently.

The service bifurcation, on the basis of offering, held the larger share in the Indian HVAC market in the past. Owing to the expanding construction sector and rising disposable income, the adoption of HVAC systems has risen significantly. This has been accompanied by the increase in the demand for installation, maintenance, and repair services. Additionally, if not serviced for long periods, the systems consume more energy and accumulate bacteria and mold.

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In the coming years, the commercial category, based on end-user, is predicted to continue dominating the Indian HVAC market. A large number of office complexes, shopping malls, metro stations, and airports are being built across the country. As all such spaces are mandated to have HVAC equipment, the demand for such systems will continue increasing from commercial users. For instance, by 2021, 34 shopping malls are set to be opened in the country, which would drive the sale of ventilation and cooling systems.

The northern part of the country had been the most lucrative for the Indian HVAC market in the past. As the region experiences varying climatic conditions, its HVAC needs are diverse. For instance, Delhi, Haryana, Uttar Pradesh, and Punjab are predominantly hot, therefore require cooling systems. Similarly, heating equipment is a necessity in the mountainous parts of Jammu and Kashmir, Himachal Pradesh, and Uttarakhand, as well as the northern plains region, during its long and cold winters.

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During the next decade, the fastest growth in the Indian HVAC market will be witnessed in the western part of the country. A large number of companies have their manufacturing plants in regional cities, including Mumbai, Pune, Ahmedabad, and Nagpur. With the growing manufacturing sector, the demand for HVAC systems will rise sharply here, as such equipment is mandated in industrial units for operational efficiency and employee safety.

The major players functioning in the Indian HVAC market include Ingersoll-Rand plc, Mitsubishi Electric Corporation, Carrier Corporation, Fujitsu Limited, LG Electronics Inc., Daikin Industries Ltd., Panasonic Corporation, Whirlpool Corporation, Blue Star Limited, Johnson Controls-Hitachi Air Conditioning India Limited, Voltas Limited, and Havells India Limited.

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Global HVAC Market

The global heating, ventilation, and air conditioning market stood at $240.8 billion in 2019, and it is expected to reach $358.1 billion in 2030. China, being the largest producer and user of HVAC systems, generated the highest demand for such equipment during the historical period (2014–2019).

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APAC HVAC Market

The Asia-Pacific HVAC market is expected to reach $70.7 billion by 2024, registering a CAGR of 4.3%, during the forecast period, according to P&S Intelligence. The growth in the market can be attributed to increasing construction sector in APAC, primarily in India and China.

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