India HVAC Market by HVAC Type (Heating [Heat Pumps {Air Source, Water Source, Ground Source}, Furnaces{Gasoline, Propane, Electric}, Boilers {Fire-tube, Water-tube} Unitary Heaters], Ventilation [Ventilation Fans {Centrifugal Fans, Axial Fans, Domestic Exhaust Fans, Power Roof Fans}, Air Handling Units {Terminal Units, Makeup Air Units, Rooftop Units} and Fan Coil Units {Two-pipe, Four-pipe}, Humidifiers/Dehumidifiers, Air Cleaners {Type 1, Type 2, Type 3, Type 4, Type 5}], Air Conditioning [Room ACs {Mini Splits, Window ACs}, Split Units, Ducted Split/Packaged Unit {Packaged Unit With Water Cooled Condenser, Packaged Units With Air Cooled Condenser}, Variable Refrigerant Flow {Heat Pump Systems, Heat Recovery Systems}, Chillers {Centrifugal, Screw, Scroll, Absorption, Reciprocating}]), by End-User (Commercial [Offices and Buildings, Supermarkets/Hypermarkets, Government, Healthcare, Hospitality, Transportation], Industrial [Oil and Gas, Food and Beverage, Automotive, Energy and Utilities], Residential), By region (Northern, Southern, Western, Eastern) – Market Size, Share, Development, Growth and Demand Forecast, 2014–2024
NEW YORK, April 03, 2019 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Intelligence, India HVAC market is expected to reach $5.9 billion by 2024, registering a CAGR of 7.0%, during the forecast period. The growth in the market can be attributed to increasing number of high-rise buildings, shopping complexes & malls, and hypermarkets in Tier-II cities. Apart from this, the market is expected to propel on account of on-going smart city projects in the country.
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Based on ventilation type, India HVAC market is segmented into ventilation fans, humidifiers/dehumidifiers, air cleaners, and air handling units and fan coil units. Of these, ventilation fans category is estimated to hold the largest revenue share in the market, in 2018. This is due to growing demand for ventilation fans from commercial buildings owing to the guidelines provided for natural ventilation in national building code of India, 2005.
In 2018, air handling unit category is estimated to hold higher revenue share. This is owing to rising usage of air handling units across various applications such as commercial offices and buildings, industries, hospitals, data centers, server rooms, and universities. With further rising penetration of air conditioning systems across the country, the demand for air handling units is expected to increase throughout the forecast period.
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Surging infrastructure spending in India is driving the growth of India HVAC market. There are several infrastructural projects such as ongoing and upcoming airports, and metro railway expansion projects across the country. For instance, the government of India has granted around $57 million in the interim budget of 2019, for construction of Noida and Ghaziabad sections of the metro network. Thus, increasing number of airports and metro stations in the country would increase the demand for HVAC systems. Hence, surging infrastructure spending especially on metro railway, and airports, is expected to fuel HVAC market growth in the country.
India HVAC is a highly competitive market, wherein the competition is primarily based on price, energy efficiency, reputation, quality, and technical know-how. In the recent past, product launches have been the major activities in the market in the country. Companies like Blue Star Limited, for instance, has been observed as the forerunner majorly focusing on enhancing its facility expansion to reach broader customer base in the country. Furthermore, companies like Voltas Limited, and Whirlpool Corporation have also been focusing on new product launches to strengthen their position in India HVAC market.
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Some of the key players operating in the India HVAC market include Johnson Controls International plc, Ingersoll-Rand plc, United Technologies Corporation, Daikin Industries Ltd., Mitsubishi Electric Corporation, LG Electronics Inc., Fujitsu Limited, Panasonic Corporation, Gree Electric Appliances, Inc. of Zhuhai, Blue Star Limited, Havells India Limited, Whirlpool Corporation, and Voltas Limited.
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