NEW YORK, Jan. 9, 2024 /PRNewswire/ — The HVAC systems market in India is expected to grow by USD 3.98 billion between 2023 and 2028. However, the growth momentum of the market will progress at a CAGR of 10.77% during the forecast period. The market is segmented by application (non-residential and residential), type (centralized and decentralized), and installation sites (new installation and retrofit).
Rising preference for rental HVAC systems drives the market growth. This inclination aligns with the escalating demand for energy-efficient solutions across sectors like commercial HVAC, residential HVAC, and industrial HVAC. With a focus on air conditioning, heating systems, and ventilation systems, the market emphasizes eco-friendly refrigerants, chillers, and air handlers. Central HVAC systems play a significant role in meeting this rising preference, driving advancements in the sector toward sustainable, efficient practices.
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Key Highlights:
- The report recognizes the following as some of the key players in the HVAC systems market in India: Air Control India Pvt Ltd, Blue Star Ltd., Daikin Industries Ltd., Fujitsu General Ltd., Godrej and Boyce Manufacturing Co. Ltd., Haier Smart Home Co. Ltd., Havells India Ltd., Hitachi Ltd., Honeywell International Inc., IFB Industries Ltd., Ingersoll Rand Inc., Johnson Controls International Plc, LG Electronics Inc., Mitsubishi Electric Corp., Panasonic Holdings Corp., Samsung Electronics Co. Ltd., Toshiba Corp., Trane Technologies Plc, Voltas Ltd., and Whirlpool Corp.
- HVAC Systems Market in India is fragmented in nature.
- Market to observe 9.98% YOY growth in 2024.
Market Dynamics:
Trend
- The HVAC market in India sees a prevalent shift toward the adoption of low-GWP refrigerants by system manufacturers. This trend emphasizes eco-consciousness and aligns with various HVAC components like rooftop units, VRF systems (Variable Refrigerant Flow), and heat pumps. It resonates with broader initiatives such as green building initiatives and regulatory compliance, promoting energy management systems and indoor air quality. Additionally, market trends show a rising demand for HVAC maintenance services and integration with building automation for efficient operations.
Challenges
- A predominant challenge in the Indian HVAC market pertains to the dearth of technical expertise regarding HVAC systems. This gap affects various components such as HVAC controls, inverter technology, split AC systems, and ductless systems. The challenge extends to smart thermostats, air quality control measures, and supply chain optimization. Addressing this issue necessitates the emphasis on HVAC training and certification, and boosting local manufacturing capabilities to bridge the technical knowledge gap within the market.
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Key Segments:
The market growth by the non-residential segment is significant during the forecast period. The growth of the heating, ventilation, and air conditioning systems market in the non-residential segment is fuelled by factors such as the growth of the construction sector, increasing investments in infrastructural development, and growing demand for office spaces, among others. In addition, the demand for office spaces in India is increasing steadily. Furthermore, factors such as the growing number of start-ups, coupled with the increasing availability of co-working office spaces, are expected to fuel the demand for HVAC systems in India.
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HVAC Systems Market In India Scope |
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Report Coverage |
Details |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 10.77% |
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Market Growth 2024-2028 |
USD 3.98 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023 (%) |
9.98 |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Air Control India Pvt Ltd, Blue Star Ltd., Daikin Industries Ltd., Fujitsu General Ltd., Godrej and Boyce Manufacturing Co. Ltd., Haier Smart Home Co. Ltd., Havells India Ltd., Hitachi Ltd., Honeywell International Inc., IFB Industries Ltd., Ingersoll Rand Inc., Johnson Controls International Plc, LG Electronics Inc., Mitsubishi Electric Corp., Panasonic Holdings Corp., Samsung Electronics Co. Ltd., Toshiba Corp., Trane Technologies Plc, Voltas Ltd., and Whirlpool Corp. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
ToC:
Executive Summary
Market Landscape
Market Sizing
Historic Market Sizes
Five Forces Analysis
Market Segmentation by Application
Market Segmentation by Type
Market Segmentation by Geography
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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