India HVAC Market Assessment, By Equipment [Heating, Ventilating, Air Conditioning], By Service [Installation, Maintenance and Repair], By Implementation [New Construction, Retrofit] By Region, Opportunities and Forecast, FY2018-FY2032F

India HVAC (Heating, Ventilation, Air Conditioning) market is projected to witness a CAGR of 11.20% during the forecast period FY2025-FY2032, growing from USD 21.95 billion in FY2024 to USD 51.32 billion in 2032.

India HVAC Market Size, Share and Forecast FY2018-FY2032F

India HVAC (Heating, Ventilation, Air Conditioning) market is projected to witness a CAGR of 11.20% during the forecast period FY2025-FY2032, growing from USD 21.95 billion in FY2024 to USD 51.32 billion in 2032. The market has experienced significant growth in recent years and is expected to maintain an expansion in the coming years owing to rapid urbanization, an increase in disposable income, a growing trend of customization, and rising government rules and regulations to promote energy-efficient technologies. The India HVAC market demand is expected to grow due to infrastructure development, tourism activities, and technological advancements. The integration of the Internet of Things and AI in HVAC allows connected operations via the cloud and can be remotely monitored, upgraded, and controlled, propelling the demand for HAVC in India.
In addition, the government of India is offering incentives and introducing initiatives to integrate energy-efficient HVAC in vehicles to combat carbon emissions and offer an overall driving experience. For instance, different government initiatives, including &lsquo;Make in India&rsquo; &ndash; Atmanirbhar Bharat, Production Linked Incentive (PLI) schemes, financial incentives, and the dedication to becoming carbon neutral by 2070 are some of the prime contributors to market growth for energy-efficient HVAC. Also, the significant adoption of smart technologies and the focus on energy-efficient systems are improving user convenience and cost savings, driving the market for HVAC in India in the forecast period. Furthermore, companies in the market plan to make initial developments in HVAC technology to increase efficiency and raise focus towards sustainability and energy saving. Key participants are investing in setting up new manufacturing facilities for HVAC to address the rising demand for HVAC from different industries.
For instance, in September 2024, KRN Heat Exchanger and Refrigeration Pvt. Ltd. announced the launch of a USD 40.96 million IPO and plans to invest USD 29.22 million in the wholly owned subsidiary KRN HAVC products for setting up a new manufacturing facility.
<h2>Technological Advancement in HVAC Drive Market Growth</h2>
Technological advancements in HVAC systems and the integration of high-performance sensors in HVAC are projected to drive India's HVAC market demand as sensors in HVAC deliver real-time data to cloud-based platforms to make efficient decisions. Technological advancement also offers energy usage analysis, proactive troubleshooting, and optimization, further accelerating the need for HVAC in India in the forecast period. Moreover, companies in the market are introducing thermally driven air conditioning technology to offer an energy-efficient cooling method that can be efficiently used as a substitute for traditional air conditioners. Also, the integration of the Internet of Things and AI in HVAC systems is revolutionizing the maintenance of HVAC technology and fostering the demand for HVAC in India as it helps consumers by sensing data on air quality and equipment status to predict the correct time for maintenance. Furthermore, companies in the market are presenting HVAC solutions to address the demand for sustainable HVAC systems from different industries.
For instance, in October 2024, Panasonic Life Solutions India Private Limited presented its new HVAC solutions at the VRF Mela 2.0 being managed by Refrigeration &amp; Air-Conditioning Trades Association Ltd., with energy-saving functioning for environmentally conscious air conditioning for commercial use such as hotels, offices, and shopping malls.
<h2>Rapid Urbanization Drives India HAVC Market Demand</h2>
Rapid urbanization and a significant rise in infrastructure development will drive India's HVAC market growth in the forecast period. An increase in population rate is accelerating the need for energy-efficient HVAC systems in residential buildings, propelling the India HAVC market growth. Also, IT parks, high-rise buildings, and malls have been constructed across metropolitan cities, including Mumbai, Delhi, and others. In addition, urbanization across cities, increased disposable income, and a change in the living standards of middle-class individuals propelled the requirement for air-conditioned offices, commercial spaces, and homes. In addition, companies in the market plan to expand their manufacturing facilities in India to address the rising consumer demand.
For instance, in September 2023, Daikin Industries, Ltd. announced an expansion in India to address the demand for consumer demand. Also, the company plans to increase its production across different countries to export air conditioners to 100 countries.
<h2>Air Conditioning Dominates the Market Growth</h2>
Air conditioning dominates the market growth owing to increasing government and private sector investments in new construction and infrastructure projects, technological advancements in air conditioning systems, and rising improvements in existing commercial buildings. Key market players are introducing new systems with these advanced technologies to enhance overall product effectiveness and improve customer satisfaction. In addition, the market is projected to be propelled by different factors, including a considerable rise in tourism and construction industries. Also, the surging disposable incomes of individuals across India are projected to motivate the uptake of a diverse range of air conditioning systems during the forecast period. Furthermore, companies in the market plan to launch a new range of air conditioning systems to transform commercial cooling solutions in India.
For instance, in July 2024, Samsung Electronics announced the launch of its latest innovation &ndash; the new WindFree Air Conditioners in the Chilled Water Indoor category to offer a superior cooling experience without the discomfort of direct cold draft for the user.
<h2>Southern India is Expected to Register the Largest Market Share</h2>
Southern India is the fastest-growing region in India HVAC market owing to a significant presence of giant market players, a rise in population rate, an increase in middle-class income population, and a considerable surge in constructing commercial places. The government is planning to invest significantly in different infrastructure projects, including industrial, commercial, and residential, that require the installation of advanced and high-performance HVAC solutions. Higher disposable incomes allow consumers to spend more on home appliances, including HVAC systems. Additionally, government regulations and incentives promote adopting sustainable HVAC systems, which are more cost-effective and environmentally friendly, propelling the HVAC market demand in Southern India. Furthermore, companies in the market plan to invest in a plant in Karnataka to double the annual order intake in the next five years.
For instance, in November 2024, Mitsubishi Electric Hydronics &amp; IT Cooling Systems S.p.A. announced an investment of USD 47.06 million in a high-tech HVAC plant in Karnataka.
<a href="https://www.marketsandata.com/industry-reports/india-hvac-market/sample-request">Download Sample Report</a>
Future Market Scenario (FY2025 &ndash; FY2032)
<ul>
<li>Urbanization in India drives the demand for HVAC systems in residential, commercial, and industrial buildings, leading to market growth.</li>
<li>Higher disposable incomes enable consumers to invest in home appliances, including HVAC systems, boosting market demand.</li>
<li>Government regulations and consumer awareness promote adopting energy-efficient HVAC systems, contributing to market expansion.</li>
<li>The booming hospitality and tourism sectors are increasing the need for HVAC systems in hotels, resorts, and other accommodations.</li>
</ul>
Report Scope
&ldquo;India HVAC Market Assessment, Opportunities and Forecast, FY2018-FY2032F&rdquo;,&nbsp;is a comprehensive report by Markets and Data, providing in-depth analysis and qualitative and quantitative assessment of the current state of India HVAC market, industry dynamics, and challenges. The report includes market size, segmental shares, growth trends, opportunities, and forecast between FY2025 and FY2032. Additionally, the report profiles the leading players in the industry, mentioning their respective market share, business models, competitive intelligence, etc.
<table>
<tbody>
<tr>
<td width="301">
Report Attribute
</td>
<td width="301">
Details
</td>
</tr>
<tr>
<td width="301">
Base Year of the Analysis
</td>
<td width="301">
FY2024
</td>
</tr>
<tr>
<td width="301">
Historical Period
</td>
<td width="301">
FY2018-FY2023
</td>
</tr>
<tr>
<td width="301">
Forecast Period
</td>
<td width="301">
FY2025-FY2032
</td>
</tr>
<tr>
<td width="301">
Projected Growth Rate
</td>
<td width="301">
CAGR of 11.20% between FY2025 and FY2032
</td>
</tr>
<tr>
<td width="301">
Revenue Forecast in FY2032
</td>
<td width="301">
USD 51.32 billion
</td>
</tr>
<tr>
<td width="301">
Segments Covered
</td>
<td width="301">
Equipment, Service, Implementation
</td>
</tr>
<tr>
<td width="301">
Regions Covered
</td>
<td width="301">
North, South, East, West and Central
</td>
</tr>
<tr>
<td width="301">
Key Companies Profile
</td>
<td width="301">
Blue Star Limited, Voltas Limited, Carrier Global Corporation, Daikin Industries Ltd., Panasonic Corporation, Mitsubishi Electric Group, Havells Group, LG Electronics Inc., Kirloskar Brothers Limited
</td>
</tr>
<tr>
<td width="301">
Customization Scope
</td>
<td width="301">
15% free report customization with purchase
</td>
</tr>
<tr>
<td width="301">
Pricing and Purchase Options
</td>
<td width="301">
Avail the customized purchase options to fulfill your precise research needs
</td>
</tr>
<tr>
<td width="301">
Delivery Format
</td>
<td width="301">
PDF and Excel through email (subject to the license purchased)
</td>
</tr>
</tbody>
</table>
In the report,&nbsp;India HVAC market&nbsp;has been segmented into the following categories:&nbsp;
<ul>
<li>By Equipment
<ul>
<li>Heating</li>
<li>Ventilating</li>
<li>Air Conditioning</li>
</ul>
</li>
<li>By Service
<ul>
<li>Installation</li>
<li>Maintenance and Repair</li>
</ul>
</li>
<li>By Implementation
<ul>
<li>New Construction</li>
<li>Retrofit</li>
</ul>
</li>
<li>By Region
<ul>
<li>North</li>
<li>South</li>
<li>East</li>
<li>West and Central</li>
</ul>
</li>
</ul>
Key Players Landscape and Outlook
Companies in the Indian HVAC market are expanding their presence and product portfolio by focusing on innovation, strategic partnerships, and customer-centric solutions. Key players are investing in research and development to introduce advanced HVAC systems that cater to the diverse needs of residential, commercial, and industrial sectors. These companies are addressing the growing demand for sustainable and technologically advanced products by offering energy-efficient and smart HVAC solutions. Collaborations with local and international partners enable them to enhance their market reach and provide comprehensive solutions. Additionally, companies are actively participating in government initiatives and campaigns to promote energy efficiency, further solidifying their position in the market.
In February 2024, Voltas Limited strengthened its position by associating with South Asia&rsquo;s largest HVAC exhibition and announced the launch of its new commercial AC product line-up for commercial spaces at the ongoing India 2024 in India.
Key Players Operating in India HVAC Market are:
<ul>
<li>Blue Star Limited</li>
<li>Voltas Limited</li>
<li>Carrier Global Corporation</li>
<li>Daikin Industries Ltd.</li>
<li>Panasonic Corporation</li>
<li>Mitsubishi Electric Group</li>
<li>Havells Group</li>
<li>LG Electronics Inc.</li>
<li>Kirloskar Brothers Limited</li>
</ul>
Markets and Data&rsquo;s reports answer the following questions:
<ul>
<li>What is the current and future market size of the product/service in question globally or specific to different countries?</li>
<li>How are the markets divided into different product/service segments and the market size and growth of each segment?</li>
<li>What is the market potential of different product segments and their investment case?</li>
<li>How are the markets predicted to develop in the future and what factors will drive or inhibit growth?</li>
<li>What is the business environment and regulatory landscape specific to the product/service?</li>
</ul>
If you can't find what you're searching for or have any custom requirements for India HVAC market, you may approach our team at&nbsp;<a href="mailto:info@marketsandata.com">info@marketsandata.com</a>

India HVAC Market Assessment, Opportunities and Forecast, FY2018-FY2032F

India HVAC market is expected to experience growth due to rapid urbanization, rapid trend of customization, increase in disposable income, infrastructure development and technological advancement in HVAC.

Table of Contents
<ol>
<li>Project Scope and Definitions</li>
<li>Research Methodology</li>
<li>Executive Summary</li>
<li>Voice of Customer
<ul>
<li>Product and Market Intelligence</li>
<li>Brand Awareness</li>
<li>Factors Considered in Purchase Decisions
<ul>
<li>Features and Other Value-Added Service</li>
<li>Compatibility and Durability</li>
<li>Efficiency of Green Solutions</li>
<li>After-Sales Support</li>
</ul>
</li>
<li>Consideration of Privacy and Regulations</li>
</ul>
</li>
<li>India HVAC Market Outlook, FY2018-2032F
<ul>
<li>Market Size Analysis &amp; Forecast
<ul>
<li>By Value</li>
<li>By Volume</li>
</ul>
</li>
<li>Market Share Analysis &amp; Forecast
<ul>
<li>By Equipment
<ul>
<li>Heating</li>
<li>Ventilating</li>
<li>Air Conditioning</li>
</ul>
</li>
<li>By Service
<ul>
<li>Installation</li>
<li>Maintenance and Repair</li>
</ul>
</li>
<li>By Implementation
<ul>
<li>New Construction</li>
<li>Retrofit</li>
</ul>
</li>
<li>By Region
<ul>
<li>North</li>
<li>South</li>
<li>East</li>
<li>West and Central</li>
</ul>
</li>
<li>By Company Market Share Analysis (Top 5 Companies and Others &ndash; By Value, FY2024)</li>
</ul>
</li>
<li>Market Map Analysis, FY2024
<ul>
<li>By Equipment</li>
<li>By Service</li>
<li>By Implementation</li>
<li>By Region</li>
</ul>
</li>
</ul>
</li>
</ol>
<ol start="6">
<li>Demand Supply Analysis</li>
<li>Import and Export Analysis</li>
<li>Value Chain Analysis</li>
<li>Porter&rsquo;s Five Forces Analysis</li>
<li>PESTLE Analysis</li>
<li>Pricing Analysis</li>
<li>Market Dynamics
<ul>
<li>Market Drivers</li>
<li>Market Challenges</li>
</ul>
</li>
<li>Market Trends and Developments</li>
<li>Case Studies</li>
<li>Competitive Landscape
<ul>
<li>Competition Matrix of Top 5 Market Leaders</li>
<li>SWOT Analysis for Top 5 Players</li>
<li>Key Players Landscape for Top 10 Market Players
<ul>
<li>Blue Star Limited
<ul>
<li>Company Details</li>
<li>Key Management Personnel</li>
<li>Products and Services</li>
<li>Financials (As Reported)</li>
<li>Key Market Focus and Geographical Presence</li>
<li>Recent Developments/Collaborations/Partnerships/Mergers and Acquisition</li>
</ul>
</li>
<li>Voltas Limited</li>
<li>Carrier Global Corporation</li>
<li>Daikin Industries Ltd.</li>
<li>Panasonic Corporation</li>
<li>Mitsubishi Electric Group</li>
<li>Havells Group</li>
<li>LG Electronics Inc.</li>
<li>Kirloskar Brothers Limited</li>
</ul>
</li>
</ul>
</li>
</ol>
*Companies mentioned above&nbsp;DO NOT&nbsp;hold any order as per market share and can be changed as per information available during research work.
<ol start="16">
<li>Strategic Recommendations</li>
<li>About Us and Disclaimer</li>
</ol>

FAQs

Industry Reports

Blogs

Case Studies

Industry News

Press Release

Infographics