HVAC systems in India expected to reach over US $4 billion by 2019, says Technavio

Renewable energy


The report segments the HVAC systems in India by product (split AC, windows AC, and others) and by end-user (residential sector and commercial sector). The key vendors include Blue Star, Carrier Corporation, Daikin Industries, ETA, and Voltas. The report further discusses the major drivers influencing market growth and the challenges faced by vendors and the market as a whole.

Technavio’s market research analysts estimate the HVAC systems in India to grow at a CAGR of more than 10% between 2015 and 2019. The growing population combined with government initiatives to promote the “Make in India” concept has heightened manufacturing activities and infrastructure development in the country. The market is expected to witness high demand for non-ozone depleting refrigerants, variable refrigerant volume (VRV) systems, and inverter-based air-conditioning solutions. 

The new market research report from Technavio provides a breakdown and analysis of the HVAC systems segments by technology.

“The emergence of green buildings to reduce energy consumption has necessitated the installation of HVAC systems in them. Various builders and developers are installing energy efficient and eco-friendly chillers to comply with specific control strategies. Fos instance, the Spectral Service Consultants Office, Noida is a platinum-rated LEED building which uses variable air volume terminals located at strategic points in the building. It ensures high energy-efficiency and process reliability,” says Navin Rajendra, Lead Analyst, Heavy Industry, Technavio Research.

Split ACs dominate the HVAC systems in India, and occupies around 82% of the total market share. Much of this segment comes from products such as VRF systems, indoor package systems, chillers, AHUs, and fan coil units. Consumers prefer ducted split ACs as they have a higher capacity of 7.5 kW-25 kW, and cooling-only models. Moreover, India’s changing urban society has propelled the use of HVAC systems among residential users.

The key vendors in the HVAC systems in India include Blue Star, Carrier, Daikin Industries, ETA and Voltas. The international players compete on parameters such as reliability and after-sales services to increase their foothold in the market. However, the local players are gaining traction in the market as the cost-driven end-users in the country prefer low-cost products offered by these players.

A more detailed analysis is available in the Technavio report, HVAC Systems in India 2015-2019.

We can customize reports by other regions and specific segments upon request.

Other Related Reports:

Further Reading: