HVAC Systems market size in India is set to grow by USD 3.98 billion from 2024 To 2028
Published on : Wednesday 19-06-2024
Growing demand for inverter HVAC systems to boost the market growth – Technavio.
New York, June 2024 – The HVAC systems market size in India is estimated to grow by USD 3.98 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 10.77% during the forecast period. Growing demand for inverter HVAC systems is driving market growth, with a trend towards increasing popularity of smart HVAC systems. However, need for high R and D investment poses a challenge. Key market players include 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.
The HVAC systems market in India is experiencing growth due to the adoption of smart and connected systems. IoT-enabled devices, such as wireless acoustic transmitters and steam trap monitors, aid in monitoring HVAC system operations. End-users prioritise predictive maintenance for increased efficiency and reduced downtime. Manufacturers like Havells India, LG Electronics, and Samsung Electronics offer IoT-enabled smart HVAC systems for residential use.
Industrial HVAC systems benefit from IIoT integration for energy savings and reduced on-site services. The focus on building smart factories in India supports this trend.
The HVAC systems market in India is experiencing significant growth, with a focus on energy-efficient and smart technologies. HVAC systems are essential for maintaining comfortable indoor environments in various sectors such as commercial, residential, and industrial.
The use of sustainable and eco-friendly HVAC systems is a trending topic, with many companies offering products that meet this demand. The HVAC industry in India is also witnessing the adoption of IoT technology, enabling remote monitoring and control of systems. Additionally, the government's push towards renewable energy sources is driving the demand for HVAC systems that integrate solar energy systems. Overall, the HVAC market in India is witnessing a surge in demand due to increasing urbanisation and the need for energy-efficient solutions.
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