HVAC Systems Market size in India to increase by USD 3.98 billion during 2023 to 2028, Rising preference for rental HVAC systems to boost the market growth- Technavio

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.

The report analyses the market size and growth and provides accurate predictions on the growth of the market. View Free PDF Sample 

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.

The report also covers information on upcoming trends and challenges. Explore detailed information by purchasing a report

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.

Related Reports:

The solar PV balance of Systems (BOS) market size is forecasted to increase by USD 32.33 billion with growth at a CAGR of 19.22% between 2023 and 2028. 

The optical transport network (OTN) equipment market size is forecast to increase by USD 5.54 billion at a CAGR of 3.91% between 2023 and 2028.

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.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com

SOURCE Technavio