NEW YORK , Sept. 26, 2022 /PRNewswire/ — The “HVAC Systems Market in India by Application (non-residential and residential) and Product (Split AC, Window AC, and Others) – Forecast and Analysis 2022-2026″ report has been added to Technavio’s offering. The potential growth difference for the HVAC systems market size in India between 2021 and 2026 is USD 2.77 billion. To get the exact CAGR and the YOY growth rate, Request a FREE PDF Sample Report
Key Market Driver
The growing demand for inverter HVAC systems is driving the growth of the HVAC systems market in India. This demand is fueled by the rise in disposable income and improving standards of living. The presence of extreme weather conditions is also driving the demand. The average temperature in India has grown continuously over the years. In addition, the rise in investments by the government in infrastructure development is supporting the demand for HVAC systems. The demand is increasing in both non-residential and residential segments. The increasing awareness about the need to reduce energy consumption and the rising focus on energy-efficient products are supporting the adoption of inverter-type split ACs.
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By application, the split AC segment will be the largest contributor to market growth during the forecast period. The rising awareness about the need to reduce energy consumption is supporting the adoption of inverter split ACs. HVAC system manufacturers are expanding their product portfolios by introducing inverter split ACs, especially in the residential segment.
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The HVAC systems market in India is fragmented. Vendors are deploying organic and inorganic growth strategies to compete in the market. The market has a strong presence of numerous vendors. The continuous rise in the demand for HVAC systems in Indiaboth from the residential and non-residential segments, is intensifying the competition among market vendors. This is leading to the introduction of products that are differentiated in terms of factors such as the technology and refrigerant used. Moreover, factors such as the growth of the IT and ITES industry and the rising focus on domestic manufacturing are expected to drive the demand for HVAC systems in the non-residential segment. This is expected to intensify the competition among vendors during the forecast period.
Some Companies Mentioned
- 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 Corp
- Samsung Electronics Co. Ltd.
- Toshiba Corp.
- Trane Technologies Plc
- Voltas Ltd
- Whirlpool Corp.
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HVAC Systems Market In India Scope