India HVAC Market, By Offering (Equipment, Services), By End-User (Residential, Commercial, Industrial), By Region (North India, South India, East India, West India), Trend Analysis, Competitive Market Share & Forecast, 2018-2028

  • Published Date: April 2022
  • Report ID: BWC22109
  • Available Format: PDF
  • Page: 114

Report Overview

India HVAC market is flourishing owing to the increasing disposable income and purchasing power of the consumers along with rising investment towards infrastructural development and construction of various residential and commercial facilities...

India HVAC Market- Industry Trends & Forecast Report 2028

India HVAC market was worth USD 8.6 billion in 2021 and is further projected to reach USD 21.5 billion by the year 2028, growing at a CAGR of 14.80% in the forecast period. The market is growing at a high rate owing to factors such as rising disposable income and purchasing power of the consumers along with increasing investment towards infrastructural development and construction of various residential and commercial facilities. Furthermore, the integration of advanced technologies such as IoT is also offering significant growth opportunities to the India HVAC market.

India HVAC Market

HVAC - Overview

Heating, ventilation, and air conditioning or HVAC is a system of maintaining and controlling the temperature, humidity, and purity of the air of a room or enclosed space. These systems are used in a wide range of commercial, residential, and industrial facilities such as family homes, apartments, hotels, hospitals, trains, airplanes, ships, etc. Ventilation is a very important aspect of HVAC as it helps in maintaining indoor air quality which involves the removal of moisture, odors, smoke, dust, temperature control, and oxygen replenishment.

India HVAC Market Forecast and Trends

Growth Drivers

Rising Focus Towards Energy-Efficient Systems

The HVAC system is an energy-efficient solution, which proves to be economical as well in the long run. Several HVAC equipment are designed in a way to put less burden on energy consumption. For instance, the installation of Variable Frequency Drive (VFDs) for air blower modulation will subsequently reduce the energy consumption at part load operations. Furthermore, the installation of 2-way or 3-way valves will modulate chilled water flow as per indoor environmental conditions which reduces the load on the chiller.

Expanding Integration Of Advanced Technologies

The HVAC system is increasingly getting innovated and is being integrated with advanced technologies such as the Internet of Things (IoT) and artificial intelligence (AI). The integration of sensors and IoT into HVAC is allowing consumers to attain maximum efficiency. Through these sensors, the HVAC system can communicate and share data as well as process it to operate more efficiently and drive optimal efficiency across a range of products. This is anticipated to present lucrative growth opportunities to the Indian HVAC market in the forecast period.

Restraints

High Installation Cost Of HVAC System

India is an extremely price-sensitive market and even the slightest high price in any industry, including HVAC, can harshly impact the market growth. According to an article published on Howtodiscuss, the minimum cost of HVAC installation in India is around INR 40,000/piece (approx USD 533.08) and can go up to INR 3,00,000 (approx USD 3998). Along with the installation cost, the customers also had to bear annual maintenance and repair costs which are around INR 10-15k per year. This acts as a major restraining factor for market growth.

Impact of COVID-19 on India HVAC Market

The sudden outbreak of COVID-19  negatively impacted the growth of the Indian HVAC market. The nationwide lockdown imposed by the government to curb the virus spread restricted the manufacturing and supply of non-essential items including HVAC equipment. Furthermore, the construction of residential, commercial, and industrial facilities was halted due to lockdown guidelines and lack of investment. The purchasing power of the consumers was also affected owing to the economic crisis in the country. All these factors resulted in a significant drop in the demand for HVAC systems in India, impacting the overall market growth.

India HVAC Market - By Offering

Based on offering, the India HVAC market is segmented into equipment and services. The equipment segment is further classified into healing, furnaces, boilers, chillers, air cleaners, etc. The services segment is also classified into installation, up-gradation/replacement, maintenance, repair, consulting, etc. The equipment segment accounts for the largest market share and is mostly in demand among the residential segment due to its cost-effectiveness. Furthermore, the integration of advanced technologies is also propelling the demand for HVAC equipment in the market.

India HVAC Market - By End-User

Based on end-user, the Indian HVAC market is segmented into residential, commercial, and industrial. The residential segment accounts for the largest market share owing to the increasing disposable income of Indian consumers and changing lifestyles. Due to this, the demand for the installation of HVAC appliances and systems in small houses is surging. However, the commercial segment is projected to witness the highest growth rate during the forecast period owing to the rising construction of commercial facilities such as offices, shopping complexes, hotels, etc., in the country.

India HVAC Market - Regional Insights

Geographically, the Indian HVAC market is segmented into North India, South India, East India, and West India. North India dominates the India HVAC market and is likely to dominate the market in the forecast period as well. The varying climatic conditions witnessed by states in this region act as a major driving factor for the market. High altitude regions such as Jammu and Kashmir, Himachal Pradesh, Uttarakhand, etc., have a high demand for heating appliances. However, states and union territories in northern plains such as Delhi, Uttar Pradesh, Bihar, etc., demand different types of heating and cooling appliances.

Competitive Landscape

The leading market players in the Indian HVAC market are Carrier Midea India Private Limited, Carrier Airconditioning & Refrigeration Ltd., Daikin Industries Ltd., Mitsubishi Electric Corporation, LG Electronics Inc., Fujitsu Limited, Panasonic Corporation, Blue Star Limited, Havells India Limited, Voltas Limited, Johnson Controls-Hitachi Air Conditioning India Limited, and other prominent players.

The market is highly competitive with the presence of various global and regional industry participants. The companies constantly launch new products with advanced features to gain a competitive edge over the market. Multinational corporations also invest in expanding their production capacities to meet the growing demand and boost their market penetration. Furthermore, the adoption of competitive strategies such as partnerships, mergers, acquisitions, joint ventures, etc., is also prominent in this market.

Recent Development

  • In September 2021, Daikin India, a subsidiary of Japanese multinational air conditioning manufacturing company, announced the setup of its third manufacturing plant in Andhra Pradesh.

Scope of the Report

Attributes Details
Years Considered Historical data – 2018-2021
Base Year – 2021
Forecast – 2022 – 2028
Facts Covered Revenue in USD Billion
Market Coverage North India, South India, East India, and West India
Product Service/Segmentation By Offering, By End-User, By Region
Key Players Carrier Midea India Private Limited, Carrier Airconditioning & Refrigeration Ltd., Daikin Industries Ltd., Mitsubishi Electric Corporation, LG Electronics Inc., Fujitsu Limited, Panasonic Corporation, Blue Star Limited, Havells India Limited, Voltas Limited, Johnson Controls-Hitachi Air Conditioning India Limited, and other prominent players.

 

By Offering

  • Equipment
  • Services

By End-User

  • Residential
  • Commercial
  • Industrial

By Region

  • North India
  • South India
  • East India
  • West India
  1. Research Framework
    1. Research Objective
    2. Product Overview
    3. Market Segmentation
  2. Research Methodology
    1. Qualitative Research
      1. Primary & Secondary Research
    2. Quantitative Research
    3. Market Breakdown & Data Triangulation
      1. Secondary Research
      2. Primary Research
    4. Breakdown of Primary Research Respondents, By Region
    5. Assumption & Limitation
  3. Executive Summary
  4. India HVAC Market Insights
    1. Industry Value Chain Analysis
    2. GROC Analysis
      1. Growth Drivers
      2. Restraints
      3. Opportunities
      4. Challenges
    3. Technological Landscape/Recent Development
    4. Regulatory Framework
    5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. The threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
  5. India HVAC Market Overview
    1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Offering
        1. Equipment
          1. Heating
          2. Ventilation
          3. Cooling
        2. Service
      2. By End-User
        1. Commercial
        2. Industrial
        3. Residential
      3. By Region
        1. North India
        2. South India
        3. East India
        4. West India
  6. Competitive Landscape
    1. List of Key Players and Their Offerings
    2. Market Share Analysis, 2021
    3. Competitive Benchmarking, By Operating Parameters
    4. Key Strategic Development (Merger, Acquisition, Partnership)
  7. Impact of Covid-19 on India's HVAC Market Industry
  8. Company Profile (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook) **
    1.   Blue Star Ltd.
    2.   Daikin Industries Ltd.
    3.   ETA General Pvt. Ltd.
    4.   Ingersoll-Rand Plc
    5.   LG Electronics Inc.
    6.   Mitsubishi Electric Corp.
    7.   Samsung Electronics Co. Ltd.
    8.   United Technologies Corp.
    9.    Voltas Ltd.
    10. Whirlpool Corp
    11. Fujitsu Ltd.
    12. Panasonic Corp.
    13. Havells India
    14. Other prominent players

 

  1. Key Strategic Recommendations

 

*Financial information in case of non-listed companies will be provided as per availability

**The segmentation and the companies are subjected to modifications based on the in-depth secondary for the final deliverable

 

List of Figures

 

Figure 1        India HVAC Market Segmentation

Figure 2        India HVAC Market Value Chain Analysis

Figure 3        Company Market Share Analysis, 2021

Figure 4        India HVAC Market Size, By Value (USD Million), 2018-2028

Figure 5        India HVAC Market Share, By Offering, By Value, 2018-2028

Figure 6        India HVAC Market Share, By End-User, By Value, 2018-2028

Figure 7        India HVAC Market Share, By Region, By Value, 2018-2028

 

List of Tables

 

Table 1         India HVAC Market Size, By Offering, By Value, 2018-2028                          

Table 2         India HVAC Market Size, By End-User, By Value, 2018-2028                         

Table 3         India HVAC Market Size, By Region, By Value, 2018-2028                 

Table 4         Blue Star Ltd. Company Overview           

Table 5         Blue Star Ltd. Financial Overview            

Table 6         Daikin Industries Ltd. Company Overview          

Table 7         Daikin Industries Ltd. Financial Overview          

Table 8         Ingersoll-Rand Plc Company Overview              

Table 9         Ingersoll-Rand Plc Financial Overview               

Table 10        LG Electronics Inc. Company Overview             

Table 11        LG Electronics Inc. Financial Overview              

Table 12        Samsung Electronics Co. Ltd. Company Overview         

Table 13        Samsung Electronics Co. Ltd. Financial Overview          

Table 14           Voltas Ltd. Company Overview             

Table 15           Voltas Ltd. Financial Overview              

Table 16        Whirlpool Corp Company Overview          

Table 17        Whirlpool Corp Financial Overview           

Table 18        Fujitsu Ltd. Company Overview               

Table 19        Fujitsu Ltd. Financial Overview                

Table 20        Panasonic Corp. Company Overview                  

Table 21        Panasonic Corp. Financial Overview         

Table 22        Havells India Company Overview            

Table 23        Havells India Financial Overview             

Table 24        Rogers Company Overview           

Table 25        Rogers Financial Overview            

Table 26        Bell Canada Company Overview              

Table 27        Bell Canada Financial Overview               

Table 28        Etisalat Company Overview          

Table 29        Etisalat Financial Overview           

Table 30        STC Company Overview               

Table 31        STC Financial Overview                

Table 32        LG U+ Company Overview            

Table 33        LG U+ Financial Overview            

 

Market Segmentation

By Offering

  • Equipment
  • Services

By End-User

  • Residential
  • Commercial
  • Industrial

By Region

  • North India
  • South India
  • East India
  • West India
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