Construction Sector Offering Indian HVAC Market Immense Growth Opportunities

Posted on 2019-07-30 by P&S Intelligence in Semiconductors, Technology, Telecommunications // 0 Comments

The Indian HVAC market is growing due to infrastructural development, technological advancements, and expanding tourism sector. The value of the domain in 2018 was estimated by P&S Intelligence to be $3.9 billion and the CAGR during the forecast period (2019–2024) to be 7.0%. The term, ‘HVAC’ short for heating, ventilation, and air conditioning, refers to electrical equipment used in either just one or all these applications simultaneously. Apart from heating or cooling, these systems also take away the contaminants and odor, filling the room with fresh air from outside.

Among the types of systems used, i.e. heating, ventilation and cooling, cooling systems were the largest category in 2018, both in terms of the total units sold and revenue generated. The primary reasons for the dominance of cooling systems in the HVAC market of India have been the hot weather conditions in most parts of the country and the growth of small and medium enterprises (SMEs) and commercial hubs.

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Now, the heating category of the Indian HVAC market is divided into furnaces, boilers, heat pumps, and unitary heaters, among which the boilers category held 17.6% revenue share in the market in 2018. The growing demand for boilers for thermal power generation, itself propelled by the increasing energy requirement across the country, was considered the primary reason behind this. However, during the forecast period, the heat pumps category is expected to advance at the highest CAGR (of more than 9.0%) due to the rising installation rate of energy-efficient pumps in residential and commercial buildings.

Now, the growth of the construction sector in the country is expected to bode well for the HVAC market of India as a whole. According to Invest India, the nodal agency of the government charged with promoting investments, the construction sector of the country would be the third-largest in the world by 2025. The rapid increase in population, especially in urban areas, is propelling the demand for housing and commercial spaces.

Apart from housing and commercial spaces, the growing population is also raising the demand for public infrastructure. In 2017, the government announced its intention to construct 100 airports by 2032. Further, it pledged $57 million in the 2019 Interim Budget for the expansion of Delhi Metro in Ghaziabad and Noida. Thus, the rapid infrastructural development is expected to bode well for the HVAC market in India, as all airports, and metro stations and tunnels extensively use such systems.

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The market players have already taken stock of the situation and started launching new HVAC systems. Apart from product launches, advancements in technology is another key trend being witnessed in the Indian HVAC market. For instance, the air conditioners launched by Havells India Limited under its Grande Series in December 2018 comply with Indian Seasonal Energy Efficiency Ratio (ISEER) ratings, as do the air condoners recently brought in the market by Blue Star Limited, Johnson Controls-Hitachi Air Conditioning India Limited, and LG Electronics.

Thus, it is clear that HVAC system manufacturers stand to be benefited by the developments in the infrastructure and real estate sectors.

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