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India’s HVAC Market 2019: Size, Share, Development, Growth and Demand Forecast 2014-2024 - ResearchAndMarkets.com

May 15, 2019 GMT

DUBLIN--(BUSINESS WIRE)--May 15, 2019--

The “India HVAC Market by HVAC Type, by End-User, By region Market Size, Share, Development, Growth and Demand Forecast, 2014-2024” report has been added to ResearchAndMarkets.com’s offering.

According to this research, the India HVAC market is expected to attain a size of $5.9 billion by 2024, progressing at a CAGR of 7% during the forecast period (2019-2024).


The major factors driving the growth of the market are increasing number of high-rise buildings, hypermarkets in Tier-II cities, and shopping complexes and malls, where HVAC systems are an essential requirement. Furthermore, the market is predicted to progress due to the on-going smart city projects in the nation.

On the basis of ventilation type, the HVAC market in India is categorized into air cleaners, ventilation fans, humidifiers/dehumidifiers, air handling units, and fan coil units. Among these, in 2018, the ventilation fans category held the largest revenue share in the market, owing to the rising demand for ventilation fans from commercial buildings due to the guidelines implemented for ventilation under the National Building Code of India, 2005.

In 2018, air handling units contributed the second-highest revenue to the market. This is attributed to the growing usage of such units in various settings, such as manufacturing plants, hospitals, offices and other commercial buildings, server rooms, data centers, and universities. Across the country, with the increasing penetration of air-conditioning systems, the demand for air handling units is anticipated to grow, resulting in the growth of the HVAC market in India.

The variable refrigerant flow (VRF) systems category is subdivided into heat recovery systems and heat pump systems. Of these, the heat recovery systems division is projected to grow faster during the forecast period. This is ascribed to the fact that as compared to heat pumps, these systems have lower energy requirements and facilitate efficient heat management. Furthermore, due to the growing awareness among people about the advantages of heat recovery systems, the growth of the market is witnessing a major boost.


The rising infrastructure spending is driving the growth of the HVAC market in India. There are various infrastructural projects that are ongoing across the country, such as the expansion of metro systems and airports. For instance, the Indian government, in its interim budget of 2019, has granted nearly $57 million for the expansion of the metro network in Noida and Ghaziabad. The increasing number of metro stations and airports in the country would escalate the demand for HVAC systems. Hence, developments in infrastructure, particularly airports and metro systems, are expected to boost the growth of the HVAC market in the country.

Some of the players operating in the Indian HVAC market are Havells India Limited, Whirlpool Corporation, Daikin Industries Ltd., Johnson Controls International plc, Ingersoll-Rand plc, Mitsubishi Electric Corporation, LG Electronics Inc., Fujitsu Limited, Gree Electric Appliances Inc. of Zhuhai, Panasonic Corporation, Blue Star Limited, Voltas Limited, and United Technologies Corporation.

Key Topics Covered

Chapter 1. Research Background

Chapter 2. Research Methodology

Chapter 3. Executive Summary

Chapter 4. Introduction

4.1 Definition of Market Segments

4.1.1 By HVAC Type Heating Heat Pumps Air source Water source Ground source Furnaces Gasoline Propane Electric Boilers Water-tube Fire-tube Unitary Heaters Ventilation Ventilation fans Centrifugal fans Axial fans Domestic exhaust fans Power roof fans Air handling units Terminal units Makeup air units Rooftop units Fan coil units Two-pipe Four-pipe Humidifiers/Dehumidifiers Air cleaners Type 1: HEPA + Carbon Type 2: HEPA + Carbon + Ionizer Type 3: HEPA + Carbon+ UV Type 4: HEPA + Carbon + Ionizer+ UV Type 5: Other Technologies Cooling Room ACs Mini splits Window Air Conditioner Split units Ducted split/packaged unit Packaged unit with water cooled condenser Packaged units with air cooled condenser Variable refrigerant flow Heat pump systems Heat recovery systems Chillers Centrifugal Screw Scroll Absorption Reciprocating

4.1.2 By End-User Commercial Offices and Buildings Supermarkets/Hypermarkets Government Healthcare Hospitality Transportation Others Industrial Oil and Gas Food and Beverage Automotive Energy and Utilities Others Residential

4.2 Value Chain Analysis

4.3 Market Dynamics

4.3.1 Trends Inclination toward smart HVAC systems Adoption of energy efficient HVAC systems

4.3.2 Drivers Growing construction sector in India Surging infrastructure spending in India Rising disposable income Impact analysis of drivers on market forecast

4.3.3 Restraints High installation cost Impact analysis of restraints on market forecast

4.3.4 Opportunity Growing preference toward Geothermal HVAC Increasing deployment of VRF systems in high rise buildings

4.4 Porter’s Five Forces Analysis

Chapter 5. India Market Size and Forecast

5.1 By HVAC Type

5.1.1 Heating, by Equipment Type Heat Pumps, by Type Furnaces, by Type Boilers, by Type

5.1.2 Ventilation, by Equipment Type Ventilation Fans, by Type Air Handling Units and Fan Coil Units, by Type Air Handling Units, by Type Fan Coil Units, by Type Humidifiers/Dehumidifiers Air Cleaners, by Type

5.1.3 Cooling, by Equipment Type Room ACs, by Type Ducted Split/Packaged Unit, by Type VRF, by Type Chillers, by Type

5.2 By End-User

5.2.1 Commercial, by Category

5.2.2 Industrial, by Category

5.2.3 By Residential

5.3 By Region

5.3.1 Northern Region

5.3.2 Southern Region

5.3.3 Eastern Region

5.3.4 Western Region

Chapter 6. Key Performance Indicators (KPIs)

6.1 Increasing Hospitals in India

6.2 Hotel and Tourism Industry Scenario

6.3 Increasing Metro Rail Projects

6.4 Increasing Number of Shopping Malls

6.5 Growing Aviation Industry

Chapter 7. Competitive Landscape

7.1 Market Share Analysis of Key Players

7.2 Competitive Benchmarking of Key Players

7.3 Recent Activities of Key Players

7.4 Strategic Developments of Key Players

7.4.1 Product Launches

7.4.2 Facility Expansions

7.5 List of Key Players and their Offerings

Chapter 8. Company Profiles

8.1 Johnson Controls International PLC

8.1.1 Business Overview

8.1.2 Product and Service Offerings

8.1.3 Key Financial Summary

8.1.4 SWOT Analysis

8.2 Ingersoll-Rand plc

8.3 United Technologies Corporation

8.4 Daikin Industries Ltd.

8.5 Mitsubishi Electric Corporation

8.6 LG Electronics Inc.

8.7 Fujitsu Limited

8.8 Panasonic Corporation

8.9 Blue Star Limited

8.10 Havells India Limited

8.11 Whirlpool Corporation

8.12 Voltas Limited

For more information about this report visit https://www.researchandmarkets.com/r/e60n30

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Related Topics:HVAC (Heating, Ventilation, and Air Conditioning)



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