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The India HVAC Systems Market size is forecast to increase by USD 3.98 billion, at a CAGR of 10.77% between 2023 and 2028. The growth rate of the market is contingent upon various factors, prominently including the escalating demand for inverter HVAC services, reflecting a shift towards energy-efficient solutions in the heating, ventilation, and air conditioning sectors. Moreover, the uptick in office absorption space drives the need for heating, ventilation, and air conditioning installations to maintain optimal indoor environments, catering to the requirements of commercial buildings. Additionally, the preference for HVAC rental equipment rises as businesses seek flexible and cost-effective cooling solutions, especially in temporary or seasonal settings. These trends collectively contribute to the market's expansion, driven by the imperative for efficient climate control solutions across diverse sectors. As developing economies witness rapid growth and infrastructure development, the need for reliable energy storage solutions intensifies, further bolstering the demand for lead oxide. With the automobile sector at the forefront of this demand surge, the market anticipates sustained growth in the foreseeable future.
Market Forecast 2024-2028
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The India HVAC Systems market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments
The market share growth by the non-residential segment will be significant during the forecast period. The growth of the India - heating, ventilation, and air conditioning systems market in the non-residential segment is driven primarily by the growth of the construction sector, increasing investments in infrastructural development, and growing demand for office spaces, among others. The demand for office spaces in India is increasing steadily, driving the demand for non-residential HVAC rental equipment.
The non-residential was the largest segment and was valued at USD 2.98 billion in 2018. Additionally, the growing number of start-ups, coupled with the increasing availability of co-working office spaces, are expected to propel the demand for HVAC systems in India. In addition to increasing office spaces, the growing investments in infrastructural development in India are expected to drive the demand for heating, ventilation, and air conditioning systems. For instance, in March 2022, the Government of India announced plans to build 220 new airports across the country by 2025. As a result, there is an increase in demand for centralized split ACs, which will thereby drive the growth of the India - heating, ventilation, and air conditioning systems market. Such factors are expected to drive the segment growth which in turn drive the growth of the market growth during the forecast period.
Based on the type, the market has been segmented into centralized and decentralized. The centralized segment will account for the largest share of this segment.?The growth of the adoption of centralized HVAC systems in India is influenced by several factors, such as the country's economic development, urbanization, and a growing awareness of the importance of indoor air quality and energy efficiency. Furthermore, centralized heating, ventilation, and air conditioning systems offer better control over indoor air quality, providing filtration and ventilation solutions. This is particularly important in urban areas such as Delhi, Mumbai, and Bangalore, with air pollution concerns and a focus on creating healthier indoor environments. Hence, India's diverse climate, ranging from hot and humid to cold and dry, requires air conditioning systems that can adapt to varying conditions. As centralized systems offer flexibility in temperature and humidity control, the centralized segment will contribute to the growth of the India HVAC systems market during the forecast period.
The market experiences robust growth across commercial and industrial sectors driven by the demand for energy-saving products and adherence to HVAC regulations for energy efficiency SEER2. Embracing AI-based automated solutions and Internet of Things (IoT) sensors, the market caters to diverse environments, including residential, commercial, and industrial properties, ensuring optimal comfort with cooling systems and heating systems. With a focus on smart HVAC technologies and automatic temperature control, the industry addresses the needs of various sectors, such as shopping centers, warehouses, and the food and beverage sector.
This market evolution aligns with India's commitment to energy-efficient buildings and sustainable development, incorporating innovative solutions across indoor and outdoor spaces to meet the demands of both commercial and residential sectors, including the telecommunication sector. The witnesses a shift towards sustainability with the adoption of HVAC refrigerants such as A2L refrigerants and R-410 refrigerants, enhancing seasonal coefficient of performance. This trend extends to both residential and commercial properties, ensuring energy-efficient solutions in indoor and outdoor areas, promoting sustainable buildings. Our researchers studied the data for years, with 2023 as the base year and 2024 as the estimated year, and presented the key drivers, trends, and challenges for the market.
HVAC systems are used for heating, cooling, and air conditioning functions in commercial and residential buildings and industrial facilities. Service providers rent heating, ventilation, and air conditioning systems to end-users on an hourly, monthly, or yearly basis. End-users compensate the equipment owners based on factors such as the duration of renting and the type of equipment rented for a particular application. Further, several rental business companies in India are engaged in offering these systems. Companies such as MAX COOL (MEP) SYSTEM, IKON Group, and United Technologies offer HVAC systems for rent for non-residential applications.
Moreover, companies such as Edunetwork Pvt. Ltd., GrabOnRent Internet Pvt. Ltd., and Marketplace IT Solutions Pvt. Ltd. offer HVAC systems for rent for residential applications. Such a growing preference for rental heating, ventilation, and air conditioning systems is expected to be one of the key factors that support the growth of the India HVAC systems market during the forecast period.
Regulators across the world, including India, are focusing on the transition of the HVAC systems market from high global warming potential (GWP) refrigerants to low-GWP refrigerants. Regulations on the refrigerants used in the heating, ventilation, and air conditioning system have ensured that manufacturers adopt low-GWP refrigerants in their products. The prominent HVAC system manufacturers in India have started investing in developing low-GWP refrigerants since 2015. As the Government of India is looking to combat climate change, the use of high-GWP refrigerants such as hydrofluorocarbons (HFC) refrigerants is declining.
In addition, refrigerant manufacturers are focusing on developing low-GWP refrigerants for both domestic and global markets. Hence, the trend of HVAC system manufacturers and refrigerant manufacturers adopting low-GWP refrigerants in the heating, ventilation, and air conditioning system is expected to have a positive impact on the India HVAC systems market during the forecast period.
The HVAC systems market in India is witnessing rapid technological advances, and this is compelling end-users to upgrade their systems, which eventually adds to their costs. The growing competition among HVAC system manufacturers is leading to the introduction of advanced technology in the India - HVAC systems market. Shifting from existing heating, ventilation, and air conditioning systems to new and advanced systems incurs additional costs. Therefore, end-users prefer to upgrade the existing systems through retrofitting, which is less costly than changing the complete system. Retrofitting requires highly skilled technicians with knowledge of the latest innovations and technologies in HVAC systems.
Additionally, the India - HVAC systems market requires highly skilled manpower for installation, maintenance, and repair. To overcome this shortage, the Indian Society of Heating, Refrigerating, and Air Conditioning Engineers (ISHRAE) and the Institute of Excellence (IIE) are offering education and training programs. However, the skills gap in the heating, ventilation, and air conditioning systems market in India is expected to remain high, and this is expected to hamper market growth during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Blue Star Ltd - The company offers HVAC systems such as air purifiers AP372LAH, single zone mini split, swimming pool heater heat pump, and others.
We also have detailed analyses of the market's competitive landscape and offer information on 20 market companies, including 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.
Technavio's India HVAC Systems market research and growth report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis. market growth and forecasting.
The India HVAC Systems market is witnessing significant advancements driven by a multitude of factors, including the rising adoption of sustainability concerns and the demand for energy-efficient solutions like heat pump equipment and ground-source heat pump installations. Embracing eco-friendly refrigerants such as R-410 and A2L, the market caters to both the residential and commercial segments with innovative technologies like variable refrigerant flow systems and motion-triggered AC units. With a focus on data-driven analytics and IoT technology, the industry ensures centralized management and system reliability across various applications, from healthcare facilities to office buildings. Incorporating green building strategies and adhering to the Energy Star program, HVAC solutions are poised to meet the diverse needs of India's dynamic urban landscape while promoting sustainability and energy efficiency.
In addition, with a focus on both residential and commercial segments, the industry is witnessing a surge in demand for advanced technologies, including modern HVAC systems and intelligent vents, catering to diverse applications across retail shops, educational institutions, and government organizations. Embracing Internet of Things technologies and remote monitoring, heating, ventilation, and air conditioning solutions offer enhanced energy consumption management and reduced greenhouse gas emissions, aligning with India's commitment to environmental sustainability. From installation services to maintenance and repair services, the market ensures reliability and efficiency across various sectors, propelling the adoption of HVAC systems in India's rapidly evolving urban landscape.
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Market Scope |
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Report Coverage |
Details |
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Page number |
149 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 10.77% |
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Market Growth 2024-2028 |
USD 3.98 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
9.98 |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
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. |
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Market dynamics |
Parent market growth analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the market forecast period. |
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Customization purview |
If our India HVAC Systems market forecasting report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Type
8 Market Segmentation by Installation Sites
9 Customer Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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