India HVAC Market to Reach USD3.97 Billion by 2019
Increasing HVAC adoption in IT/ITeS coupled with growing commercial real estate sector to drive HVAC market in India during 2014-19
HVAC systems are becoming one of the key building blocks in modern infrastructure. These systems are found in almost all upcoming commercial as well as residential buildings. Rise in infrastructure, rapid urbanization and growth in commercial properties are some of the key factors fuelling the market for HVAC systems in India. With healthy growth anticipated in the real estate sector, the country is expected to witness strong infrastructure development, which would boost the market for HVAC systems over the next five years.
According to the recently published report by TechSci Research, “India HVAC Market Forecast and Opportunities, 2019”, the HVAC market in India is forecast to reach USD3.97 billion by 2019. Growth in retail, hospitality and commercial sectors is significantly boosting the demand for such systems in the country, as these sectors involve large-scale application of HVAC systems in organized retail outlets, shopping complexes, hotels, etc. Moreover, with anticipated growth in FDI (Foreign Direct Investment), several international players are expected to enter and start operations in the Indian retail market.Driven by strong FDI inflow from multinational food processing companies, the retail market in India is projected to reach USD726.62 billion by 2019, which is expected to further fuel the country’s HVAC market.
The room air conditioning segment captured majority revenue share in India HVAC market in 2013, and is expected to retain its dominance by 2019. This is largely due to portability; ease of installation and less space requirement of room air conditioning systems. Centralized air conditioners, in contrast, are comparatively costlier and are usually preferred for large commercial or office spaces, where more tons of refrigeration is required for effective cooling. Consequently, segment share of room air conditioners in the India HVAC market is expected to increase over the next five years on account of several residential projects coming up in the forthcoming years.
“The Northern region has been leading the HVAC market in India, with high revenue contribution from Delhi-NCR. In 2013, real estate market in Delhi-NCR grew by 22.5%, leading to high growth in the HVAC market, in volume as well as value terms. Rapid infrastructure development activities have been witnessed in cities such as Gurgaon, Noida, Greater Noida and Chandigarh in recent year. Further growth in real estate sector in these cities is expected to spur the market for HVAC systems in Northern India”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“India HVAC Market Forecast and Opportunities, 2019” has evaluated the future growth potential of the HVAC market in India and provides statistics and information on market structure, market trends, market size & share, etc. The report includes HVAC market projections and demand forecasting. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyses the emerging trends along with essential drivers, challenges and opportunities available in the HVAC market in India.