HVAC Market in India to Reach Rs 1.78 Lakh Cr by 2028: Industry

Noida, Feb 13 (PTI) The Heating, Ventilation, Air Conditioning (HVAC) market, along with intelligent building solutions, is projected to reach Rs 1,78,000 crore (or USD 21.5 billion) in India by 2028, according to industry estimates.

The estimates were shared by Indian Society of Heating, Refrigerating, and Air Conditioning Engineers (ISHRAE) on Tuesday ahead of the 23rd edition of ACREX India, a dedicated industry event being organised in collaboration with Informa Markets India, at Greater Noida from February 15-17.

"Being the largest exhibition in South Asia dedicated to air conditioning, heating, ventilation, and intelligent buildings, ACREX India will focus on the growth of the HVAC manufacturing sector in India, projected to reach USD 21.5 billion (Rs 1,78,000 crore) by 2028," as per a statement.

The three-day expo will feature over 500 exhibitors from 40 countries, including Belgium, China, Czech Republic, Egypt, France, Germany, Italy, Japan, Korea, Malaysia, Saudi Arabia, Singapore, Spain, Switzerland, Taiwan, the Netherlands, the UAE, the UK, Ukraine, and the US, and around 25,000 traders, according to the statement.

Prominent industry leaders such as Fujitsu General India, Daikin, Danfoss, Bluestar, Tata Voltas, Mitsubishi Heavy, Sharp India, Haier HVAC Solutions, Edge tech, and others will mark their presence, thereby offering a comprehensive perspective on current HVAC trends worldwide, it added.

"ACREX India Expo shoulders the responsibility of spotlighting India's stature as a global manufacturing hub, resonating with the essence of 'Make in India'," ACREX India 2024 Chairman Sushil Choudhury said.

"In line with the Prime Minister's Atmanirbhar vision, ACREX epitomises India's strategic manufacturing prowess on the global stage," he said.

Informa Markets India Managing Director Yogesh Mudras said with India aligning with global supply chain requirements, the HVAC export market is flourishing year-on-year, consistently showcasing the prowess of the Indian manufacturing sector on the global arena.

"The India HVAC Market reached USD 9.1 billion in 2023 and has a projected CAGR of 14.5 per cent during the forecast period of 2025-2029. The market continues to expand, driven by the adoption of energy-efficient systems and increasing demand in residential, commercial, and industrial sectors," Mudras added.

Carrier India Marketing Director Sanjay Sharma said the projections indicate that by 2030, the number of Indian cities with populations exceeding one million will increase from 42 to 68, driving the demand for HVAC systems.

"Additionally, with over 50 per cent of the country's buildings are expected to be constructed in the next two decades, the market holds vast potential.

"The government's focus on fostering self-reliance through initiatives like Atmanirbhar Bharat further fuels this growth. To excel in this evolving market, HVAC businesses must embrace strategic approaches and innovation," Sharma said.