The surging residential construction activities are fueling the demand for heating, ventilation, and air conditioning (HVAC) systems in India. The country is currently witnessing a massive improvement in real estate regulation, rapid urbanization, and the launch of several residential projects by the government. According to Invest India, the construction sector in the country will become the third-largest in the world by 2025. Moreover, the government’s ‘Smart City’ development project giving a boost to the country’s residential construction sector, which is, in turn, fueling the demand for HVAC systems.
Besides, the construction of civic and commercial infrastructure is also fueling the expansion of the Indian heating, ventilation, and air conditioning (HVAC) market. For example, a funding of $57 million was provided for the construction of Delhi Metro’s Noida and Ghaziabad sectors in 2019. Moreover, the construction of Mumbai Metro’s Dahisar–Mira Bhayander lines and the Andheri–Chhatrapati Shivaji Maharaj International Airport were approved and a budget of $925 million was allocated for the same almost a year ago.
Browse detailed – India HVAC Market Revenue Estimation and Growth Forecast Report
Since HVAC systems are extensively used at airports and metro stations, the construction of such infrastructure is predicted to propel the revenue of the Indian HVAC market from $8,526.7 million in 2019 to $31,598.6 million by 2030. According to the estimates of the market research firm, P&S Intelligence, the market will demonstrate a CAGR of 16.0% from 2020 to 2030 (forecast period). Depending on offering, the market is divided into service and equipment. Between these, the service category is expected to contribute higher revenue to the market in 2030.
This is ascribed to the burgeoning need for HVAC deployment and maintenance services, on account of the growing disposable income of consumers and expansion of the industrial and construction real estate sector. The biggest end users of HVAC systems in India are the residential, commercial, and industrial sectors. Out of these, the requirement for these systems is predicted to surge sharply in the residential sector in the upcoming years. This is attributed to the soaring investments being made in the residential real estate sector in the country.