Dublin, June 19, 2019 (GLOBE NEWSWIRE) -- 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.

India HVAC market is expected to attain a size of $5.9 billion by 2024, progressing at a CAGR of 7.0% 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.

Market Dynamics

Trends

• Inclination toward smart HVAC systems
• Adoption of energy efficient HVAC systems

Drivers

• Growing construction sector in India
• Surging infrastructure spending in India
• Rising disposable income

Restraints

• High installation cost

Opportunity

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

India HVAC Market Segmentation

Market Segmentation 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 ACs
• Split Units
• Ducted Split/Packaged Units
• Packaged units 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

Market Segmentation by End-User

Commercial

• Commercial Offices/Buildings
• Hospitality
• Transportation
• Supermarkets/Hypermarkets
• Healthcare
• Government
• Others (include educational institutions, cold storage facilities, data centers, banks, departmental stores, convenience stores, and stadiums)

Industrial

• Food and Beverage
• Oil and Gas
• Automotive
• Energy and Utilities
• Others (include electronics, textile, pharmaceutical, manufacturing, glass, pulp and paper, shipbuilding, machinery, steel, cosmetic, rubber, tobacco, nuclear, toy, and, arms and ammunition, chemical and cement industries)

Residential

Companies Mentioned

• Johnson Controls International PLC
• Ingersoll-Rand plc
• United Technologies Corporation
• Daikin Industries Ltd.
• Mitsubishi Electric Corporation
• LG Electronics Inc.
• Fujitsu Limited
• Panasonic Corporation
• Blue Star Limited
• Havells India Limited
• Whirlpool Corporation
• Voltas Limited

For more information about this report visit https://www.researchandmarkets.com/r/vesqv6

Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.

CONTACT: ResearchAndMarkets.com
         Laura Wood, Senior Press Manager
         press@researchandmarkets.com
         For E.S.T Office Hours Call 1-917-300-0470
         For U.S./CAN Toll Free Call 1-800-526-8630
         For GMT Office Hours Call +353-1-416-8900
Related Topics: HVAC (Heating, Ventilation, and Air Conditioning)

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.