The heating, ventilation, and air-conditioning (HVAC) sector is poised for an unprecedented growth due to increased demand in the coming years on the back of the government’s focus on infrastructure investment, say industry players.
Finance Minister Nirmala Sitharaman in the annual budget for the 2024-25 financial year has allocated Rs 11.11 lakh crore for infrastructure.
Industry stakeholders shared their views during the 23rd edition of ACREX India. The three-day event, being held at Greater Noida, has been organised by industry body ISHRAE and Informa Markets India.
“As we observe the remarkable growth trajectory of the HVAC industry and the significant strides achieved through initiatives like the Atal Community Innovation Centre (ACIC) programme, ACREX India emerges as a symbol of opportunity and progress,” ISHRAE President Yogesh Thakkar said.
“With the substantial government investment of USD 1.45 trillion in infrastructure projects over the next five years, we stand on the brink of an era marked by unprecedented advancement,” Thakkar added.
He said advancements in HVAC technology, such as variable refrigerant flow systems and predictive maintenance using machine learning algorithms, are revolutionizing energy efficiency, cost reduction, and sustainability in both residential and commercial settings.
Yogesh Mudras, Managing Director, Informa Markets India, said the event serves as a catalyst for driving the adoption of environmentally conscious practices within the HVAC and refrigeration sector.
Anoop Ballaney, president-elect for ISHRAE, said the industry prioritises decarbonization and skill development so as to help the country achieve its net-zero emission goal by 2070.
Sanjay Sharma, Marketing Director for Carrier India, said projections indicate that by 2030, the number of Indian cities having population 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 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,” Sharma said.
Mukundan Menon, Executive Director & Head, RAC Business for Voltas, said, currently, the Indian air-conditioning and refrigeration industry stands at approximately USD 9 billion, with residential ACs contributing USD 3 billion and commercial refrigeration and air-conditioning representing a significant portion too.
“The Indian government’s recognition of the industry as a ‘sunrise industry’ in 2020 prompted the launch of the Atmanirbhar Bharat initiative to promote domestic manufacturing,” he said.
K J Jawa, Chairman and MD for Daikin India, said the shift towards smart HVAC systems is notable, driven by the rising energy consumption and improving system efficiency.
“Buyers prioritise intelligent solutions offering enhanced controls, real-time monitoring, and IoT integration,” Jawab added.
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