Indian HVAC Market to Witness Massive Growth in Coming Years

P&S Intelligence

NEW YORK, Feb. 22, 2021 /PRNewswire/ -- Compared to 1.3% in 2016–2017, the construction sector of India grew by 4.3% during 2017–2018. Additionally, it has been predicted to become the world's third-biggest by 2025, by Invest India, primarily driven by residential construction. This factor is projected to push the Indian heating, ventilation, and air conditioning (HVAC) market at a massive 16.0% CAGR between 2020 and 2030, to $31,598.6 million by 2030, from $8,526.7 million in 2019, according to P&S Intelligence.

Get the sample copy of this report @ https://www.psmarketresearch.com/market-analysis/india-hvac-market/rep ...

The major drivers for the country's residential infrastructure sector are the increase in the urbanization rate and the Smart Cities Mission. Both these factors would augment the demand for room ACs, as well as ventilation systems and heat pumps, in the residential sector, thereby helping in the rapid growth of the Indian HVAC market in the years to come. Similarly, commercial construction is picking up with the rising focus on enhancing the metro rail and air connectivity to all parts of the nation.

The coronavirus pandemic has been taking a heavy toll on the Indian HVAC market, as governments around the world have closed down major manufacturing and commercial facilities to check the spread of the infection. This has resulted in the ceased production and import of HVAC systems to India. Moreover, even people are not purchasing such equipment presently, as they are only spending on essential goods. Similarly, the shortage of laborers has pushed back the completion deadlines for infrastructure projects, which has further led to the low demand for HVAC systems currently.

The service bifurcation, on the basis of offering, held the larger share in the Indian HVAC market in the past. Owing to the expanding construction sector and rising disposable income, the adoption of HVAC systems has risen significantly. This has been accompanied by the increase in the demand for installation, maintenance, and repair services. Additionally, if not serviced for long periods, the systems consume more energy and accumulate bacteria and mold.

Browse report overview with detailed TOC on "India HVAC Market Research Report: By Offering (Equipment, Service), End-User (Commercial, Industrial, Residential) - Industry Analysis and Growth Forecast to 2030"  at @ https://www.psmarketresearch.com/market-analysis/india-hvac-market