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The heating, ventilation and air condition (HVAC) industry is expected to see an investment of ₹5,000 crore in new technologies to improve efficiency.
Madhur Sehgal, Head of Climate Solutions, Danfoss India, said the market is bullish as HVAC&R industry is poised to grow 15-20 per cent in 2023, as infrastructure and housing sector’s growth is at an all-time high.
The rail and road connectivity projects are witnessing a major growth with a projected 20 per cent CAGR till 2025, he said.
The performance linked incentive scheme announced by the government is supporting the ecosystem to build more in India.
“HVAC industry is going through a transformation and may see investments of about ₹5,000 crore in creating an ecosystem of building components and finished products,” said Sehgal.
Danfoss is a leading component manufacturer for the HVAC&R industry with close to 35 per cent in the commercial air-conditioning and refrigeration space and it aims to take it to 50 per cent in the next two-three years, said Sehgal.
New compressor technology
Sandeep Chaudhry, Managing Director, Tecumseh India, said the compressor’s advanced motor technology ensures high efficiency and reliability, which translates into lower operating costs and improved performance. The new compressor models of the company are designed to operate in voltage and high ambient conditions in India, he added.
Its compact size and smooth operation make it an ideal solution for small- to medium-sized commercial refrigeration systems, such as deep freezers and bottle coolers, he said.
The HVAC industry expects a compound annual growth rate of 16 per cent till 2030 on the back of increasing demand for energy-efficient and eco-friendly solutions.
The market size of the HVAC industry is projected to grow from $7.82 billion in 2021 to $29.28 billion in 2030.
NS Chandrasekhar, National President, Indian Society of Heating, Refrigerating and Air Conditioning Engineers (ISHRAE), said the HVAC industry is poised to grow six times its current size in the next decade. Also, India is committed to achieve carbon neutrality by 2070 and the HVAC industry will play an important role in reducing the carbon footprint, he said.
Acrex India 2023
Given the bullish trend, this year’s edition of ACREX India, an exhibition organised by the Indian Society of Heating, Refrigerating, and Air Conditioning Engineers, saw participation from over 450 exhibitors, including companies such as Fujitsu General India, Greystone Energy Systems, Honeywell Automation India, Kirloskar Brothers and Murugappa Morgan Thermal Ceramic.
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