New York, February 22, 2021 / PRNewswire / – Construction sector compared with 1.3% in 2016–2017 India Increased by 4.3% in 2017–2018. In addition, it is predicted that by 2025 it will become the third largest city in the world, driven primarily by residential construction. This factor is expected to push the Indian Heating, Ventilation and Air Conditioning (HVIC) market by a massive 16.0% CAGR between 2020 and 2030. , 31,598.6 million By 2030, from , 8,526.7 million In 2019, according to B&S Investigation.
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The increase in the rate of urbanization and the Smart Cities Mission are key drivers in the country’s residential infrastructure sector. Both of these factors will increase the demand for room ACs, ventilation systems and heat pumps in the residential sector, thus helping quickly. Growth of the Indian HIVIC market In the following years. Similarly, business construction is being taken up with a greater focus on improving metro rail and air connectivity to all parts of the country.
Corona virus infection is causing huge numbers in the Indian HVIC market as governments around the world have shut down large manufacturing and commercial facilities to check the spread of the epidemic. As a result, production and importation of HIVIC systems were halted India. Moreover, people do not even buy such equipment at present because they spend only on essential items. Similarly, labor shortages have pushed back the deadline for infrastructure projects, which has led to lower demand for HIVIC systems at present.
Service segmentation, in terms of supply, has played a major role in the Indian HVIC market in the past. The adoption of HIVIC organizations has increased significantly as the expanding construction sector and disposable incomes have increased. This is accompanied by an increase in demand for installation, maintenance and repair services. In addition, if not serviced for a long time, systems use more energy and accumulate bacteria and mold.
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It is predicted that in the coming years, the end-user based business type will continue to dominate the Indian HVIC market. Numerous office complexes, shopping malls, metro stations and airports are being built across the country. Since all such locations must have HIVIC equipment, the demand for such systems will continue to increase from business users. For example, by 2021, 34 shopping malls are set to open in the country, which will boost sales of ventilation and cooling systems.
The northern part of the country has been very profitable for the Indian HVIC market in the past. As the region enjoys different climatic conditions, its HVIC requirements are different. For example, Delhi, Haryana, Uttar Pradesh and Punjab are mostly hot, so cooling systems are needed. Similarly, heating equipment is essential in Jammu and Kashmir Kashmir, Himachal Pradesh, and Uttarakhand, as well as the northern plains, during its long and cold winters.
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Over the next decade, the Indian HIVIC market will grow the fastest in the western part of the country. Numerous companies have their manufacturing plants in regional cities Mumbai, Pune, Ahmedabad, and Nagpur. With the growing manufacturing sector, the demand for HIVIC systems will rise sharply here as such equipment is being forced into operational capacity and employee safety in industrial sectors.
Key players in the Indian HIVIC market are Ingersoll-Rand PLC, Mitsubishi Electric Corporation, Carrier Corporation, Fujitsu Limited, LG Electronics Inc., Daikin Industries Limited, Panasonic Corporation, Ware Johnson Controls-Hitachi Air Conditioning India Limited, Voltas Limited and Havells India Limited.
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Global HVAC market
The global heating, ventilation and air conditioning market came to a standstill . 240.8 billion In 2019, it is expected to reach 8 358.1 billion In 2030. China, Being the largest manufacturer and user of HVAC systems, has created a high demand for such equipment throughout history (2014–2019).
APAC HVAC Market
The Asia-Pacific HIVIC market is expected to reach . 70.7 billion According to B&S research, by 2024, the forecast period will be 4.3% CAGR. Primarily, the growth of the construction sector in APAC may have contributed to the growth of the market India And China.
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SOURCE P&S Investigation