Japanese HVAC major Daikin has posted six fold increase in turnover over the past 7 years in India. From Rs 440 crore in 2009-10, the company has come a long way clocking the turnover of over Rs 2,750 crore in 2014-15. Thanks to thriving HVAC market in India, the company is among the many others who are enjoying exponential growth in the country.
Daikin commands 60 per cent market share in variable refrigerant volume (VRV) system – well, that’s another name for commercial air conditioning system. The company contributes 12 per cent to the residential AC market in India.
Meanwhile Daikin has several other pluses to its side. The company has a stable top management, skilled workforce powered by ingenuine Japanese work culture that is known for excellence and innovation.
Enthralled with such a phenomenal growth in India, the company has committed big size investments for setting state of the art Research and Development (R&D) centres across India, Sri Lanka and the Africa region.
How big is India HVAC market?
The India HVAC market is forecasted to surpass USD 7 billion in the next 5 years, as per the market research report released by global research-based consulting major TechSci Research. The company in its report titled “India HVAC Market By Product Type (Direct Expansion Systems and Central Air Conditioning Systems), By End Use Sector (Residential, Commercial Real Estate, Institutional, etc.) Competition Forecast & Opportunities, 2012 – 2022”, the HVAC market in India is growing on the back of focus on infrastructure projects, thriving middle class and expanding hospitality and tourism sectors in the country.
Engines of growth for India HVAC market
Along with the above-mentioned reasons, the change in weather condition is also coming up as a prime factor driving growth for the HVAC market in India. The northern region of the country is experiencing hot tropical weather for around 8-9 months in a year. The monsoon season in the northern states of Uttar Pradesh and Delhi is marred with humidity, leaving people with no choice but to use AC throughout the period beginning summers in March-April till Oct-November.
The extremities in climatic condition is coupled with rising disposable income and expanding infrastructure and real estate sectors. The latter is also the key factor for growth in the commercial AC market.
The government of India has well enforced its commitment to transform the state of infrastructure in India. Thousands of kilometers of roads and highways are under construction. Metro rail systems are expanding their networks in not just metro cities but tier 2 cities as well. Railways is undergoing a massive change while airports are also going through an exciting phase of development and renovation. Ports are not an exception.
Massive campaigns from the Indian government in foreign countries is resulting in global inflow of tourists, enabling growth in the hospitality and other tourism bound businesses. Naturally, it all adds up to the size of India HVAC market.
Leading companies in India HVAC market
The India HVAC market is run by the following companies.
- Voltas Limited
- Daikin Airconditioning India Pvt. Ltd.
- LG Electronics India Pvt. Ltd.
- Johnson Controls-Hitachi Air Conditioning India Limited
- Honeywell Automation India LTD.
- Thermax Limited
- Blue Star Ltd.
- Samsung India Electronics Pvt. Ltd.
- Carrier Airconditioning & Refrigeration Limited
- ETA Engineering Pvt. Ltd
- Panasonic India Pvt. Ltd.
The TechSci Research report profiles all the above companies in a detailed manner.
To request sample of the report, visit: https://www.techsciresearch.com/sample-report.aspx?cid=1189