Rs 5,000 crore investment to boost India’s HVAC industry growth and efficiency

Rs 5,000 Crore Investment to Boost India's HVAC Industry Growth and Efficiency
Rs 5,000 Crore Investment to Boost India’s HVAC Industry Growth and Efficiency

The heating, ventilation, and air conditioning (HVAC) industry in India is expected to undergo a significant transformation with an investment of Rs 5,000 crore in new technologies aimed at improving efficiency. According to industrial experts, the HVAC&R industry is poised to grow between 15-20 per cent in 2023, largely driven by the growth in the infrastructure and housing sectors, which are currently at an all-time high. Experts predict that the rail and road connectivity projects will witness a major surge with a projected 20 pe cent CAGR until 2025.

The government’s performance-linked incentive scheme is also expected to support the ecosystem and encourage the creation of an ecosystem of building components and finished products. Additionally, the market size of the HVAC industry is projected to grow from $7.82 billion in 2021 to $29.28 billion in 2030, and it is expected to expand sixfold over the next decade, according to industrial experts. Furthermore, the HVAC industry will play an important role in reducing India’s carbon footprint, as the country is committed to achieving carbon neutrality by 2070.