India’s Heating, Ventilation and Air-Conditioning (HVAC) industry, estimated at $7.8 billion in 2021, is projected to grow to the size of $30 billion by 2030 due to rising demand for cooling from the residential sector and on account of the pressing need for design and production of energy efficient products to meet the net zero target by 2070, top executives of ISHRAE and Informa Markets said.
Chandrasekar Narayanan Srikantan, National President, The Indian Society of Heating, Refrigerating and Air Conditioning Engineers (ISHRAE) said, “ Air-conditioning and ventilation are very import even for masses. Currently only 4% of the residential sector has air- conditioning and there is enormous potential for growth because the residential sector will grow at a rate of 15% for the next five years.”
He said since the building industry contributes 39% to carbon emission, energy efficiency is important to control emission and meet net zero target.
Yogesh Mudras, Managing Director, Informa Markets in India said , “The move toward smart HVAC systems is a key trend in India. With the increase in energy consumption and advancement of system efficiency, buyers are consciously opting for more intelligent HVAC systems with better controls, real-time monitoring, advanced building automation, and all things IoT. It will propel the industry to grow at a consistent CAGR of 14.8% till 2030.”
ISHRAE, in partnership with Informa Markets in India has announced organising the 22 Edition of ACREX India, an exhibition on Air Conditioning, Heating, Ventilation, and Intelligent Buildings in Mumbai from 14 to 16 March 2023 where hundreds of new products will be showcased.
For all the latest business News Click Here
