MUMBAI: The Indian heating, ventilation and air conditioning (HVAC) market is expected to grow by 30 per cent to over Rs 20,000 crore over the next two years, mainly due to increase in construction activity in infrastructure and real estate sectors.
The HVAC sector has grown to over Rs 10,000 crore between 2005 and 2010 and reached Rs 15,000 crore in FY’14.
“Considering the pace of growth in the infrastructure and real estate sector, we expect the sector to cross Rs 20,000 crore mark in the next two years,” Indian Society of Heating, Refrigerating and Air Conditioning Engineers (Ishrae) Head of Bangalore Chapter Nirmal Ram told PTI here.
This sector is expected to witness nearly 15-20 per cent growth y-o-y.
“As sectors like retail, hospitality, health-care and commercial services or special economic zones (SEZs), all require HVAC systems, the HVAC market is expected to grow by 15-20 per cent y-o-y,” he said.
With Indian customers becoming highly price-sensitive and looking for more affordable energy-efficient systems due to the rising energy costs and environmental awareness, the HVAC market is becoming more competitive.
Besides, presence of domestic, international and unorganised market participants is also making the sector more competitive.
“Thus, the industry aims to provide cost-effective solutions to cater to the needs of the commercial and industrial customers with the introduction of eco-friendly systems by phasing out hydrochlorofluoro carbon (HCFC) gas,” Ram said.
Despite the scope, lack of availability of skilled labour is a significant entry barrier for new players.
“Manpower is available, but the problem is they are not skilled. There is a need for government and industry to work together to train the workforce.
“Ishrae has tied-up with various engineering colleges and institutions to draft a curriculum to meet this growing demand for manpower. It also organises numerous seminars and technical courses to train students in this field,” Ram added.
Post time: Feb-20-2019