The Indian heating, ventilation, and air conditioning (HVAC) market will grow at a CAGR of 16.0% during the forecast period (2020–2030), due to the increasing disposable income of people and rising investments for infrastructural development in the commercial, residential, and industrial sectors of the country. The market generated revenue of $8,526.7 million in 2019 and it is projected to reach $31,598.6 million by 2030. Moreover, the strengthening real estate sector, on account of rapid urbanization and robust government support, and the booming population act as catalysts for the market growth.

One of the key factors behind the Indian HVAC market growth is the expansion of the residential construction sector in the nation. The country is observing a rise in urbanization rate, an improvement in real estate regulations, and a surge in government-initiated residential plans. The Government of India’s initiative to create 100 smart cities will act as a vital factor behind the residential construction sector growth. The newly constructed housing units are creating extensive demand for air conditioners, heat pumps, and ventilation systems.

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Moreover, increasing number of construction activities in the commercial and civic infrastructure sector will also boost the Indian HVAC market growth in the forecast years. For instance, the Delhi Metro Rail Corporation Limited (DMRC) was sanctioned with $57 million to expand Ghaziabad and Noida metro lines. Similarly, a budget of $925 million was allotted for the construction of Dahisar–Mira Bhayander and Andheri–Chhatrapati Shivaji Maharaj International Airport lines of Mumbai Metro. Likewise, in 2017, the Indian government announced the construction of 100 airports in the next 15 years.

Currently, the Indian HVAC market is observing a trend of rising adoption of energy-efficient equipment. Owing to the surging environmental concerns in the nation, the preference for fuel-efficient and energy-efficient HVAC equipment has increased significantly. These systems offer better or same efficiency than the conventional variants. In 2018, the central government introduced a new Energy Conservation Building Code (ECBC) and Eco-Niwas Samhita for residential units. These initiatives aim to cut down the annual electricity consumption of India by about 125 billion units by 2030.