India VRF Air Conditioner Market Size More Than Doubles to Cross USD 2.3 Billion by 2029

Published | 09 March 2023

India VRF (variable refrigerant flow) air conditioner market is flourishing due to rising construction activity in airports, metro railway stations, commercial spaces, and the expanding retail sector via commercial malls.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the India VRF (variable refrigerant flow) air conditioner market size at USD 892.54 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the India VRF air conditioner market size to grow at an impressive CAGR of 14.58% reaching a value of USD 2,336.91 million by 2029. The development of the India VRF air conditioner market has been significantly influenced by the recent rise in construction activities at airports, metro rail stations, commercial spaces, and the rising retail sector via shopping malls across the country. Also, the government's increasing investments in urbanization and public infrastructure through initiatives like the "Smart Cities Mission" have strengthened the demand for VRF air conditioners in the nation.

India VRF Air Conditioner Market - Overview

Variable refrigerant flow (VRF), also referred to as variable refrigerant volume (VRV), is an HVAC (heat, ventilation, and air condition) innovation developed in 1982 by Daikin Industries, Ltd., a significant industry participant. By using refrigerants as the medium for different units' heating and cooling demands, the VRF system can deliver simultaneous heating and cooling.

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India VRF Air Conditioner Market – By Component

India VRF air conditioner market is segmented by component into Indoor Units, Outdoor Units, and Control System and Accessories. During the period in analysis, the outdoor unit sub-segment is expected to have a commanding market share. The market for outdoor units is being driven by the nation's growing demand for replacement and retrofitting. As a result of increased consumer awareness and the implementation of regulations to reduce carbon emissions, consumer preference for VRF systems has replaced traditional HVAC systems, which will support demand during the projection period.

Impact of COVID-19 on India VRF Air Conditioner Market

The COVID-19 pandemic adversely affected the market for VRF equipment in India. HVAC technologies are essential to personal comfort at a time when individuals are spending more time at home. HVAC systems also provide heating, cooling, and air filtration in places like hospitals, clinics, and laboratories. The global and industrial supply was impacted by the COVID-19 epidemic and the local quarantine, which forced component suppliers and manufacturers to reevaluate how to leverage the worldwide distribution network to maintain business continuity.

Competitive Landscape

India VRF air conditioner market is fiercely competitive. Prominent players in the market include Conditioning, Johnson Controls-Hitachi Air Conditioning, LG Electronics India Pvt Ltd, Mitsubishi Electric India Pvt Ltd, Panasonic Corporation, Samsung India Electronics Ltd, and Voltas Limited. These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in the India VRF air conditioner market.

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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of India VRF Air Conditioner Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in India VRF Air Conditioner Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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