India Vrf Air Conditioner Market
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India VRF Air Conditioner Market - By Compressor (Air Cooled, Water Cooled); By Component (Indoor Units, Outdoor Units, Control System & Accessories); By System (Heat Pump System (Air-source, Ground-source, Absorption), Heat Recovery System); By Application (Residential, Commercial, Industrial); By Region (North India, South India, East India, West India), Trend Analysis, Competitive Landscape & Forecast, 2019–2029
- Published Date: March 2023
- Report ID: BWC23190
- Available Format: PDF
- Page: 250
Report Overview
An increasing demand for air conditioners from rising construction activities at airports, metros, and commercial buildings, rising government spending on public infrastructure, and technology advancements may create opportunities for the growth of India VRF Air Conditioner Market during the forecast period between 2023 and 2029.India VRF Air Conditioner Market - Industry Trends & Forecast Report, 2029
India VRF (variable refrigerant flow) air conditioner market size was estimated at USD 892.54 million in 2022. During the forecast period between 2023 and 2029, India VRF air conditioner market size is projected to grow at a CAGR of 14.58% reaching a value of USD 2,336.91 million by 2029. Major factors driving the market growth include recent increase in construction activities at airports, metro rail stations, commercial spaces, and the expanding retail sector via shopping malls. Also, the country's market for VRF air conditioners has been boosted by the government's rising expenditures on urbanization and public infrastructure through programs like the "Smart Cities Mission."
India VRF Air Conditioner Market - Overview
Variable refrigerant flow, commonly known as variable refrigerant volume (VRV), is an HVAC technology that was created in 1982 by Daikin Industries, Ltd., a major player in the market. The VRF system can provide simultaneous heating and cooling by using refrigerants as the medium for various units' heating and cooling needs.
Growth Drivers
Smaller Cities Fuel Market Expansion
A sizeable portion of India's air conditioner sales is attributed to growing demand from small cities, especially those with a population of under a million. In Patna, Lucknow, Kanpur, Indore, Mangalore, and Visakhapatnam, air conditioners are in high demand. Two central air conditioning businesses, Daikin and Voltas, have started to make investments in these cities. In addition, LG and Voltas might experience an increase in air conditioner sales in tier II and III cities over the next several years.
Improvements in Living Standard Promoting Market Expansion
Rising standard of living in India and the widening selection of deals and discounts have an impact on the demand for air conditioners in that country's market. Companies like Daikin, Panasonic, Hitachi, Voltas, Blue Star, Havells, and Syska are among those that have applied to produce essential air conditioner components to meet the needs of the country. Also, to make their products more accessible to customers of all income levels, businesses are now offering their items on equated monthly installments (EMIs). These elements are expected to have an impact on the rise in air conditioner sales in India.
Restraints
High Installation Costs
Installing a VRF system has a hefty upfront cost. When compared to standard air conditioning systems, this system is 50% more energy efficient while costing 15-20% more. For instance, according to research by Washington State University, installing a VRF HVAC system costs roughly USD 18 per square foot served, compared to between USD 12 and USD 15 for a typical HVAC system.
Impact of COVID-19 on India VRF Air Conditioner Market
The market for VRF systems was significantly impacted by the COVID-19 epidemic. At a time when people are spending more time at home, HVAC technologies are crucial to personal comfort. In addition, HVAC technologies supply heating, cooling, and air filtration in establishments including hospitals, clinics, and laboratories. The COVID-19 outbreak, and domestic quarantine affected the global and industrial supply, forcing component suppliers and manufacturers to reassess how to use the global distribution network to ensure business continuity.
India VRF Air Conditioner Market
Segmental Coverage
India VRF Air Conditioner Market - By Compressor
India VRF air conditioner market by compressor is split into Air Cooled and Water Cooled segments.
India VRF Air Conditioner Market - By Component
Based on component, the India VRF air conditioner market is divided into Indoor Units, Outdoor Units, and Control System & Accessories segments. During the period in analysis, it is forecast that the outdoor unit sub-segment will have a commanding market share. The growing demand for replacement and retrofitting in the nation is driving the market for outdoor units. Consumer preference for VRF systems has replaced traditional HVAC systems as a consequence of increased consumer awareness and the implementation of regulations to reduce carbon emissions, which will support demand during the projection period.
India VRF Air Conditioner Market - By System
Based on system, India VRF air conditioner market is divided into Heat Pump System (Air-source, Ground-source, and Absorption), and Heat Recovery Systems. The heat recovery system segment is expected to have a dominant market share in the Indian market. Heat recovery systems are widely used in commercial settings such as malls, schools, hotels, and restaurants, among others, where simultaneous heating and cooling are required. In the coming years, rising investment combined with increased construction activity in the corporate and service sectors is expected to drive demand for heat recovery VRF systems.
India VRF Air Conditioner Market - By Application
Based on application, the India VRF air conditioner market is divided into Residential, Commercial, and Industrial segments. Due to the increasing number of malls, retail space, and corporate buildings in India, the commercial sub-segment is expected to have a dominant market share. According to the Business Standard, mall developers and investors, such as Raheja's Inorbit Malls, the Xander-APG joint venture Virtuous Retail South Asia (VRSA), property developer Prestige Estates Projects, and Blackstone's Nexus Malls are looking to double their space in the next year or two.
India VRF Air Conditioner Market - By Region
India VRF air conditioner market by region is divided into North India, South India, East India, and West India.
Competitive Landscape
Competition in India VRF air conditioner market is intense. Major competitors in the market include Johnson Controls-Hitachi Air Conditioning, LG Electronics India Pvt Ltd, Mitsubishi Electric India Pvt Ltd, Panasonic Corporation, Samsung India Electronics Ltd, and Voltas Limited. The key strategies used by these market leaders are new product launches, mergers & acquisitions, and alliances. To grow their market share, these companies are also focusing on investing in innovations, collaborations, and expansions.
Recent Developments
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In 2020 - Trane Technologies Plc announced the launch of Genyue5+, a full DC Inverter VRF system for India and SAARC markets. Genyue5+ can be controlled with its GEN Network Control, the advanced 15’’ touchscreen controller. Additionally, the Genyue5+ inverter is expected to be used across sectors, including retail, healthcare, hospitality, commercial, educational institution, and others.
Scope of the Report
Attributes |
Details |
Years Considered |
Historical Data – 2019–2022 |
Base Year – 2022 |
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Estimated Year – 2023 |
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Forecast Period – 2023–2029 |
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Facts Covered |
Revenue in USD Million |
Market Coverage |
North India, South India, East India, West India |
Product/ Service Segmentation |
Compressor, Component, System, Application, Region |
Key Players |
Conditioning, Johnson Controls-Hitachi Air Conditioning, LG Electronics India Pvt Ltd, Mitsubishi Electric India Pvt Ltd, Panasonic Corporation, Samsung India Electronics Ltd, Voltas Limited |
By Compressor
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Air Cooled
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Water Cooled
By Component
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Indoor Units
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Outdoor Units
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Control System and Accessories
By System
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Heat Pump System
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Air-source
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Ground-source
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Absorption
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Heat Recovery System
By Application
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Residential
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Commercial
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Industrial
By Region
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North India
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South India
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East India
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West India
- Research Framework
- Research Objective
- Product Overview
- Market Segmentation
- Executive Summary
- India VRF Air Conditioner Market Insights
- Industry Value Chain Analysis
- DROC Analysis
- Growth Drivers
- Growing Construction Activities Across Airports, Metros and Commercial Spaces
- Governments Increasing Spending Towards Public Infrastructure
- Restraints
- Stringent Government Regulations for Eco-Friendly Products
- Opportunities
- Advancement in Technology
- Challenges
- Impact on Supply Chain Due to Covid
- Growth Drivers
- Technology Advancements/Recent Developments
- Regulatory Framework
- Porter’s Five Forces Analysis
- Bargaining Power of Suppliers
- Bargaining Power of Buyers
- Threat of New Entrants
- Threat of Substitutes
- Intensity of Rivalry
- India VRF Air Conditioner Market Overview
- Market Size & Forecast, 2019–2029
- By Value (USD Million)
- Market Share & Forecast
- By Compressor
- Air Cooled
- Water Cooled
- By Component
- Indoor Units
- Outdoor Units
- Control System and Accessories
- By System
- Heat Pump System
- Air-source
- Ground-source
- Absorption
- Heat Recovery System
- Heat Pump System
- By Application
- Residential
- Commercial
- Industrial
- By Region
- North India
- South India
- East India
- West India
- By Compressor
- Market Size & Forecast, 2019–2029
- North India VRF Air Conditioner Market
- Market Size & Forecast, 2019–2029
- By Value (USD Million)
- Market Share & Forecast
- By Compressor
- By Component
- By System
- By Application
- Market Size & Forecast, 2019–2029
- South India VRF Air Conditioner Market
- Market Size & Forecast, 2019–2029
- By Value (USD Million)
- Market Share & Forecast
- By Compressor
- By Component
- By System
- By Application
- Market Size & Forecast, 2019–2029
- East India VRF Air Conditioner Market
- Market Size & Forecast, 2019–2029
- By Value (USD Million)
- Market Share & Forecast
- By Compressor
- By Component
- By System
- By Application
- Market Size & Forecast, 2019–2029
- West India VRF Air Conditioner Market
- Market Size & Forecast, 2019–2029
- By Value (USD Million)
- Market Share & Forecast
- By Compressor
- By Component
- By System
- By Application
- Market Size & Forecast, 2019–2029
- Competitive Landscape
- List of Key Players and Their Offerings
- India VRF Air Conditioner Company Market Share Analysis, 2022
- Competitive Benchmarking, By Operating Parameters
- Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
- Impact of Covid-19 on India VRF Air Conditioner Market
- Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)
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- Other Prominent Players
- Key Strategic Recommendations
- Research Methodology
- Qualitative Research
- Primary & Secondary Research
- Quantitative Research
- Market Breakdown & Data Triangulation
- Secondary Research
- Primary Research
- Breakdown of Primary Research Respondents, By Region
- Assumptions & Limitations
- Qualitative Research
*Financial information in case of non-listed companies can be provided as per availability.
**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable.
List Of Figures
Figure 1 India VRF Air Conditioner Segmentation
Figure 2 India VRF Air Conditioner Market Value Chain Analysis
Figure 3 Company Market Share Analysis, 2022
Figure 4 India VRF Air Conditioner Market Size, By Value (USD Million), 2019–2029
Figure 5 India VRF Air Conditioner Market Share, By Compressor, By Value, 2019–2029
Figure 6 India VRF Air Conditioner Market Share, By Component, By Value, 2019–2029
Figure 7 India VRF Air Conditioner Market Share, By System, By Value, 2019–2029
Figure 8 India VRF Air Conditioner Market Share, By Application, By Value, 2019–2029
Figure 9 North India VRF Air Conditioner Market Size, By Value (USD Million), 2019–2029
Figure 10 North India VRF Air Conditioner Market Share, By Compressor , By Value, 2019–2029
Figure 11 North India VRF Air Conditioner Market Share, By Component, By Value, 2019–2029
Figure 12 North India VRF Air Conditioner Market Share, By System, By Value, 2019–2029
Figure 13 North India VRF Air Conditioner Market Share, By Application, By Value, 2019–2029
Figure 14 South India VRF Air Conditioner Market Size, By Value (USD Million), 2019–2029
Figure 15 South India VRF Air Conditioner Market Share, By Compressor , By Value, 2019–2029
Figure 16 South India VRF Air Conditioner Market Share, By Component, By Value, 2019–2029
Figure 17 South India VRF Air Conditioner Market Share, By System, By Value, 2019–2029
Figure 18 South India VRF Air Conditioner Market Share, By Application, By Value, 2019–2029
Figure 19 East India VRF Air Conditioner Market Size, By Value (USD Million), 2019–2029
Figure 20 East India VRF Air Conditioner Market Share, By Compressor , By Value, 2019–2029
Figure 21 East India VRF Air Conditioner Market Share, By Component, By Value, 2019–2029
Figure 22 East India VRF Air Conditioner Market Share, By System, By Value, 2019–2029
Figure 23 East India VRF Air Conditioner Market Share, By Application, By Value, 2019–2029
Figure 24 West India VRF Air Conditioner Market Size, By Value (USD Million), 2019–2029
Figure 25 West India VRF Air Conditioner Market Share, By Compressor , By Value, 2019–2029
Figure 26 West India VRF Air Conditioner Market Share, By Component, By Value, 2019–2029
Figure 27 West India VRF Air Conditioner Market Share, By System, By Value, 2019–2029
Figure 28 West India VRF Air Conditioner Market Share, By Application, By Value, 2019–2029
List of Tables
Table 1 India VRF Air Conditioner Market Size, By Value (USD Million), 2019–2029
Table 2 India VRF Air Conditioner Market Size, By Compressor , By Value, 2019–2029
Table 3 India VRF Air Conditioner Market Size, By Component, By Value, 2019–2029
Table 4 India VRF Air Conditioner Market Size, By System, By Value, 2019–2029
Table 5 India VRF Air Conditioner Market Size, By Application, By Value, 2019–2029
Table 6 North India VRF Air Conditioner Market Size, By Value (USD Million), 2019–2029
Table 7 North India VRF Air Conditioner Market Size, By Compressor , By Value, 2019–2029
Table 8 North India VRF Air Conditioner Market Size, By Component, By Value, 2019–2029
Table 9 North India VRF Air Conditioner Market Size, By System, By Value, 2019–2029
Table 10 North India VRF Air Conditioner Market Size, By Application, By Value, 2019–2029
Table 11 South India VRF Air Conditioner Market Size, By Value (USD Million), 2019–2029
Table 12 South India VRF Air Conditioner Market Size, By Compressor , By Value, 2019–2029
Table 13 South India VRF Air Conditioner Market Size, By Component, By Value, 2019–2029
Table 14 South India VRF Air Conditioner Market Size, By System, By Value, 2019–2029
Table 15 South India VRF Air Conditioner Market Size, By Application, By Value, 2019–2029
Table 16 East India VRF Air Conditioner Market Size, By Value (USD Million), 2019–2029
Table 17 East India VRF Air Conditioner Market Size, By Compressor , By Value, 2019–2029
Table 18 East India VRF Air Conditioner Market Size, By Component, By Value, 2019–2029
Table 19 East India VRF Air Conditioner Market Size, By System, By Value, 2019–2029
Table 20 East India VRF Air Conditioner Market Size, By Application, By Value, 2019–2029
Table 21 West India VRF Air Conditioner Market Size, By Value (USD Million), 2019–2029
Table 22 West India VRF Air Conditioner Market Size, By Compressor , By Value, 2019–2029
Table 23 West India VRF Air Conditioner Market Size, By Component, By Value, 2019–2029
Table 24 West India VRF Air Conditioner Market Size, By System, By Value, 2019–2029
Table 25 West India VRF Air Conditioner Market Size, By Application, By Value, 2019–2029
Table 26 Blue Star Limited Company Overview
Table 27 Blue Star Limited Financial Overview
Table 28 Carrier India Pvt Ltd Company Overview
Table 29 Carrier India Pvt Ltd Financial Overview
Table 30 Daikin Airconditioning India Pvt Ltd Company Overview
Table 31 Daikin Airconditioning India Pvt Ltd Financial Overview
Table 32 Fujitsu General (India) Pvt Ltd Company Overview
Table 33 Fujitsu General (India) Pvt Ltd Financial Overview
Table 34 Johnson Controls-Hitachi Air Conditioning Company Overview
Table 35 Johnson Controls-Hitachi Air Conditioning Financial Overview
Table 36 LG Electronics India Pvt Ltd Company Overview
Table 37 LG Electronics India Pvt Ltd Financial Overview
Table 38 Mitsubishi Electric India Pvt Ltd Company Overview
Table 39 Mitsubishi Electric India Pvt Ltd Financial Overview
Table 40 Panasonic Corporation Company Overview
Table 41 Panasonic Corporation Financial Overview
Table 42 Samsung India Electronics Ltd Company Overview
Table 43 Samsung India Electronics Ltd Financial Overview
Table 44 Voltas Limited Company Overview
Table 45 Voltas Limited Financial Overview
Market Segmentation
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