Posted On: 2022-01-10
Northern Region acquired the largest market revenue share in the India VRF air conditioner market – 6Wresearch.
Indian VRF air conditioner market witnessed a decline in 2020 as a result of the COVID-19 pandemic. The market is comparatively new in the country and depends heavily on imports, which got disrupted due to the movement restrictions imposed during the lockdown period. However, recovery is anticipated by 2023, on account of the PIL (Production Incentive Linked) scheme launched by the government to support the manufacturing sector. In recent years, the Indian government has placed a strong emphasis on infrastructure development and construction as a key engine of urban growth and financial stability on account of IMF-backed economic reform program, which acted as a catalyst for developing the VRF air conditioner market in the country.
According to 6Wresearch, India VRF Air Conditioner Market size is projected to grow at a CAGR of 9.6% during 2021-2027. The Indian VRF air conditioner by total capacity, experienced heavy losses due to the shut-down of offices, commercial malls and businesses altogether. The demand from Tier-1 cities of the country such as (Mumbai, Delhi, Kolkata, Bangalore and Chennai) significantly decreased due to the halt in construction projects.
According to Shivali Sharma, Research Analyst, 6Wresearch, “Water-Cooled compressor type dominates the diesel Indian VRF systems market as it is expensive compared to the Air-cooled compressors, thus leading to higher revenue generation. Another reason for the dominance of water-cooled compressors are their longevity; usually, the water-cooled compressors last 20-30 years more than air-cooled because they are installed indoor and operate at a lower condenser fluid pressure, whereas air-cooled compressors operate at higher condenser pressure.”
According to Vasudha Kaushik, Research Associate, 6Wresearch, “Based on applications, the opportunity mainly lies in the commercial segment as the upcoming infrastructure developmental projects; smart cities mission would lead to rapid construction activities in the country, which would increase the number of commercial and institutional facilities across the country. The VRF air conditioner systems installation would be highest in the commercial and industrial sectors in the upcoming years.”
Some of the major companies in India VRF air conditioner market includes Blue Star Limited, Carrier India, Daikin Airconditioning, LG Electronics India, Johnson Controls-Hitachi, Mitsubishi Electric India, Samsung India Electronics and Voltas Limited.
India VRF air conditioner market (2021-2027) report provides an in-depth analysis with 32 figures and 4 tables, covered in 94 pages. The report estimates and forecast the overall India VRF air conditioner market by technology, power, types, lubrication, and regions. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.