HVAC industry growth reflected at ACREX India 2024

ACREX India 2024, the leading showcase of cutting-edge technological innovations, featured various HVAC supply chain technologies at the India Expo Mart in Greater Noida in February 2024.

In recent years, the HVAC sector has experienced substantial growth, and the Indian HVAC Market is anticipated to witness a USD 3.98 billion expansion, with a compound annual growth rate (CAGR) of 10.77 percent from 2023 to 2028. This growth is linked to the rising desire for inverter HVAC systems, the expanding office spaces, and the preference for rental HVAC solutions.

The exhibition offered a chance for both local and international manufacturers to engage with government officials and industry leaders, assisting them in achieving their business objectives in tracking the estimated market size of $30 billion by 2030. This year’s edition saw the participation of more than 500 exhibitors from over 40 countries who showcased their innovations.

Yogesh Thakkar, President of ISHARE, said, “As we observe the remarkable growth trajectory of the HVAC industry and the significant strides achieved through initiatives like the Atal Community Innovation Centre (ACIC) program, ACREX India emerges as a symbol of opportunity and progress. With the substantial government investment of USD 1.45 trillion in infrastructure projects over the next five years, we stand on the brink of an era marked by unprecedented advancement. Moreover, advancements in HVAC technology, such as variable refrigerant flow systems and predictive maintenance using machine learning algorithms, are revolutionising energy efficiency, cost reduction, and sustainability in residential and commercial settings. ACREX India, positioned as a leading platform for industry evolution, showcases cutting-edge technologies and fosters collaboration and innovation. We take pride in propelling this momentum forward and shaping the future of the HVAC industry.”

Ravichandran Purushothaman, President of Danfoss Industries, said, “At ACREX India, our dedication to sustainability is evident in our steadfast commitment to harnessing renewable energy, notably solar power. Our focus on energy efficiency is reflected in our products, which adhere to the highest standards of the Bureau of Energy Efficiency. We actively promote the adoption of higher star-rated air conditioners to further our mission. Additionally, we are deeply involved in water conservation and biodiversity efforts, ensuring responsible management of resources. With significant government investments in infrastructure and solar panel installations, we are optimistic about our collective journey towards a greener, more sustainable future.”

Sanjay Sharma, Marketing Director, Carrier India, said, “In India’s HVAC industry landscape, we witness rapid urbanisation, the emergence of new buildings, and a thriving manufacturing sector. Projections indicate that by 2030, the number of Indian cities with populations exceeding one million will increase from 42 to 68, driving the demand for HVAC systems. Additionally, with over 50 percent of the country’s buildings expected to be constructed in the next two decades, the market holds vast potential. The government’s focus on fostering self-reliance through initiatives like Atmanirbhar Bharat further fuels this growth. HVAC businesses must embrace strategic approaches and innovation to excel in this evolving market. At Carrier, we recognise the importance of establishing a robust manufacturing ecosystem for commercial air conditioning solutions to meet these changing demands.”

Arvind JA. Kumar, Assistant General Manager Marketing, ABS Fujitsu General India, said, “As urbanisation and decarbonisation drive demand for high-energy efficient appliances and environmentally friendly refrigerants, the industry is poised for transformative growth. By 2050, consumer preferences and regulatory changes will further accelerate the adoption of eco-friendly solutions. At ACREX India 2024, We committed to showcasing innovative and sustainable HVAC solutions. Through the advancement of energy-efficient technologies and collaboration with industry partners, we aim to drive sustainable practices and shape the future of the HVAC industry in India.”

Yogesh Mudras, Managing Director, Informa Markets in India, said, “ACREX India catalyses driving the adoption of environmentally conscious practices within the HVAC&R sector, aligning with India’s ambitious goal of achieving Carbon Neutrality by 2070. It is the paramount platform where industry leaders converge to exchange ideas and unveil cutting-edge solutions. This year’s expo showcases various features, including the Startup Pavilion, Innovation Zone, Demo Zone, B2B Meetings, Seminar & Workshops, Launch Pad, Solution Centre, and Idea Presentation. With power-packed sessions and round table discussions on Day 2 and Day 3 addressing crucial topics like skill gaps in the HVAC industry and the transformation of HVAC technologies for the Infrastructure and Building Sectors, ACREX India continues to drive innovation and growth in the industry.”

Anoop Ballaney, President Elect, ISHRAE, said, “ISHRAE, a 43-year-old society, is dedicated to knowledge sharing and learning, encompassing students, women, and K-12 learners in the built environment industry. Our mission transcends HVAC to uplift the industry, engaging with governments, industry leaders, and associate societies. We prioritise decarbonisation and skill development as catalysts for India’s mission to achieve net-zero emissions by 2070. With a membership spanning 53 Indian cities and expanding internationally, ISHRAE is not just a society but a global force driving innovation and sustainability in heating, ventilating, and air conditioning engineering.”

Amidst changing climatic conditions, robust economic growth, and government initiatives such as ‘Make in India’ and Atmanirbhar Bharat, coupled with strategic schemes like PLI and a commitment to achieving carbon neutrality by 2070, the energy-efficient HVAC market is experiencing an upward surge. Forecasts project a market size soaring to $29,287.7 million by 2030 at a CAGR of 15.8 percent. The HVAC market growth is further fuelled by the rise in high-rise buildings, the proliferation of hypermarkets in Tier-II cities, and the establishment of shopping complexes and malls, where HVAC systems are indispensable.

The 24th edition of ACREX India, which will be held in Bengaluru from February 20 to 22, 2025, stands as the apex of South Asia’s HVAC industry. The focus for ACREX India 2025 will be on advancements in technology in the HVAC sector, which is pivotal in creating a better future and a better world.