HVAC sector anticipates Rs. 5,000 crore investment for efficient technologies

India is committed to achieving carbon neutrality by 2070, and the HVAC industry will play an important role in reducing its carbon footprint.

The HVAC industry is expecting an investment of Rs. 5,000 crores to be made in new technologies to improve efficiency. India has set a goal to achieve carbon neutrality by 2070, and the HVAC industry is expected to play a crucial role in reducing its carbon footprint. The HVAC industry is currently transforming and may witness investments of approximately Rs. 5,000 crores to create a building component ecosystem and finished products. According to Madhur Sehgal, Head of Climate Solutions at Danfoss India, the HVAC & R industry is poised to grow by 15-20 percent in 2023 due to the infrastructure and housing sectors’ growth being at an all-time high. He added that the rail and road connectivity projects are experiencing significant growth, with a projected compound annual growth rate of 20 percent until 2025. The government’s performance-linked incentive scheme is supporting the ecosystem’s growth in India.

Sandeep Chaudhry, Managing Director of Tecumseh India, mentioned that the compressor’s advanced motor technology ensures high efficiency and reliability, resulting in lower operating costs and improved performance. The company’s new compressor models are designed to operate in India’s high voltage and ambient conditions. Their compact size and smooth operation make them an ideal solution for small to medium-sized commercial refrigeration systems, such as deep freezers and bottle coolers. According to NS Chandrasekhar, National President of the Indian Society of Heating, Refrigerating, and Air Conditioning Engineers (ISHRAE), the HVAC industry is poised to grow six times its current size in the next decade. Furthermore, India’s commitment to achieving carbon neutrality by 2070 means that the HVAC industry will play a vital role in reducing its carbon footprint. The HVAC industry expects a compound annual growth rate of 16 percent until 2030, driven by the increasing demand for energy-efficient and eco-friendly solutions. As part of the HVAC industry trends, new cooling systems will use refrigerants with low global warming potential.