Ventilation, Cooling Industry to Grow $29.14 Billion by 2030
Ricardo Maciel, CEO of American Tecumseh Products Company, said India is one of the world's fastest-growing HVAC and refrigeration markets, fueled by urbanization, food security, and expanding cold chain infrastructure.
Pune: India’s Heating, Ventilation and Air-Conditioning (HVAC) industry, estimated at $11.8 billion in 2024, is projected to grow $ 29.14 billion by 2030, with a 16 per cent CAGR due to rising demand for cooling from the residential sector and pressing need for energy efficient products, top executives of Indian Society of Heating, Refrigerating and Air Conditioning Engineers (ISHRAE) and industry honchos said.
"The Indian HVAC industry is poised for significant expansion, with annual growth near 15 per cent and residential AC sales expected to double to 30 million units by 2030,” said Mukundan Menon, MD at Voltas Limited.
Driven by rapid infrastructure, data center, and district cooling projects, the sector is also receiving a major demand boost from the recent GST reduction on ACs to 18 per cent, he noted.
Mumbai is currently hosting ACREX India 2026, South Asia’s marquee event for the HVAC and intelligent building industry. Hosted by ISHRAE, the three-day exhibition from March 12–14 features over 400 international and local exhibitors, anticipating some 30,000 attendees.
The event would showcase cutting-edge technology to industry leaders and policymakers to shape the future of sustainable development in India’s cooling sector.
Jayanta Kumar Das, Society President, ISHRAE, said ACREX India enabled companies to showcase innovations and engage with the broader industry community. “As cooling demand grows rapidly in India, the focus must move beyond equipment to the entire lifecycle of systems, where installation, operation and maintenance account for nearly 90 per cent of the total cost,” he said.
India’s massive infrastructure boom—spanning data centers, airports, and healthcare is driving significant demand for HVAC solutions, noted Amod Dikshit, Chairman, ACREX India.
Ricardo Maciel, CEO of American Tecumseh Products Company, said India is one of the world's fastest-growing HVAC and refrigeration markets, fueled by urbanization, food security, and expanding cold chain infrastructure.
“By combining global engineering with local production, we are meeting the market's growing demand for energy efficiency, helping customers lower operating costs while supporting India’s long-term sustainability goals,” he said.