The
India packaged air conditioners market was valued at USD324.98 million in 2022
and is projected to register a CAGR of 7.65% through 2031 and is anticipated to
project robust growth in the forecast period. The demand for packaged air conditioners
in India is high owing to the increase in foreign direct investment into the
country's numerous industries, including construction, pharmaceuticals, chemical,
etc. Thus, with the growing urbanization, the number of residential and
commercial construction is on rise in India, and there is rapid urban and
economic growth, which is driving the demand for packaged air conditioners
during the forecast period.
India Packaged
Air Conditioners Market Scope
Packaged
air conditioners are air conditioning systems in which all components
are integrated inside a single large unit. Some packaged air conditioners have
an outdoor unit with a compressor, condenser, and other components, and an air
handling unit with a centrifugal blower and an air filter that is placed above
the cooling coil. Based on the type of cooling mechanism they utilize; the
packaged air conditioners are classified into two categories
including water-cooled condensers and air-cooled condensers. The
refrigeration system's condenser, which is cooled by atmospheric air, is air-cooled
packaged air conditioner. The outside unit is kept in a place with air
circulation. The expansion valve, evaporator, air handling blower, and filter
are all part of the cooling unit and are either mounted on the floor or
suspended from the ceiling. The cooling unit's duct is connected to the area
that need cooling. Furthermore, the condenser of the
refrigeration system which is cooled by water is called
water-cooled packaged air conditioner. The condenser is a shell
and tube form, with refrigerant flowing down the tube side and cooling water
flowing down the shell side. In these systems, the air conditioning system must
be continuously supplied with water.
India Packaged
Air Conditioners Market Overview
The India packaged air conditioners
market is experiencing high demand with the increase in temperature, rise in
industrialization, and increase in the number of commercial buildings, etc. According to the data provided
by Indian government, the country registered a FDI inflow of around USD84.84
billion in 2021-22. Furthermore, according to the National Investment Promotion
& Facilitation Agency, the government launched PLI scheme for white goods
which aims to increase domestic manufacturing of air conditioners and LED
lights and has an outlay of USD855 million.
Furthermore,
the companies in the India packaged air conditioners market are accelerating
the market growth by using innovative market techniques to drive in more
customers. Thus, the market for packaged air conditioners in India is expected
to rise in the coming years driven by the increasing demand for affordable,
energy-efficient, and easy to install cooling solutions.
India Packaged
Air Conditioners Market Drivers
With
all the components of a packaged system in one location, the India Packaged Air
Conditioners market is experiencing a significant growth owing to its energy
efficiency, accessibility, and versatility. The organized retail sector is expected to
increase, as indicated by the rise in the number of hypermarkets, supermarkets,
modern grocery retail outlets, and other retail outlets. It is
projected that this whole retail chain growth will boost packaged air conditioners’
sales in India. For cooling down occupied spaces, corridors, and other areas,
packaged air conditioners are suitable. These air conditioners have a sizable
capacity for both cooling and heating, and they can adequately cool an entire
retail establishment.
Moreover, the market has witnessed
an increase in demand for energy-efficient packaged air conditioners as a
result of rising global warming and growing environmental concerns. As a
result, many businesses are manufacturing packaged air conditioners with
eco-friendly refrigerant, specifically R410A, which is safe for the environment
and has no potential to deplete the ozone layer, in order to support the cause.
The
refrigerant is also energy-efficient since it absorbs and releases heat more
effectively than other refrigerants. Thus, companies and customers are shifting
towards such air conditioners as they help save running and manufacturing
costs.
India Packaged
Air Conditioners Market Trends
As the
packaged air conditioners market in India grows, more and more companies are
competing for market share and customer engagement. One strategy used by
companies to succeed is the launch of new products or improved versions of
existing ones. Moreover, businesses are expanding their operations in
the Indian packaged air conditioners market through strategic alliances or
acquisitions. Businesses are collaborating with one another to take
full advantage of their capabilities and reach a wider audience. In
addition, companies are increasing their distribution and production capacities
to meet the escalating demand for packaged air conditioning systems.
Many
brands have established up their manufacturing facilities to meet the rising
demand for residential and commercial air conditioners in the country and to
expand their market reach and acquire a significant market share in the
packaged air conditioners industry. Moreover, by creating innovative air
conditioning equipment, the facility will meet the company's domestic and
international demand.
India Packaged
Air Conditioners Market Challenges
The
packaged air conditioners market in India may experience a significant slowdown
since packaged units are frequently installed on rooftops; hence maintenance is
complex and may depend on the roof's slope. Additionally, the exterior
unit of a packaged air conditioner is more sensitive to weather damage and
contains essential components like a compressor and condenser. The
vast size of a packaged unit may encourage small creatures or birds to live there,
and rust may develop more quickly, thus regular inspections are required to
keep up with these issues. Thus,
there's a chance that customers will prefer other air
conditioning systems. Moreover, frequent power cuts and damage to
packaged air conditioners might result in expensive, time-consuming
maintenance, which could cause customers to switch to other kinds of commercial
air conditioners and hinder the expansion of the packaged air conditioners
market in India.
Market Recent
Developments
- In
order to better position its products in the commercial air-conditioning
market, Daikin Airconditioning India Private Limited has acquired the air
handling division of Ahmedabad-based Citizen Industries.
- In
Andhra Pradesh, Daikin Airconditioning India Private Ltd opened its third
facility for the production of commercial and residential air conditioning in
2022.
Market
Opportunities
- The
demand for packaged air conditioners is significant in commercial and
industrial sector in India. Offices, malls, hospitals, and other commercial
buildings require air conditioning to maintain a comfortable environment for
their customers and employees. Packaged air conditioners are ideal for such
applications as they can be quickly installed and provide efficient cooling.
- With
the rising cost of electricity in India, energy efficiency has become a crucial
factor for consumers when choosing air conditioners, as packaged air conditioners
are known for their high energy efficiency and low operating cost, making them
an attractive option for consumers looking to save on their electricity bills.
- In
the Indian packaged air conditioners market, the demand for inverter technology
is expected to rise. Inverter technology aids in controlling compressor speed
and modifies cooling/heating output dependent on ambient temperature and
provides better energy efficiency and cost savings for consumers. Compared to
conventional fixed-speed air conditioners, inverter technology offers several
benefits. The first benefit is that it can reduce energy use by up to 30%,
which lowers power costs. Second, it improves temperature management and makes
users more comfortable. Thirdly, it aids in minimizing compressor deterioration,
resulting in a longer lifespan and cheaper maintenance costs. As a result, many
brands, such as Daikin, etc., offer packaged air conditioners equipped with
inverter technology.
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Market Segmentation
The India packaged air conditioners market
is segmented on the basis of condenser type, end user, distribution channel, region
and competitive landscape. On the basis of condenser type the market is
fragmented into air cooled and
water cooled packaged air conditioners. On the basis of end user, the market is
segmented into industrial, hospitality, offices, others (education,
residential, malls, healthcare, etc.). The market is segmented into direct and
indirect on the basis of distribution channel. On the basis of region, the
market is divided into North, South, East, West.
Company Profiles
Blue Star Limited, Daikin
Airconditioning India Private Limited, Voltas Limited, Carrier Airconditioning
& Refrigeration Limited, Trane Technologies India Private Limited, Lennox
India Technology Centre, Toshiba India Private Limited, Singhsons Refrigeration Private Limited,
Eakcon Systems Pvt. Ltd., LG Electronics India Pvt. Ltd. are some of the major players in the
India packaged air conditioners market.
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Attribute
|
Details
|
|
Market Size
Value in 2022
|
USD 324.98
Million
|
|
Revenue
Forecast in 2031
|
USD 617.98 Million
|
|
Growth Rate
|
7.65%
|
|
Base Year
|
2022
|
|
Historic
Data
|
2018 – 2021
|
|
Estimated
Year
|
2023
|
|
Forecast
Period
|
2024 – 2031
|
|
Quantitative
Units
|
Value in USD Million, Volume
in Thousand Units, CAGR for 2018-2022 and 2023E-2031F
|
|
Report Coverage
|
Revenue
forecast, company share, competitive landscape, growth factors, and trends
|
|
Segments Covered
|
Condenser Type
End User
Distribution Channel
Region
|
|
Regional
scope
|
North, South,
East, West
|
|
Key Companies
Profiled
|
Blue Star Limited,
Daikin Airconditioning India Private Limited, Voltas Limited, Carrier
Airconditioning & Refrigeration Limited, Trane Technologies India Private
Limited, Lennox India Technology Centre, Toshiba India Private Limited,
Singhsons Refrigeration Private Limited, Eakcon Systems Pvt. Ltd., LG
Electronics India Pvt. Ltd.
|
|
Customization
scope
|
10% free
report customization with purchase. Addition or alteration to country,
regional & segment scope.
|
|
Pricing and
purchase options
|
Avail customized
purchase options to meet your exact research needs. Explore purchase options
|
|
Delivery
Format
|
PDF and Excel
through Email (We can also provide the editable version of the report in
PPT/Word format on special request)
|
Report Scope:
In this report, India Packaged Air Conditioners market has been segmented into the following categories, in addition
to the industry trends which have also been detailed below:
- India
Packaged Air Conditioners Market, By Condenser Type:
- India
Packaged Air Conditioners Market, By End User:
- Industrial
- Hospitality
- Offices
- Others (Education,
Residential, Malls, Healthcare, etc.)
- India
Packaged Air Conditioners Market, By Distribution Channel:
- India
Packaged Air Conditioners Market, By Region:
Competitive Landscape
Company Profiles: Detailed analysis of the major
companies present in India Packaged Air Conditioners market.
Available
Customizations:
With
the given market data, TechSci Research offers customizations according to a
company’s specific needs. The following customization options are available for
the report:
Company
Information
- Detailed analysis and profiling of additional
market players (up to five).