Strong export performance of engineering goods items in the heating, ventilation, air-conditioning and refrigeration (HVAC-R) segments will help the sector achieve its export target of $107 billion in 2021-22 up from $73.1 billion in the previous fiscal, according to EEPC India.
“As India’s exports sector remains on firm footing and raises its share in the global trade pie, shipments from heating, ventilation, air-conditioning and refrigeration (HVAC-R) segments could reach magical numbers,” EEPC India Chairman Mahesh Desai said at a five-day virtual expo on HVAC-R. The expo features visitors and buyers from 36 countries.
The US, UAE and China were the three topmost destinations of India’s global exports of HVAC-R products in 2020 while the EU, North America and the Middle-east and West Asia (MEWA) were the top three regions.
“EU is the largest importer of India’s HVAC-R products among all regions with a consumption of over one-fifth of India’s total global exports of the same. North America and MEWA closely follow with respective shares of 18.2 per cent and 16.5 per cent. Both ASEAN and North-east Asia consumed over 10 per cent of India’s global exports of HVAC-R last year,” he said.
India exported HVAC-R products worth an estimated $ 2.02 billion in 2020 with exports of equipment and parts for air conditioner, refrigeration and ventilation comprising the biggest share of 77.67 per cent. It was followed by heating equipment at 11.35 per cent, refrigerating units as 6.64 per cent and air conditioning units at 4.3 per cent.
The Indian HVAC-R market is estimated to reach $31.6 billion by 2030, with a compounded annual growth rate of 16 per cent between 2020 and 2030, pointed out Rakesh Shah, an exporter of engineering goods.
In the global market, India ranks 24th in heating equipment, 25th in ACs and 33rd in refrigeration units, according to EEPC. India is also the sixteenth largest global supplier of equipment and parts for air-conditioning, refrigeration and ventilation. The Hindu BusinessLine