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India & other emerging markets face challenges as growth picks up


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A new Freedonia Group analysis projects India will be the world’s fastest growing national market for HVAC equipment through 2025. However, the limitations of the nation’s electrical grid will continue to pose an obstacle to penetration of these products. The country is also looking for ways to avoid exacerbating climate issues as use of HVAC equipment intensifies. One effort to address these challenges is the Global Cooling Prize, a program funded by the government of India to spur innovation in super-efficient residential HVAC systems.

In addition to India, a number of other South and Southeast Asian markets hold strong growth potential and face similar challenges, though advances in energy technology – such as China’s recent unveiling of a small modular reactor (SMR) – could aid market development. As these regions develop, suppliers who can introduce products that address their challenges will stand to benefit.

Global HVAC Equipment Demand to Rise 3.9% Annually to $132 Billion in 2025
The Freedonia Group projects demand growth in the global HVAC equipment market to pick up relative to the 2015-2020 period, as economies recover from the COVID-19 pandemic. The best opportunities exist:

  • in connecting pandemic-era heightened interest in indoor air quality with the upgrade of existing heating and cooling systems
  • for systems that offer improvements in energy efficiency or that use newer and more environmentally friendly refrigerants
  • in regions with still limited market penetration, either for economic or cultural reasons
  • where housing stocks continue to increase

Want to Learn More?
Global HVAC Equipment is now available from the Freedonia Group.

This study examines the global HVAC equipment industry by product, market, and global geographic region. Historical data (2010, 2015, and 2020) and forecasts for 2025 and 2030 are presented for HVAC equipment demand and shipments are presented in current US dollars (including inflation). Select products are also provided in units.

Products comprise:

  • room air conditioners
  • heat pumps: air source heat pumps (i.e., conventional heat pumps), including split heat pumps and packaged heat pumps; and geothermal heat pumps (including both ground source and water source types), which include closed loop and open loops systems
  • unitary air conditioners (including split, multi-split and single package units)
  • boilers, including cast iron and steel types and district heating boilers
  • warm air furnaces, also known as forced air furnaces
  • other HVAC equipment, including absorption chillers, dehumidifiers, humidifiers, liquid chillers, packaged terminal air conditioners, and room and zone heaters

Data are further segmented by residential and nonresidential markets:

  • residential (single family detached houses; single-family attached houses – e.g., townhouses; multifamily housing; manufactured housing)
  • nonresidential (institutional buildings; office and commercial structures; industrial facilities; and other nonresidential structures such as airport and bus terminals, recreational buildings, police stations, fire stations, and prisons)
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