By:– Mr. Mukundan Menon, Managing Director, Voltas Ltd
“India is at the cusp of a sustained growth journey, with our economy being one of the fastest growing major economies of the world. India’s economic growth, combined with low residential AC penetration (below 8%) and ongoing infrastructure development like metro rail, airports, manufacturing facilities, offices, healthcare, and hospitality, presents significant opportunities for our industry. Tier II & Tier III cities in India are also driving growth due to rapid urbanization & rising middle class incomes. Indian HVAC market is expected to reach $30 billion by 2030 with a CAGR of 15-16%.
The Government of India’s Atmanirbhar Bharat Initiative & PLI schemes are also driving, India’s HVAC equipment manufacturing story. This, in turn will create a pathway for us to export these products to a larger global audience and is a step towards our eventual global leadership in this space. India is also leading its way in terms of Standards for energy efficiency and sustainability which are the important themes when it comes to the Global stage.”