Carrier Airconditioning & Refrigeration Ltd. is eyeing 20% Compounded Annual Growth Rate (CAGR) for the next 10 years considering the high demand for energy efficient products from multiple segments as well as to meet the country’s net zero targets, Chirag Baijal, managing director, Commercial HVAC, India Region.
“In the last three years we had a 40% CAGR and from this high base we are now expecting 20% growth year-on-year for the next 10 years. This is based on the demand forecast in the coming years,” he said on the sidelines of the ACREX India 2023 tradeshow currently underway in Mumbai.
As per the Centre’s India Cooling Action Plan of 2019, the market for ventilation, air-conditioning and chilling will grow 11 times by 2038. And all manufacturers in this segment as well as suppliers are eyeing this market potential and coming out with innovative products. Currently, the industry is growing by 15-18% and this rate of growth is expected to be accelerated. According to the India Cooling Action Plan, the demand for cooling will grow because it is linked with economic growth and recognised as key to the health, wellbeing and productivity of people in hot climate.
“India is a growing economy characterised by low penetration of air-conditioning, rising per capita income, rapid urbanisation and largely tropical climate all of which would lead to a rise in the requirement of cooling,” the report said.
In this front, Carrier, Mr Baijal said, is innovating further to come out with products that are 15-20% energy efficient from the current range. The company has a team of 1,500 engineers working in Hyderabad and 300 data scientists employed in Bengaluru who are supporting its growth plans. Besides, the company is scouting for innovative components from suppliers participating at the ACREX India 2023 tradeshow to come out with its new range. “We have a large team visiting the show to source innovative components,” Mr. Baijal said.
