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Rising Demand for Air Conditioners in India's Expanding Urban Landscape: Key Insights and Opportunities for Flameproof Solutions.
The India Air Conditioners Market was valued at USD 3.38 billion in 2023 and is projected to reach USD 11.69 billion by 2032, reflecting a compound annual growth rate (CAGR) of 14.78% from 2024 to 2032.
The residential air conditioning segment is currently the dominant force within the market, driven by the increasing strength of the home sector, the expansion of small and medium enterprises (SMEs), and the rise of new housing developments. Furthermore, the surge in construction projects in tier-2 cities and metropolitan areas is expected to further boost the demand for air conditioning units in the years ahead.
An improving economic landscape, rising per capita income, and escalating pollution levels are likely to contribute significantly to the growth of the global air conditioning industry in the near future. Technological innovations in developing nations are also propelling the global market forward. The increasing levels of air pollution adversely affect both the environment and public health, leading to common ailments such as fatigue and headaches, which are indicative of poor air quality.
This situation is further stimulating the global air conditioner market. However, the high costs associated with air conditioning equipment may pose challenges to the industry’s expansion. As air cooling transitions from a luxury to a necessity, manufacturers face the challenge of producing more cost-effective and efficient air conditioning systems.
Factors Contributing to Growth in the Indian Air Conditioners Sector
Increasing Number of Households Due to Urbanization
Rapid urbanization and the strengthening of the household sector are key drivers of the Indian air conditioning market. As more individuals migrate to urban areas in search of improved employment opportunities and living conditions, the demand for residential infrastructure, particularly air conditioning, has surged. Urban households are experiencing increased discretionary income due to urbanization, which in turn elevates the demand for housing.
This economic advancement will enable more families to afford air conditioning units, thereby enhancing market growth.
08/ 11/2024
Big News Related BESS & Solar Energy :
Anil Ambani experienced an unexpected setback merely 24 hours following the receipt of favorable news, as Reliance Power faced a three-year ban.
Reliance Power Share Price: Reliance Power and Reliance NU BESS Ltd have been prohibited from engaging in tenders with the state-owned solar entity SECI for a duration of three years due to allegations of submitting fraudulent documents.
Reliance Power Allegations of Fraudulent Tender Documentation: Recently, Anil Ambani has experienced a pattern where positive developments are quickly overshadowed by negative news. Just a day prior, it was reported that Rosa Power, a subsidiary of Reliance Power, had successfully eliminated its debt. However, shortly thereafter, it was announced that both Reliance Power and Reliance NU BESS Limited have been prohibited from engaging in tenders with the government solar entity SECI for a period of three years due to allegations of submitting fraudulent documents. Additionally, it is worth noting that SEBI had previously imposed a five-year ban on Anil Ambani from participating in the securities market.
The Solar Energy Corporation of India Limited (SECI) has stated in a notice that Maharashtra Energy Generation, referred to as Reliance NU BESS for a specific project, was found to have submitted a fraudulent bank guarantee in place of the Earnest Money Deposit (EMD). This guarantee, issued by a foreign bank, did not meet the tender requirements upon review of the documents provided by the bidder. This issue pertains to the Request for Selection (RFS) issued for the establishment of a single base Battery Energy Storage System (BESS) project with a capacity of 1,000 MW / 2,000 MWh, which was part of the competitive bidding process conducted by SECI.