Electronics major Samsung said it aims to be among the top players in India’s industrial HVAC (Heating, ventilation, and air conditioning) market as it focuses on segments like hospitality, real estate and healthcare.
The company, which estimates the segment to be worth USD 200 million currently, said the market in India is growing at a strong pace, reported TOI.
“We have an expansive range of HVAC products that can be customised as per the requirements of various industries. We are already seeing strong growth from sectors like hospitality, real estate and healthcare,” Samsung India System AC Business Vipin Agarwal told TOI.
He added that the company is also witnessing demand from sectors like education and offices that are looking to deploy cost-effective cooling solutions at their premises.
“Presently hospitality, residential, healthcare and office – these are all top four segments for us and each segment is almost similar, contributing 12 to 15 per cent,” Agarwal said.
The total HVAC market in India is estimated to be around USD 200 million and is dominated by players like Daikin, Voltas and Blue Star.
The market is growing at a compounded annual growth rate of 10-12 per cent, while the company has grown three times faster than the market, Agarwal said. He, however, declined to comment on the company’s market share in the HVAC market.
Presently, Samsung India sources its entire HVAC range from overseas but is open to domestic production if it can attain “viable scale”.
TOI reported that besides, the South Korean chaebol is also expecting strong traction to come in from the 100 smart cities slated to come up across the country. These smart cities are expected to provide a major fillip to the technology firms, in India and overseas, that offer connected devices and solutions.
