ACREX India 2024 Highlights HVAC Technologies and Global Industry Connections

New Delhi, 15th February 2024: ACREX India, the premier event highlighting the latest technological advancements and displaying a gamut of HVAC supply chain technologies, commenced today at the India Expo Mart, Greater Noida, Delhi – NCR. Organized by ISHRAE in partnership with Informa Markets in India, the expo provided a distinctive opportunity for local and international manufacturers to connect with government officials and industry stalwarts, thereby aiding them in achieving their business goals towards the projected market size of $30 billion by 2030.

The grand inauguration ceremony witnessed the presence of esteemed dignitaries, including Mr. Sushil Chodhury, Chair ACREX India 2024; Mr. Yogesh Thakkar, National President, ISHRAE; Mr. Anoop Ballaney, President Elect, ISHRAE; Mr. Yogesh Mudras, Managing Director, Informa Markets India; Ms. Ginger Scoggins, President, ASHRAE; Mr. Ravichandran Purushothaman, Director Danfoss – India Region, Mr. Sanjay Goyal, Senior VP and Director, Daikin India; Mr. Vinod Saladi, CEO, ABS Fujitsu General India, Mr. Sundaresan Narayanan, Managing Director, Carrier India; and Mr. P. Venkat Rao, Chief Operation Officer, Bluestar, among others.

Addressing the opportunities in this sector, Mr. Yogesh Thakkar, President ISHARE, said, “As we observe the remarkable growth trajectory of the HVAC industry and the significant strides achieved through initiatives like the Atal Community Innovation Centre (ACIC) program, ACREX India emerges as a symbol of opportunity and progress. With the substantial government investment of USD 1.45 trillion in infrastructure projects over the next 5 years, we stand on the brink of an era marked by unprecedented advancement. Moreover, advancements in HVAC technology, such as variable refrigerant flow systems and predictive maintenance using machine learning algorithms, are revolutionizing energy efficiency, cost reduction, and sustainability in both residential and commercial settings. ACREX India, positioned as a leading platform for industry evolution, not only showcases cutting-edge technologies but also fosters collaboration and innovation. We take pride in propelling this momentum forward and shaping the future of the HVAC industry.”

This year’s edition saw the participation of over 30,000 visitors and more than 500 exhibitors showcasing from over 40 countries including Belgium, China, Czech Republic, Egypt, France, Germany, Italy, Japan, Korea, Malaysia, Saudi Arabia, Singapore, Spain, Switzerland, Taiwan, the Netherlands, UAE, UK, Ukraine, and USA. Key exhibitors included Daikin Industries Ltd, Danfoss Industries, Bluestar, Tata Voltas, Mitsubishi Heavy Industries, Sharp India, Haier HVAC Solutions, Edge tech Air Systems, Carrier Global, Fujitsu General India Pvt Ltd, and many more, showcased their innovations.

ACREX India is supported by industry associations such as Refrigeration and Air Conditioning Trades Association (RATA), All India Air Conditioning and Refrigeration Association (ACRA), American Society of Heating, Refrigerating and Air-Conditioning Engineers (ASHRAE), International Institute of Ammonia Refrigeration (IIAR), Assocham India, Indian Plumbing Association, India Green Building Council (IGBC), FSAI, among others.

Speaking on the occasion, Mr. Yogesh Mudras, Managing Director, Informa Markets in India said, “ACREX India serves as a catalyst for driving the adoption of environmentally conscious practices within the HVAC&R sector, aligning with India’s ambitious goal of achieving Carbon Neutrality by 2070. It stands as the paramount platform where industry leaders converge to exchange ideas and unveil cutting-edge solutions. This year’s expo showcases an array of features including the Startup Pavilion, Innovation Zone, Demo Zone, B2B Meetings, Seminar & Workshops, Launch Pad, Solution Centre, and Idea Presentation. With power-packed sessions and round table discussions on Day 2 and Day 3 addressing crucial topics like skill gaps in the HVAC industry and the transformation of HVAC technologies for the Infrastructure and Building Sectors, ACREX India continues to drive innovation and growth in the industry.”

Speaking on the occasion, Mr. Anoop Ballaney, President Elect, ISHRAE, said “ISHRAE, a 43-year-old society is dedicated to knowledge sharing and learning, encompassing students, women, and K-12 learners in the built environment industry. Our mission transcends HVAC to uplift the entire industry, engaging with governments, industry leaders, and associate societies. As catalysts for India’s mission to achieve net-zero emissions by 2070, we prioritize decarbonization and skill development. With a membership spanning 53 Indian cities and expanding internationally, ISHRAE is not just a society but a global force driving innovation and sustainability in heating, ventilating, and air conditioning engineering.”

Emphasizing on the growth of the Industry, Mr. Sanjay Sharma, Marketing Director, Carrier India, said “In the landscape of India’s HVAC industry, we witness rapid urbanization, the emergence of new buildings, and a thriving manufacturing sector. Projections indicate that by 2030, the number of Indian cities with populations exceeding one million will increase from 42 to 68, driving the demand for HVAC systems. Additionally, with over 50% of the country’s buildings expected to be constructed in the next two decades, the market holds vast potential. The government’s focus on fostering self-reliance through initiatives like Atmanirbhar Bharat further fuels this growth. To excel in this evolving market, HVAC businesses must embrace strategic approaches and innovation. At Carrier, we recognize the importance of establishing a robust manufacturing ecosystem for commercial air conditioning solutions to meet these changing demands.

Our goal at ACREX India 2024 is to leverage this premier platform for networking, sharing knowledge, and promoting innovative ideas. We eagerly anticipate engaging with industry professionals, exchanging insights, and playing a role in shaping the trajectory of HVAC in India,” he added.

Highlighting the growth of the HVAC industry, Mr. Mukundan Menon, Executive Director & Head RAC Business, Voltas Limited said, “Currently, the Indian air conditioning and refrigeration industry stands at approximately $9 billion, with residential ACs contributing $3 billion and commercial refrigeration and air conditioning representing a significant portion too. The Indian government’s recognition of the industry as a ‘sunrise industry’ in 2020 prompted the launch of the Atmanirbhar Bharat initiative to promote domestic manufacturing. This initiative, including the Production Linked Incentive scheme offering 5-6% subsidies, led to a substantial investment of 5,400 crores within three months, aiming to reduce dependency on imports and bolster local production. The focus lies on promoting local manufacturing, reducing reliance on imports, and striving towards achieving net-zero emissions by 2070. This initiative aligns with India’s projected surge

in cooling electricity consumption, expected to exceed that of entire African countries by 2025. At the forefront of this movement, corporations such as Voltas have pledged to attain net-zero emissions by 2045 through the adoption of eco-friendly practices and materials. As a platform, ACREX India showcases the significance of balancing industry growth with sustainability, echoing the collective responsibility to preserve the environment for future generations.”

Speaking on the occasion, K J Jawa, Chairman & MD, Daikin India said “At ACREX India, the shift towards smart HVAC systems is notable, driven by the rising energy consumption and improving system efficiency. Buyers prioritize intelligent solutions offering enhanced controls, real-time monitoring, and IoT integration. Government investments in construction boost market demand, aligning with ACREX’s focus on carbon emissions reduction and energy efficiency. The Indian HVAC industry is projected to reach $30 billion by 2030, with a CAGR growth of 15.8% from 2021, fueled by progressive policies, infrastructure development, and rising disposable income.”

Alongside the display of the latest technologies of the HVAC Industry, the expertly curated Roundtable discussions addressing crucial topics such as NETZERO 2070; Roadmap for Large and MSME Manufactures in HVAC Trade and Regulatory changes in the global and domestic energy transition market. On Day 2, discussions will focus on the Regional Overview of Servicing Technician’s Skills Development Programmes and Workforce Development in India, providing insights into the roadmap for the HVAC industry. Additionally, a Round Table discussion will address the crucial topic of addressing skill gaps in the HVAC industry to stimulate growth. On Day 3, the conversations will center around the transformation of HVAC technologies for the Infrastructure and Building Sectors.

The series of sessions offered integration and adoption of transformative technologies offering lucrative opportunities in this sector. A comprehensive list of speakers at the show included Ajay Mathur, Director General, The Energy and Resources Institute; Mukundan Menon, Executive Director & Head RAC Business, Voltas Limited; Sandeep Narang, Director – Energy Consulting Practice, EY; Sushil Choudhary, Chair, ACREX; Amit Goel, Managing director, Edgetech Air Systems Pvt Ltd; Santosh Yadav – Chairman, KRN Heat Exchanger and Refrigeration Limited and among others added synergistic value to the B2B trade show.

In recent years, the HVAC industry has undergone significant growth, with the India HVAC Market projected to expand by USD 3.98 billion, at a CAGR of 10.77% between 2023 and 2028. This growth is attributed to various factors, including the escalating demand for inverter HVAC systems, the expanding office space absorption, and the increasing preference for rental HVAC solutions. The market’s upward trajectory is further fueled by the rise in high-rise buildings, the proliferation of hypermarkets in Tier-II cities, and the establishment of shopping complexes and malls, where HVAC systems are indispensable.

In all its features, ACREX India, the three-day exhibition, will showcase a microcosm of this significant industry.