India's exports of heating, ventilation, air-conditioning and refrigeration (HVAC-R) segments are set to grow exponentially, EEPC India said on Tuesday.
At present, the US, the UAE, and China were the three top most destinations of India's global exports of HVAC-R products in 2020 with their respective shares of 16.7 per cent, 7 per cent and 5.92 per cent.
Addressing an industry event here, EEPC India Chairman Mahesh Desai said that outbound shipments would grow at a fast pace in coming years as more and more markets open up for global trade.
"European Union is the largest importer of India's HVAC-R products among all the regions with a consumption of over one-fifth of India's total global exports of the same," he said.
"North America and 'Middle East and West Asia' are the immediate followers of the EU with respective shares of 18.2 per cent and 16.5 per cent. Both ASEAN and North-east Asia consumed over 10 per cent of India's global exports of HVAC-R last year."
Currently, India is ranked 24th largest global supplier of heating equipment, 25th in AC and 33rd in refrigeration units.
It is estimated that India exported $2,026.20 million HVAC-R products during 2020 with exports of equipment and parts for air conditioner, refrigeration and ventilation comprising the biggest share of 77.67 per cent, followed by 11.35 per cent by heating equipment exports, 6.64 per cent by refrigerating units, and 4.3 per cent by air conditioning units.
(With inputs from PTI)