3.5 INDIA

The Indian market scale of chillers in 2021–2022 is estimated to be around 5,700 chillers (1,372,000 tons), recording high growth of about 21% compared with 2020. This is in line with growth in the commercial air conditioning and healthcare sectors, which are expected to grow at a double-digit compound annual growth rate (CAGR) over the next five years, subject to the vagaries of the supply chain. In terms of value, the market scale was 22.3 billion Indian rupee (INR) (about US$ 312.2 million).