Electronics major Samsung today 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.
"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 reporters here.
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".
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.
"Its a huge opportunity for us because our kind of products will suit those intelligent buildings," Agarwal said.
Besides, the educational segment is also emerging as big customer in last two years, where the air-conditioned class room are being set up at schools and higher institutions.
"India is adding many schools, colleges and educational institutions and this segment has also become equally important now," Agarwal said, adding that it has grown about 100 per cent in the segment.
Talking about the hospitality segment, he said the company is seeing huge opportunity in the tier II and III cities, where new hotels are coming up.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.