In 2024, the HVAC industry anticipates substantial growth, especially in India. Pradeep Bakshi, Managing Director, Voltas, remarks that challenges related to economic shifts and manufacturing transitions are being addressed with a focus on becoming a major manufacturing hub. The company strives to meet evolving customer demands and ensure future market relevance with cutting-edge inverter technology and IoT-equipped products.
What are the trends and projections for the HVAC industry in 2024?
The HVAC industry is poised for growth, especially with India’s rapid economic expansion. The country is moving fast with respect to GDP, consumption rates and other aspects in line with our Honorable Prime Minister’s vision of making India a manufacturing hub. Early on, we were dependent on neighboring countries for outsourcing but now we are looking forward to strengthen our manufacturing capabilities.
So most of the industry players are gearing up in this direction. Voltas is not just looking at assembly units but also focusing on becoming a backward integrated manufacturing brand. The recent launch of the inverter SmartAir AC series, equipped with IoT capabilities and silent operations, reflects the company’s commitment to meeting customer needs. The product range is based on insights gathered from human experiences, from the ongoing research by our teams to effectively adapt to market dynamics.
What strategies can be employed to address customer-generated marketing demand?
In the past 15–16 years, the company has conducted thorough research and data analysis to comprehend customer usage patterns. We have gathered viewer insights, shaping products to meet specific customer requirements. Ongoing monitoring of the needs of our existing customers has enabled the incorporation of new features and benefits into the products. This approach ensures that our offerings continually align with the changing requirements of our customers.
What is the expected growth trajectory for the chiller market in the coming years?
The demand from our customers earlier, was regular hence the company provided fixed-speed, stall compressors, and chillers to meet requirements of our customers. The current consumer requirement has moved towards energy efficiency and greener technologies hence our R&D team has come up with inverter technologies in the scroll chillers segment in addition to the, already available, Variable drive (VFD) technology used in our screw chillers. With the ever-changing shift in consumer requirements we are well prepared with future ready technologies to cater to the growth of the chiller market.
How do you envision AI and IoT integration in HVAC systems and its benefits to the industry?
These features are highly significant in our industry, with professionals across various sectors seeking artificial intelligence to eliminate the need for manual intervention in our IoT-enabled air conditioning systems. We are dedicated to extending our focus to IoT in our commercial air conditioning systems as well. Currently, we have more than 1000 chillers across the country which are remotely monitored by our remote monitoring cell. This serves as an example of use of artificial intelligence to enhance our operations.
Observing the status of these solutions, even remotely from my office, the team is transitioning from predictive maintenance to preventive maintenance. We educate consumers about potential issues with their AC filters, motors, and compressors before they escalate. This proactive approach ensures consumer satisfaction, as they are informed beforehand and can address potential problems before significant harm occurs.
How does the company plan to strengthen its position in the market and future expansion plans?
Our solid commercial reputation places us as leaders in the brand space, and this has been consistent across various categories for a couple of years now. A recent expansion includes the introduction of water heaters, enhancing our portfolio. We are committed to standing strong in this space, continually strengthening our product range to meet high standards and fulfil customer criteria both in residential and commercial segments.
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