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HVAC Systems Market Size In India is set to grow by USD 3.98 billion from 2024-2028, Growing demand for inverter HVAC systems to boost the market growth, Technavio

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NEW YORK, June 13, 2024 /PRNewswire/ — The HVAC systems market size in India is estimated to grow by USD 3.98 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  10.77%  during the forecast period.  Growing demand for inverter HVAC systems is driving market growth, with a trend towards increasing popularity of smart HVAC systems  However, need for high R and D investment  poses a challenge. Key market players include Air Control India Pvt Ltd, Blue Star Ltd., Daikin Industries Ltd., Fujitsu General Ltd., Godrej and Boyce Manufacturing Co. Ltd., Haier Smart Home Co. Ltd., Havells India Ltd., Hitachi Ltd., Honeywell International Inc., IFB Industries Ltd., Ingersoll Rand Inc., Johnson Controls International Plc, LG Electronics Inc., Mitsubishi Electric Corp., Panasonic Holdings Corp., Samsung Electronics Co. Ltd., Toshiba Corp., Trane Technologies Plc, Voltas Ltd., and Whirlpool Corp..

Get a detailed analysis on regions, market segments, customer landscape, and companies – View the snapshot of this report

Forecast period

2024-2028

Base Year

2023

Historic Data

2018 – 2022

Segment Covered

Application (Non-residential and Residential), Type (Centralized and Decentralized), Installation Sites (New installation and Retrofit), and Geography (APAC)

Region Covered

India

Key companies profiled

Air Control India Pvt Ltd, Blue Star Ltd., Daikin Industries Ltd., Fujitsu General Ltd., Godrej and Boyce Manufacturing Co. Ltd., Haier Smart Home Co. Ltd., Havells India Ltd., Hitachi Ltd., Honeywell International Inc., IFB Industries Ltd., Ingersoll Rand Inc., Johnson Controls International Plc, LG Electronics Inc., Mitsubishi Electric Corp., Panasonic Holdings Corp., Samsung Electronics Co. Ltd., Toshiba Corp., Trane Technologies Plc, Voltas Ltd., and Whirlpool Corp.

Key Market Trends Fueling Growth

The HVAC systems market in India is experiencing growth due to the adoption of smart and connected systems. IoT-enabled devices, such as wireless acoustic transmitters and steam trap monitors, aid in monitoring HVAC system operations. End-users prioritize predictive maintenance for increased efficiency and reduced downtime. Manufacturers like Havells India, LG Electronics, and Samsung Electronics offer IoT-enabled smart HVAC systems for residential use.

Industrial HVAC systems benefit from IIoT integration for energy savings and reduced on-site services. The focus on building smart factories in India supports this trend. 

The HVAC systems market in India is experiencing significant growth, with a focus on energy-efficient and smart technologies. HVAC systems are essential for maintaining comfortable indoor environments in various sectors such as commercial, residential, and industrial.

The use of sustainable and eco-friendly HVAC systems is a trending topic, with many companies offering products that meet this demand. The HVAC industry in India is also witnessing the adoption of IoT technology, enabling remote monitoring and control of systems. Additionally, the government’s push towards renewable energy sources is driving the demand for HVAC systems that integrate solar energy systems. Overall, the HVAC market in India is witnessing a surge in demand due to increasing urbanization and the need for energy-efficient solutions. 

Research report provides comprehensive data on impact of trend. For more details- Download a Sample Report

Market Challenges

The HVAC systems market in India faces significant challenges due to the increasing demand for energy-efficient systems and intense competition. Manufacturers are investing heavily in R&D to create innovative designs and integrate automation technologies. However, the shortened product lifecycle and difficulty in passing R&D costs to end-users necessitate long-term investments and higher manufacturing costs. Established players like United Technologies and Daikin Industries continue to invest in India for energy-efficient and eco-friendly HVAC systems.The HVAC systems market in India faces several challenges. The high cost of installation and maintenance is a major concern for many businesses and individuals. The lack of skilled labor and proper training in HVAC technology is another challenge. Additionally, the inconsistent electricity supply and the need for energy-efficient solutions are pressing issues.Furthermore, the increasing demand for air conditioning due to rising temperatures and urbanization puts pressure on the industry to provide cost-effective and sustainable solutions. The use of advanced technologies like IoT and AI can help address some of these challenges by improving efficiency and reducing costs.However, the adoption of these technologies requires significant investment and infrastructure development. Overall, the HVAC systems market in India presents both opportunities and challenges for players in the industry.

For more insights on driver and challenges – Download a Sample Report

Segment Overview 

Application 1.1 Non-residential1.2 ResidentialType 2.1 Centralized2.2 DecentralizedInstallation Sites3.1 New installation3.2 RetrofitGeography 4.1 APAC

1.1 Non-residential-  The non-residential HVAC systems market in India, comprising commercial and industrial sectors, is the leading segment with consistent growth. This growth is attributed to the expanding construction sector, infrastructure development investments, and rising demand for office spaces. India’s office space demand is increasing, driven by urbanization and favorable commercial real estate policies.

Cities like Hyderabad, Bengaluru, NCR Delhi, Mumbai, and Pune are experiencing significant office space absorption. Furthermore, the growing number of start-ups and co-working spaces are boosting HVAC systems demand. Infrastructure development projects, such as the plan to build 220 new airports, will increase the demand for centralized split ACs, thereby fueling the HVAC systems market growth in India’s non-residential segment.

For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2018 – 2022)  – Download a Sample Report

Research Analysis

The HVAC Systems Market in India is witnessing significant growth due to the increasing demand for energy-saving products and regulations promoting energy efficiency. The HVAC industry is focusing on the use of R-410 and A2L refrigerants to meet the new HVAC regulations. The adoption of AI-based automated solutions is also on the rise, enabling smart climate control in residential, commercial, and industrial properties.

Energy-efficient buildings and sustainable structures, such as shopping centers, industrial facilities, and warehouses, are prioritizing the implementation of advanced cooling and heating systems. The telecommunication sector is also investing in energy-efficient HVAC technologies to support their critical infrastructure. The market is expected to continue its expansion, driven by the need for reliable climate control solutions in various sectors.

Market Research Overview

The HVAC Systems market in India has been experiencing significant growth due to increasing urbanization and rising disposable income. The market is driven by the demand for energy-efficient and cost-effective solutions in both residential and commercial sectors. The Indian government’s initiatives to promote renewable energy and energy efficiency have further boosted the market.

The HVAC Systems market in India caters to various applications such as air conditioning, heating, ventilation, and refrigeration. The market is segmented based on product types, applications, and regions. The major product types include split systems, packaged systems, and central systems.

The market is expected to continue its growth trajectory in the coming years due to the increasing demand for comfort and indoor air quality solutions. The market is also witnessing the adoption of advanced technologies such as IoT, AI, and ML for energy management and system optimization. The Indian HVAC Systems market is a dynamic and competitive landscape with numerous players offering innovative solutions to cater to the evolving customer needs.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ApplicationNon-residentialResidentialTypeCentralizedDecentralizedInstallation SitesNew InstallationRetrofitGeographyAPAC

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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The Denver Post Names Luminate Bank the #1 Large Top Workplace in Colorado for 2026

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MINNEAPOLIS, May 13, 2026 /PRNewswire/ — Luminate Bank® earned the #1 ranking among large companies in The Denver Post’s Colorado Top Workplaces 2026 awards. The company also received the Special Award for Appreciation, recognizing its culture of employee support and recognition. This distinction is based solely on employee feedback gathered through a third-party survey administered by employee engagement technology partner Energage LLC. The confidential survey uniquely measures the employee experience and its component themes, including that employees feel Respected & Supported, Enabled to Grow, and Empowered to Execute, to name a few.

“Being named a Top Workplace is incredibly meaningful because it comes directly from the individuals who choose to grow their careers with us and show up every day with purpose and conviction. They are the foundation of our success,” said Eric Lovins, President of Mortgage Lending at Luminate Bank. “We don’t take the responsibility of earning their trust lightly, and we remain committed to creating an environment where they can thrive, succeed, and feel proud of the work they do.”

Luminate Bank traces its roots to 1937, when it first opened as Equity Bank. In 2020, the organization was acquired and reintroduced as Luminate Bank and Luminate Home Loans, reflecting a renewed commitment to guiding customers through complex financial moments with clarity and care. In 2025, Luminate Home Loans and Luminate Bank unified under one brand, combining full-service banking with a strong mortgage platform to expand offerings and better serve customers. Today, Luminate Bank’s team of more than 700 professionals nationwide continues to focus on relationship-based banking paired with digital innovation, supporting responsible growth and long-term customer success.

“Earning a Top Workplaces award is a badge of honor for companies, especially because it comes authentically from their employees,” said Eric Rubino, Energage CEO. “That’s something to be proud of. In today’s market, leaders must ensure they’re allowing employees to have a voice and be heard. That’s paramount. Top Workplaces do this, and it pays dividends.”

About Luminate Bank® — At Luminate Bank, We Open Doors—empowering individuals and families to achieve their financial dreams through personalized service and innovative digital solutions. As a nationwide bank headquartered in Minneapolis, Minnesota, we are committed to helping our clients meet their financial goals with a blend of modern technology, traditional values, and the trusted guidance of experienced professionals. Known for our exceptional commitment to customers, we take pride in delivering a seamless, supportive experience for every step of the journey. Our dedicated mortgage division has branches and a team of loan originators across the US, making expert home financing solutions accessible to communities nationwide.

Luminate Bank is committed to safeguarding your money and accounts with FDIC insurance coverage up to applicable limits. Learn more about how we can open doors for you at www.luminate.bank, follow us on Instagram, LinkedIn, and Facebook, or call (952) 939-7200.

ABOUT ENERGAGE
Making the world a better place to work together.™
Energage is a purpose-driven company that helps organizations turn employee feedback into useful business intelligence and credible employer recognition through Top Workplaces. Built on 20 years of culture research and the results from 30 million employees surveyed across more than 80,000 organizations, Energage delivers the most accurate competitive benchmark available. With access to a unique combination of patented analytic tools and expert guidance, Energage customers lead the competition with an engaged workforce and an opportunity to gain recognition for their people-first approach to culture. For more information or to nominate your organization, visit energage.com or topworkplaces.com.

Media Contact
Debbie Schwake, CMO
debbie.schwake@luminate.bank
952-698-3300

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SOURCE Luminate Bank

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InfoSight Launches AI-Enabled Purple Team SOCaaS: Machine-Speed Defense, Human-Led Control

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Purple SOC Unifies Offensive Testing, Defensive Monitoring, and AI-Driven Detection Engineering Into a Single Human-Led Security Program

MIAMI, May 13, 2026 /PRNewswire/ — InfoSight today announced the general availability of its AI-Enabled Purple Team Security Operations Center as a Service (SOCaaS)—a managed security solution that combines AI-driven attack path intelligence with human-led security governance. The service redefines how organizations detect, validate, and respond to modern cyber threats by unifying offensive adversary emulation and defensive monitoring into a single, continuously operating program.

AI-Enabled Purple SOC: Offensive Testing, Defensive Monitoring & Detection Engineering in One Human-Led Security Program

Modern enterprises face a growing mismatch between attacker speed and defender capability. AI-driven attack tools now operate at scale—testing controls, chaining vulnerabilities, and adapting faster than traditional SOC workflows can respond. Meanwhile, many Security Operations Centers (SOC) remain constrained by human-speed processes, where alert queues backlog, tickets accumulate, and threats progress before action is taken.

The challenge is no longer visibility—it is speed, correlation, and execution.

InfoSight’s Purple Team SOCaaS addresses this gap by delivering continuous threat exposure management across the full attack lifecycle. Rather than reacting to alerts alone, the AI-enabled experts continuously hunt for Advanced Persistent Threats (APT) and indicators of compromise (IOC)while decoding real-time threat signals to anticipate adversary behavior before incidents occur.

Core Capabilities

AI-driven attack path correlation across identity, cloud, and critical systemsAdversary emulation aligned to real-world MITRE ATT&CK techniques TTPsReal-time validation of SIEM, XDR, and EDR detections and response workflowsDynamic feedback loops that continuously update rules, telemetry, and playbooksHuman-led oversight for threat modeling, risk acceptance, and executive reporting

By fusing traditionally siloed red team and blue team functions with AI enablement, Purple SOCaaS creates a continuously learning security program. When detection gaps are identified, rules, telemetry configurations, and response playbooks are refined continuously instead of waiting for scheduled review cycles.

When analysts engage, alerts are already enriched, correlated, and prioritized. Evidence is pre-assembled across identity, endpoint, network, and cloud telemetry, allowing security teams to shift focus from manual triage to higher-value decisions such as determining scope, assessing control weaknesses, and directing response actions.

Purple SOCaaS delivers measurable business outcomes, including:

Reduced Mean Time to Detect (MTTD) and Mean Time to Respond (MTTR)Expanded detection coverage across high-risk attack vectorsReduced blast radius through continuous control validationStrengthened identity and privileged access controls based on proven adversary pathwaysBoard-level reporting tied to quantified exposure reduction over time

InfoSight’s Purple SOCaaS is delivered through a structured 30–60-day onboarding and launch program, followed by continuous validation cycles.

“Bad actors can operate at machine speed on a scale like never before, so organizations no longer have the luxury of reactive 8-5 security operations. Adversaries operate continuously, so defenses must too. Purple SOCaaS allows security teams to go on the offense and anticipate threats bases upon intent signals to stay ahead of modern threats. Attacks are running at machine speed so modern SOC operations must match the new pace. — Tom Garcia, President & CEO, InfoSight

InfoSight’s AI-Enabled Purple Team SOCaaS is available immediately for enterprise and mid-market organizations. Organizations can request an executive overview or technical brief by contacting InfoSight directly.

About InfoSight

InfoSight, Inc. is a cybersecurity services firm helping organizations reduce cyber risk across healthcare, financial services, manufacturing, energy, and government sectors. Founded in 1998, InfoSight delivers advanced security operations, risk management, and compliance solutions that help organizations strengthen defenses, reduce exposure, and protect critical systems and digital assets.

Media Contact:
Yendi Valdes
Marketing Director, InfoSight
Yendi.Valdes@infosightinc.com 
1-305-828-1003

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SOURCE InfoSight, Inc.

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Tuya Inc. to Hold Annual General Meeting on June 18, 2026

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SANTA CLARA, Calif., May 13, 2026 /PRNewswire/ — Tuya Inc. (“Tuya” or the “Company”) (NYSE: TUYA; HKEX: 2391), a global leading AI cloud platform service provider, today announced that it will hold an annual general meeting of the Company’s shareholders (the “AGM”) at 2:00 p.m. (Hong Kong time) on Thursday, June 18, 2026 at Huace Center, Building A, 3/F VVIP room, Xihu District, Hangzhou City, Zhejiang Province, 310012, China, for the purposes of considering and, if thought fit, passing each of the Proposed Resolutions as defined and set forth in the notice of the AGM (the “AGM Notice”). The AGM Notice and the form of proxy for the AGM are available on the Company’s website at ir.tuya.com. The board of directors of the Company fully supports the Proposed Resolutions and recommends that shareholders and holders of American depositary shares (“ADSs”) vote in favor of the Proposed Resolutions.

Holders of record of the Company’s ordinary shares as of the close of business on May 22, 2026 (Hong Kong time) are entitled to receive notice of, and to attend and vote at, the AGM or any adjournment or postponement thereof. Holders of record of ADSs as of the close of business on May 22, 2026 (New York time) who wish to exercise their voting rights for the ADSs underlying Class A ordinary shares must give voting instructions directly to The Bank of New York Mellon, the depositary of the ADSs, if ADSs are held directly by holders on the books and records of The Bank of New York Mellon or indirectly through a bank, brokerage or other securities intermediary if the ADSs are held by any of them on behalf of holders.

The Company has filed its annual report on Form 20-F, including its audited financial statements, for the fiscal year ended December 31, 2025, with the U.S. Securities and Exchange Commission (the “SEC”). The Company’s annual report on Form 20-F can be accessed on the Company’s website at ir.tuya.com and on the SEC’s website at http://www.sec.gov.

About Tuya Inc.

Tuya Inc. (NYSE: TUYA; HKEX: 2391) is a global leading AI cloud platform service provider with a mission to build an AI developer ecosystem and enable everything to be smart. Tuya has pioneered a purpose-built AI cloud platform with cloud and generative AI capabilities that delivers a full suite of offerings, including Platform-as-a-Service, or PaaS, AI application & others and Smart home & robot products for developers of smart device, commercial applications, and industries. Through its AI developer platform, Tuya has activated a vibrant global developer community of brands, OEMs, AI agents, system integrators and independent software vendors to collectively strive for smart solutions ecosystem embodying the principles of green and low-carbon, security, high efficiency, agility, and openness.

Investor Relations Contact

Tuya Inc.
Investor Relations
Email: ir@tuya.com

HL Strategy
Haiyan LI-LABBE
Email: hl@hl-strategy.com

Piacente Financial Communications
China Tel: +86-10-6508-0677
U.S. Tel: +1-212-481-2050
Email: tuya@thepiacentegroup.com

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