Global HVAC Market Size, Trend by 2026

1. 2016 – 2026 GLOBAL HVAC MARKET FORECAST & OPPORTUNITIES www.techsciresearch.com MARKET INTELLIGENCE . CONSULTING

2. Scope of Report Product of Interest (POI): HVAC Heating, ventilation and air conditioning (HVAC) is a technology used to create a comfortable indoor environment with acceptable indoor air quality and thermal comfort. HVAC is considered to be an important part of residential buildings, single family homes, hotels, medium and large offices and industrial buildings. Primary function of HVAC is to provide thermal comfort along with the acceptable indoor air quality and reasonable maintenance cost. Market Segmentation TYPE END USE Year Range Direct Expansion Systems • Residential • Split • Commercial Real • Window • Estate Review Period Ductable Split • Institutional • 2016 – 2019 VRF • Marine & Offshore • Cassette • Oil & Gas • Base Year Other • Power • 2020 Central Air Conditioning • Systems Estimated Year Chillers • REGION 2021 Boilers • Asia-Pacific • Cooling Towers • Forecast Period Europe • Air Handling Units • North America • 2022 – 2026 Fan Coil Units • South America • HVAC Control • Middle East & • System Africa (MEA) Others • 2

3. Table of Contents S. No. Contents Page No. 1. Product Overview 2. Research Methodology 3. Impact of COVID-19 on Global HVAC Market 4. Global HVAC Market Outlook 4.1. Market Size & Forecast 4.1.1. By Value & Volume 4.2. Market Share & Forecast 4.2.1. By Type (Direct Expansion Systems and Central Air Conditioning Systems) By Direct Expansion Systems (Split, Window, Ductable Split, VRF, Cassette and Others) 4.2.1.1. By Central Air Conditioning Systems (Chillers, Boilers, Cooling Towers, Air Handling Units, Fan Coil Units, HVAC Control System and Others) 4.2.1.2. By End Use (Residential, Commercial Real Estate, Institutional, Power, Oil & Gas, Marine & Offshore) 4.2.2. 4.2.3. By Region 4.2.4. By Company 4.3. Market Map (Region, Type) 5. Asia-Pacific HVAC Market Outlook 5.1. Market Size & Forecast 5.1.1. By Value & Volume 5.2. Market Share & Forecast 5.2.1. By Type 5.2.1.1. Direct Expansion Systems, By Product Type 5.2.1.2. Central Air Conditioning Systems, By Product Type 5.2.2. By End Use 5.2.3. By Country 3

4. Table of Contents S. No. Contents Page No. China HVAC Market Outlook 5.2.3.1. 5.2.3.1.1. Market Size & Forecast 5.2.3.1.1.1. By Value & Volume 5.2.3.1.2. Market Share & Forecast 5.2.3.1.2.1. By Type Direct Expansion Systems, By Product Type 5.2.3.1.2.1.1. Central Air Conditioning Systems, By Product Type 5.2.3.1.2.1.2. Japan HVAC Market Outlook 5.2.3.2. 5.2.3.2.1. Market Size & Forecast 5.2.3.2.1.1. By Value & Volume 5.2.3.2.2. Market Share & Forecast 5.2.3.2.2.1. By Type Direct Expansion Systems, By Product Type 5.2.3.2.2.1.1. Central Air Conditioning Systems, By Product Type 5.2.3.2.2.1.2. India HVAC Market Outlook 5.2.3.3. 5.2.3.3.1. Market Size & Forecast 5.2.3.3.1.1. By Value & Volume 5.2.3.3.2. Market Share & Forecast 5.2.3.3.2.1. By Type Direct Expansion Systems, By Product Type 5.2.3.3.2.1.1. Central Air Conditioning Systems, By Product Type 5.2.3.3.2.1.2. 4

5. Table of Contents S. No. Contents Page No. Indonesia HVAC Market Outlook 5.2.3.4. 5.2.3.4.1. Market Size & Forecast 5.2.3.4.1.1. By Value & Volume 5.2.3.4.2. Market Share & Forecast 5.2.3.4.2.1. By Type Direct Expansion Systems, By Product Type 5.2.3.4.2.1.1. Central Air Conditioning Systems, By Product Type 5.2.3.4.2.1.2. Vietnam HVAC Market Outlook 5.2.3.5. 5.2.3.5.1. Market Size & Forecast 5.2.3.5.1.1. By Value & Volume 5.2.3.5.2. Market Share & Forecast 5.2.3.5.2.1. By Type Direct Expansion Systems, By Product Type 5.2.3.5.2.1.1. Central Air Conditioning Systems, By Product Type 5.2.3.5.2.1.2. 6. North America HVAC Market Outlook 6.1. Market Size & Forecast 6.1.1. By Value & Volume 6.2. Market Share & Forecast 5

6. Table of Contents S. No. Contents Page No. 6.2.1. By Type 6.2.1.1. Direct Expansion Systems, By Product Type 6.2.1.2. Central Air Conditioning Systems, By Product Type 6.2.2. By End Use 6.2.3. By Country 6.2.3.1. United States HVAC Market Outlook 6.2.3.1.1. Market Size & Forecast 6.2.3.1.1.1. By Value & Volume 6.2.3.1.2. Market Share & Forecast 6.2.3.1.2.1. By Type Direct Expansion Systems, By Product Type 6.2.3.1.2.1.1. Central Air Conditioning Systems, By Product Type 6.2.3.1.2.1.2. 6.2.3.2. Mexico HVAC Market Outlook 6.2.3.2.1. Market Size & Forecast 6.2.3.2.1.1. By Value & Volume 6.2.3.2.2. Market Share & Forecast 6.2.3.2.2.1. By Type Direct Expansion Systems, By Product Type 6.2.3.2.2.1.1. Central Air Conditioning Systems, By Product Type 6.2.3.2.2.1.2. 6

7. Table of Contents S. No. Contents Page No. Canada HVAC Market Outlook 6.2.3.3. 6.2.3.3.1. Market Size & Forecast 6.2.3.3.1.1. By Value & Volume 6.2.3.3.2. Market Share & Forecast 6.2.3.3.2.1. By Type Direct Expansion Systems, By Product Type 6.2.3.3.2.1.1. Central Air Conditioning Systems, By Product Type 6.2.3.3.2.1.2. 7. Europe HVAC Market Outlook 7.1. Market Size & Forecast 7.1.1. By Value & Volume 7.2. Market Share & Forecast 7.2.1. By Type 7.2.1.1. Direct Expansion Systems, By Product Type 7.2.1.2. Central Air Conditioning Systems, By Product Type 7.2.2. By End Use 7.2.3. By Country Russia HVAC Market Outlook 7.2.3.1. 7.2.3.1.1. Market Size & Forecast 7.2.3.1.1.1. By Value & Volume 7.2.3.1.2. Market Share & Forecast 7

8. Table of Contents S. No. Contents Page No. 7.2.3.1.2.1. By Type Direct Expansion Systems, By Product Type 7.2.3.1.2.1.1. Central Air Conditioning Systems, By Product Type 7.2.3.1.2.1.2. Italy HVAC Market Outlook 7.2.3.2. 7.2.3.2.1. Market Size & Forecast 7.2.3.2.1.1. By Value & Volume 7.2.3.2.2. Market Share & Forecast 7.2.3.2.2.1. By Type Direct Expansion Systems, By Product Type 7.2.3.2.2.1.1. Central Air Conditioning Systems, By Product Type 7.2.3.2.2.1.2. Spain HVAC Market Outlook 7.2.3.3. 7.2.3.3.1. Market Size & Forecast 7.2.3.3.1.1. By Value & Volume 7.2.3.3.2. Market Share & Forecast 7.2.3.3.2.1. By Type Direct Expansion Systems, By Product Type 7.2.3.3.2.1.1. Central Air Conditioning Systems, By Product Type 7.2.3.3.2.1.2. 8

9. Table of Contents S. No. Contents Page No. United Kingdom HVAC Market Outlook 7.2.3.4. 7.2.3.4.1. Market Size & Forecast 7.2.3.4.1.1. By Value & Volume 7.2.3.4.2. Market Share & Forecast 7.2.3.4.2.1. By Type Direct Expansion Systems, By Product Type 7.2.3.4.2.1.1. Central Air Conditioning Systems, By Product Type 7.2.3.4.2.1.2. France HVAC Market Outlook 7.2.3.5. 7.2.3.5.1. Market Size & Forecast 7.2.3.5.1.1. By Value & Volume 7.2.3.5.2. Market Share & Forecast 7.2.3.5.2.1. By Type Direct Expansion Systems, By Product Type 7.2.3.5.2.1.1. Central Air Conditioning Systems, By Product Type 7.2.3.5.2.1.2. 9

10. Table of Contents S. No. Contents Page No. 8. South America HVAC Market Outlook 8.1. Market Size & Forecast 8.1.1. By Value & Volume 8.2. Market Share & Forecast 8.2.1. By Type 8.2.1.1. Direct Expansion Systems, By Product Type 8.2.1.2. Central Air Conditioning Systems, By Product Type 8.2.2. By End Use 8.2.3. By Country Brazil HVAC Market Outlook 8.2.3.1. 8.2.3.1.1. Market Size & Forecast 8.2.3.1.1.1. By Value & Volume 8.2.3.1.2. Market Share & Forecast 8.2.3.1.2.1. By Type 8.2.3.1.2.1.1. Direct Expansion Systems, By Product Type 8.2.3.1.2.1.2. Central Air Conditioning Systems, By Product Type Argentina HVAC Market Outlook 8.2.3.2. 8.2.3.2.1. Market Size & Forecast 8.2.3.2.1.1. By Value & Volume 8.2.3.2.2. Market Share & Forecast 8.2.3.2.2.1. By Type 8.2.3.2.2.1.1. Direct Expansion Systems, By Product Type 8.2.3.2.2.1.2. Central Air Conditioning Systems, By Product Type 10

11. Table of Contents S. No. Contents Page No. 8.2.3.3. Colombia HVAC Market Outlook 8.2.3.3.1. Market Size & Forecast 8.2.3.3.1.1. By Value & Volume 8.2.3.3.2. Market Share & Forecast 8.2.3.3.2.1. By Type Direct Expansion Systems, By Product Type 8.2.3.3.2.1.1. Central Air Conditioning Systems, By Product Type 8.2.3.3.2.1.2. 9. MEA HVAC Market Outlook 9.1. Market Size & Forecast 9.1.1. By Value & Volume 9.2. Market Share & Forecast 9.2.1. By Type 9.2.1.1. Direct Expansion Systems, By Product Type 9.2.1.2. Central Air Conditioning Systems, By Product Type 9.2.2. By End Use 9.2.3. By Country 9.2.3.1. Saudi Arabia HVAC Market Outlook 9.2.3.1.1. Market Size & Forecast 9.2.3.1.1.1. By Value & Volume 9.2.3.1.2. Market Share & Forecast 11

12. Table of Contents S. No. Contents Page No. 9.2.3.1.2.1. By Type Direct Expansion Systems, By Product Type 9.2.3.1.2.1.1. Central Air Conditioning Systems, By Product Type 9.2.3.1.2.1.2. 9.2.3.2. Egypt HVAC Market Outlook 9.2.3.2.1. Market Size & Forecast 9.2.3.2.1.1. By Value & Volume 9.2.3.2.2. Market Share & Forecast 9.2.3.2.2.1. By Type Direct Expansion Systems, By Product Type 9.2.3.2.2.1.1. Central Air Conditioning Systems, By Product Type 9.2.3.2.2.1.2. 9.2.3.3. Turkey HVAC Market Outlook 9.2.3.3.1. Market Size & Forecast 9.2.3.3.1.1. By Value & Volume 9.2.3.3.2. Market Share & Forecast 9.2.3.3.2.1. By Type Direct Expansion Systems, By Product Type 9.2.3.3.2.1.1. Central Air Conditioning Systems, By Product Type 9.2.3.3.2.1.2. 12

13. Table of Contents S. No. Contents Page No. 9.2.3.4. UAE HVAC Market Outlook 9.2.3.4.1. Market Size & Forecast 9.2.3.4.1.1. By Value & Volume 9.2.3.4.2. Market Share & Forecast 9.2.3.4.1.2. By Type Direct Expansion Systems, By Product Type 9.2.3.4.2.1.1. Central Air Conditioning Systems, By Product Type 9.2.3.4.2.1.2. 10. Market Dynamics 10.1. Drivers 10.2. Challenges 11. Market Trends & Developments 12. Porter’s Five Forces Analysis 13. Competition Benchmarking 14. Competitive Landscape 14.1. Company Profiles 14.1.1. Company Details 14.1.2. Products & Services 14.1.3. Financials (As Reported) 14.1.4. Key Market Focus & Geographical Presence 14.1.5. Recent Developments 14.1.6. Key Management Personnel 13

14. Table of Contents S. No. Contents Page No. 15. Strategic Recommendations 16. About Us & Disclaimer 14

15. RESEARCH METHODOLOGY RESEARCH METHODOLOGY

16. Research Methodology Market Profiling Data Analysis Data Data Developing List of Respondents Formulating Questionnaire Collection Validation In-depth secondary research was conducted to determine top players in the global HVACmarket, overall market size and segmental market size. The data was scrutinized using MS-Excel, statistical tools and internal proprietary database to obtain qualitative and quantitative insights about the global HVACmarket. Data obtained as a result of primary and secondary research was validated through rigorous triangulation. TechSci conducted interviews with industry experts and industry players for data collection and verification. In order to conduct industry experts’ interviews, TechSci formulated a detailed discussion guide. List of industry players and industry specialists was developed. Primary Research Desk Research Company Analysis ✓ ✓ Recent Developments Market Changing Aspects/Dynamics Government Policies Conclusion ✓ ✓ Market Participants Key Strengths ✓ Identifying Key Opinion Leaders Questionnaire Design In-depth Interviews Actionable Insights Data Filter & Analysis Business Solution Research & Intelligence Data Collection ✓ ✓ ✓ ✓ Primary Research Secondary Research Paid Sources LinkedIn TechSci Internal Database Company Websites Company Annual Reports White Paper Study Financial Reports Investor Presentations Regulatory Body Associations, etc. Factiva Hoovers ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ 16

17. Research Methodology Baseline Methodology Our dedicated team of industry experts has monitored and analyzed various aspects of the global HVAC market. The team has analyzed the outlook of various segments of this market, while considering the major influencing factors such as increase in construction and infrastructure development activities. The study includes market forecasting, which would enable our clients to take better decisions while planning their strategy to achieve sustainability in the global HVAC market. Methodology Followed for Calculation of Market Size: Market Size by Value: Market size, in terms of value, for the year 2020 was calculated based on information collected through exhaustive • secondary research and primary surveys, with various key opinion leaders/stakeholders, such as HVAC manufacturers, channel partners, market influencers & end users, industry experts, and other industry participants. The team interviewed more than 15 – 20 HVAC manufacturers, 100 – 120 end users, and 15 – 20 industry experts and other value chain • stakeholders in the global HVAC market to obtain the overall market size from 2016 to 2020, which was validated by the Delphi technique. Taking standard deviation into consideration, the market size was averaged out, to arrive at the market size data during 2016-2020. 17

18. Research Methodology Respondents were asked about the current and future market growth rates, market shares by type, by end use, by region and by company. • Removing the outlier responses, the geometric mean of growth estimates and provider wise revenue shares generated across various segments were considered, to arrive at the final revenue shares. Revenue shares generated across various segments were further triangulated from other stakeholders. Methodology Followed for Calculation of Market Shares: Market shares by type, by end use, by region and by company were calculated based on the responses received through primary surveys • with industry experts, in which the respondents were asked about the market shares or revenue generated from various segments of HVAC markets. The final shares were calculated by taking the geometric mean of the responses gathered from key opinion leaders after eliminating the outliers. Methodology Followed for Forecasting: TechSci Research performed periodical checks on data collected through the surveys with logic checks and analyzed the survey results in • SPSS/Tableau Software. Data triangulation techniques were applied to fill the gaps and to present a more meaningful picture of the market. To forecast global HVAC • market, TechSci Research used various forecast techniques such as: Moving Average ✓ Time Series Analysis ✓ Regression Analysis ✓ Econometric and Judgmental Analysis ✓ 18

19. Research Methodology TechSci Research used its own forecast tool, which is based on the growth of various allied industries in respective regions. TechSci Research also used the impact analysis during short, medium and long term period to estimate the demand and to reach accurate market numbers. It should be noted that the figures compiled are only for the organized market including market share data. The currency used in the report is the United States Dollar (USD), with the market size indicated in USD million. Partial List of Companies Interviewed Key Secondary Sources Daikin Industries, Ltd. World Bank ▪ ▪ Gree Electric Appliances Inc. TechSci Research Proprietary Database & Knowledge Repository ▪ ▪ Midea Group Co., Ltd. Company Annual Reports ▪ ▪ Carrier Global Corporation Industry Magazines ▪ ▪ Samsung Electronics Co. Ltd. Industry Reports ▪ ▪ Panasonic Corporation News Dailies ▪ ▪ Mitsubishi Electric Corporation Credible Paid Databases ▪ ▪ Toshiba Corporation ▪ Ingersoll Rand Public Limited Company ▪ Johnson Controls-Hitachi Air Conditioning Limited ▪ 19

20. Industry Brief According to TechSci Research report, “Global HVAC Market By Type (Direct Expansion Systems and Central Air Conditioning Systems), By Direct Expansion Systems Product Type (Split, VRF, Ductable Split, Window, Cassette and Others), By Central Air Conditioning Systems Product Type (Chillers, Air Handling Units, HVAC Control Systems, Fan Coil Units, Boilers, Cooling Towers, Others), By End User (Residential, Commercial Real Estate, Institutional, Power, Oil & Gas, Marine & Offshore and Others), By Region, Competition, Forecast & Opportunities, 2026”, Global HVAC market is expected to reach USD198.10 billion by 2026, growing at a CAGR of 4.40% during the forecast period. The growth in the global HVAC market can be attributed to the rising need for energy efficient HVAC systems, increasing construction activities, developing infrastructure in emerging countries and growing replacement demand for HVAC systems in developed countries. Direct expansion systems dominated the global HVAC market in 2020 and are forecast to garner a revenue share of over 74% by 2026. This is primarily due to various advantages associated with them such as energy efficiency, lower running cost, easy availability and integration of latest technologies along with rising urban population and increasing construction activities. The rapid urbanization in developing countries has resulted in a significant increase in the demand for HVAC equipment. The rise in disposable income has led to change in the lifestyle of consumers as the preferences of people are inclining more towards the smart connected equipment. HVAC equipment is being transformed by technologies such as automated control systems, and remote-control access. The automated control system monitors the outside atmosphere and adjusts the temperature and fan speed to provide the best possible comfort. Remote control access permits users to control associated frameworks distantly using mobile applications and the internet. In September 2020, Johnson Controls launched OpenBlue technology, which integrates touchless technology, advanced ventilation, and sanitization systems, as well as a flexible infrastructure into digital offerings. The global HVAC market is segmented into by type, by direct expansions systems, by central air conditioning, by end user, by region and by company. In terms of type, the global HVAC market can be segregated into direct expansions systems and central air conditioning systems. Among which direct expansions have accounted majority of market share of more than 74% in 2020 followed by central air conditioning systems. In terms of direct expansion systems, the market is segregated into Split, VRF, Ductable Split, Window, Cassette and Others (Portable, Cube, Floor Standing, etc.). Among which, split air conditioners market has accounted for the majority of market share in the global HVAC market owing to their various advantages such as energy efficiency, lower running cost, easy availability, and integration of latest technologies. In terms of global central air conditioning systems, the market is segregated into Chillers, Air handling units, HVAC control systems, fan coil units, boilers, cooling towers and others. Among which, the chillers segment type has accounted for the majority of market share in global HVAC market on account of factors such as infrastructure growth, rising thermal plant establishments, growing IT/ITeS sector, increasing number of data centers, increasing construction of high-rise buildings, etc., are the key end use sectors driving demand for chillers across the globe. In terms of End User, the global HVAC market is segmented into residential, commercial real estate, institutional, power, oil & gas, marine & offshore, and others. Among which, the residential sector has accounted for the majority of market share in 2020 due to robust growth in residential space, growing population and increasing urbanization. Moreover, growing awareness about latest air conditioner technologies coupled with increasing purchasing power of consumers across the globe is boosting the demand for air conditioners from the residential sector across the globe. In terms of regional analysis, the global HVAC market is segmented into Asia-Pacific, Europe, North America, South America and Middle East & Africa. Among these, the Asia-Pacific region is dominating the global HVAC market followed by North America in 2020 on account of growing middle class population base, rising temperatures due to climate change, growing commercial sector and increasing purchasing power of consumers. Major players operating in the global HVAC market include Daikin Industries, Ltd., Carrier Global Corporation, Gree Electric Appliances Inc., Panasonic Corporation, Midea Group Co., Ltd., and others. Among which Daikin Industries, Ltd., has accounted for the majority of market share in 2020 in the global HVAC market. Leading players are focusing on expanding their product portfolios to maintain sustainable growth in the market. The companies are also expanding their distribution reach across various countries and surge in the distribution of HVAC in the market. “One of the most popular trends in the global HVAC market is the growing demand for HVAC Sensor Based System. Smart HVAC technology decreases the workload of facility workers, lowers energy costs, and increases employee comfort. Smart HVAC, like other forms of smart building technology, relies on sensors that are connected to the building automation system. These sensors gather information about the building's conditions. Other advanced HVAC equipment allows the facility to fine-tune temperature, humidity, and air flow in different zones to maximize comfort while lowering the energy use.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm. 20

21. Sample Data - Snapshot Global HVAC Market Size, By Value (USD Million), By Volume (Million Units), 2016-2026F 15.00 110.00 14.00 100.00 13.00 90.00 12.00 80.00 11.00 70.00 10.00 60.00 9.00 50.00 8.00 40.00 7.00 30.00 6.00 20.00 5.00 10.00 CAGR By Value & Volume XX% CAGR By Value & Volume YY% 2016 2020 2021E 2026F By Value (USD Million) By Volume (Million Units) North America HVAC Market Share, By Type, By Value, 2016–2026F Direct Expansion Systems Central Air Conditioning Systems 50% 50% 2026F 50% 50% 50% 50% 2024F 50% 50% 50% 50% 2022F 50% 50% 50% 50% 2020 50% 50% 50% 50% 2018 50% 50% 50% 50% 2016 United States HVAC Market Share, Direct Expansion Systems, By Product Type, By Value, 2016–2026F Split Window Ductable Split VRF Cassette Others 17% 17% 17% 17% 16% 16% 2026F 17% 17% 17% 17% 16% 16% 2025F 17% 17% 17% 17% 16% 16% 2024F 17% 17% 17% 17% 16% 16% 2023F 17% 17% 17% 17% 16% 16% 2022F 17% 17% 17% 17% 16% 16% 2021E 17% 17% 17% 17% 16% 16% 2020 17% 17% 17% 17% 16% 16% 2019 17% 17% 17% 17% 16% 16% 2018 17% 17% 17% 17% 16% 16% 2017 17% 17% 17% 17% 16% 16% 2016 21

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23. About Us & Disclaimer TechSci Research is a global market research and consulting company with offices in the US, UK and India. TechSci Research provides market research reports in number of areas to organizations. The company uses innovative business models that focus on improving productivity, while ensuring creation of high-quality reports. The proprietary forecasting models use various analyses of both industry-specific and macroeconomic variables on a state-by-state basis to produce a unique ‘bottom-up’ model of a country, regional and global industry prospects. Combined with the detailed analysis of company activity and industry trends, the result is a uniquely rich evaluation of the opportunities available in the market. Related Reports Germany HVAC Market By Product Type (Direct Expansion Systems and Central Air Conditioning Systems), By End Use Sector (Residential; Commercial; Institutional; Industrial) Competition Forecast & Opportunities, 2016 – 2026 • Global Air Conditioners Market By Product Type (Light Commercial Air Conditioner, Ductable Splits, VRF, Chiller and Others), By Region (Asia- Pacific, North America, Europe, South America and MEA), Competition Forecast & Opportunities, 2026 • TechSci Research – North America 708 Third Avenue, Manhattan, New York, United States Tel: +1- 646- 360- 1656 Email: sales@techsciresearch.com www.techsciresearch.com TechSci Research – Europe 54, Old brook, Bretton, Peterborough, United Kingdom Email: sales@techsciresearch.com www.techsciresearch.com TechSci Research – Asia-Pacific B – 44, Sector – 57, Noida, National Capital Region, U.P. - India Tel: +91-120-4523900 Email: sales@techsciresearch.com www.techsciresearch.com Disclaimer The contents of this report are based on inPriceation generally available to the public from sources believed to be reliable. No representation is made that it is timely, accurate or complete. TechSci Research has taken due care and caution in compilation of data as this has been obtained from various sources including which it considers reliable and firsthand. However, TechSci Research does not guarantee the accuracy, adequacy or completeness of any inPriceation and it is not responsible for any errors or omissions or for the results obtained from the use of such inPriceation and especially states that it has no financial liability whatsoever to the subscribers / users of this report. The inPriceation herein, together with all estimates and forecasts, can change without notice. All the figures provided in this document are indicative of relative market size and are strictly for client’s internal consumption. Usage of the same for purpose other than internal will require prior approval of TechSci Research.