The world’s largest manufacturer of air conditioners Daikin Industries Ltd is betting that production and sales in India will make up a huge part of the company as the nation outpaces global growth.

Kanwal Jeet Jawa, CEO of Daikin India, said the market has huge potential. The company considers the Indian market to be the best of all other markets in the world.

He asserted that the objective is to ensure more than double sales by 2025, after increasing revenue tenfold over the past decade. Notably, only 5% of businesses and households in India have air conditioners that compete with local supplier Voltas Ltd.

Daikin’s worldwide sales are poised to benefit from two key factors- global warming and growing affluence in emerging economies. This year, a deadly heat wave in India underscored the need for better access to cooling products. The company estimates that the local market is worth about 300 billion yen ($2.1 billion).

Founded by Akira Yamada in 1924, Daikin Industries Ltd is a Japanese multinational air conditioning manufacturing company. Headquartered in Osaka, Daikin is the inventor of variable refrigerant flow (VRF) air conditioners.

Currently, Daikin is building a third factory in India, investing 15 billion yen in a facility that can manufacture 3 million units a year. The company is exploring ramping up manufacturing for domestic buyers and exporting to the Middle East and Africa.