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The APAC HVAC market will be valued at around $102.17 BN in 2022. This report provides complete information regarding consumer purchasing behavior and the adoption of the HVAC in APAC. Over the years, HVAC systems have been increasingly adopted across several end-user applications. Increasing applications among sectors with a high expectancy of standards and manufacturing in the HVAC market must meet regulatory standards and provide robust solutions. The residential sector dominates the HVAC market. The demand is characterized by different climatic conditions, necessitating several types of HVAC equipment. Most vendors in the APAC HVAC market dedicate their maximum operations to catering to the commercial sector. Further, the choice of equipment varies depending on the structure and purpose of commercial buildings. Furthermore, major players focus on strategic agreements, acquisitions, and collaboration with emerging players to enter the APAC HVAC market to gain access to commercially launched products.
KEY HIGHLIGHTS:
- The APAC region has constantly been the largest market for HVAC systems owing to its population, rising urbanization, climatic conditions, and demographic changes. Major economies in the APAC region, including China, Japan, and India, are witnessing increasing commercial construction activities due to an expanding number of companies in various APAC sectors setting up their offices in distinct regions to capture the potential customer base.
- Switching from disintegrating fluorinated system equipment to natural refrigerants in energy-efficient systems is encouraged by the regulatory authorities of HVAC manufacturers. This measure helps to propel the growth rate of HVAC systems in the APAC region.
- The growing consumer awareness of energy efficiency, climate change challenges, and rising energy bills is a major growth driver for the energy-efficient HVAC market. The two economic giants of APAC are China and India, which experience significant demand for HVAC systems. Construction activities, rapid urbanization, and industrialization are propelling the sale growth for HVAC systems in the APAC region.
- Environmental agencies and governments are initiating the formulation of policies for AC refrigerant and HVAC system manufacturers, suppliers, and service providers. This will facilitate the introduction of modern HVAC systems with low GWP. Key HVAC manufacturers are developing the R-717 refrigerant, which has the lowest GWP (Global Warming Potential). This effort aims to address the growing concerns of global warming and the depletion of the ozone layer.
- Due to spiking urbanization, the APAC market construction industry projected significant growth in 2022. Demand for residential construction remains strong in developing economies, with multiple real estate projects underway in various APAC industrial, residential, and commercial development zones. The current trend is expected to gain further momentum, making the new construction sector a crucial growth factor for APAC HVAC players.
List of Vendors
Key Vendors
- Daikin
- Carrier
- Johnson Controls
- Mitsubishi Electric
- Samsung
- LG
Other Prominent Vendors
- Panasonic
- Rheem Manufacturing
- Lennox International
- Ingersoll Rand
- Systemair
- Ostberg
- Honeywell
- Danfoss
- Alfa Laval
- Zehnder
- S & P
- Hitachi
- TCL Electronics
- Camfil
- Dunham Bush
- Backer Springfield
- Fujitsu
- Midea
- Grundfos
- VTS
- Nuaire
- LU-VE
- Wolf
- Vaillant Group
REPORT HIGHLIGHTS
SEGMENTATION & FORECAST
- Equipment (Revenue)
- Heating
- Heat Pumps
- Boiler Units
- Furnaces
- Others
- Air Conditioning
- RACs
- CACs
- Chillers
- Heat Exchangers
- Others
- Ventilation
- Air Handling Units
- Air Filters
- Humidifiers & Dehumidifiers
- Fan Coil Units
- Others
- End-User (Revenue)
- Residential
- Commercial
- Office Space
- Airport & Public Utilities
- Hospitality
- Hospitals
- Industrial & Others
MARKET STRUCTURE
- Market Dynamics
- Competitive Landscape of APAC HVAC
- Key Vendors
- Other Prominent Vendors
Table of Contents
Companies Mentioned
- Daikin
- Carrier
- Johnson Controls
- Mitsubishi Electric
- Samsung
- LG
- Panasonic
- Rheem Manufacturing
- Lennox International
- Ingersoll Rand
- Systemair
- Ostberg
- Honeywell
- Danfoss
- Alfa Laval
- Zehnder
- S & P
- Hitachi
- TCL Electronics
- Camfil
- Dunham Bush
- Backer Springfield
- Fujitsu
- Midea
- Grundfos
- VTS
- Nuaire
- LU-VE
- Wolf
- Vaillant Group
Methodology
Our research comprises a mix of primary and secondary research. The secondary research sources that are typically referred to include, but are not limited to, company websites, annual reports, financial reports, company pipeline charts, broker reports, investor presentations and SEC filings, journals and conferences, internal proprietary databases, news articles, press releases, and webcasts specific to the companies operating in any given market.
Primary research involves email interactions with the industry participants across major geographies. The participants who typically take part in such a process include, but are not limited to, CEOs, VPs, business development managers, market intelligence managers, and national sales managers. We primarily rely on internal research work and internal databases that we have populated over the years. We cross-verify our secondary research findings with the primary respondents participating in the study.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 108 |
| Published | July 2023 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value ( USD | $ 102.17 Billion |
| Forecasted Market Value ( USD | $ 148.59 Billion |
| Compound Annual Growth Rate | 6.4% |
| Regions Covered | Asia Pacific |
| No. of Companies Mentioned | 30 |
