The Asia-Pacific (APAC) HVAC market is projected to attain a size of $70.7 billion by 2024, progressing at a CAGR of 4.3%
NEW YORK, Nov. 14, 2019 /PRNewswire/ --
Asia-Pacific (APAC) HVAC Market by HVAC Type (Heating [Furnaces, Heat Pumps, Boilers, Unitary Heaters], Ventilation [Humidifiers/Dehumidifiers, Air Cleaners, Ventilation Fans, Air Handling Units, Fan Coil Units], Cooling [Variable Refrigerant Flow (VRF), Ducted Split/Packaged Unit, Split Units, Chillers, Room ACs]), by End-User (Commercial [Offices & Buildings, Supermarkets/Hypermarkets, Government, Healthcare, Hospitality, Transportation], Industrial [Oil & Gas, Food & Beverage, Automotive, Energy and Utilities], Residential), by Country (China, India, Japan, South Korea) Market Size, Share, Development, Growth and Demand Forecast, 2014-2024
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The Asia-Pacific (APAC) HVAC market is projected to attain a size of $70.7 billion by 2024, progressing at a CAGR of 4.3% during the forecast period (2019–2024)according to the report. This is mainly attributed to the growing construction sector in countries such as China and India, which are witnessing huge investments in the infrastructure sector, specifically for retail spaces, commercial office buildings, manufacturing facilities, metro rail lines, and expansion and construction of airports.
On the basis of heating type, the APAC HVAC market is divided into boilers, heat pumps, furnaces, and unitary heaters. Among these, in the historical period, the boilers division dominated the market, owing to the increasing demand for boilers from the thermal power sector, mainly from India, China, Indonesia, Japan, and Vietnam. In the forecast period, a huge demand for electrical energy will arise from both China and India. For instance, In India, it is estimated that in the fiscal year 2021–2022, the requirement for electrical energy is predicted to reach 191 TWh, with a peak demand of 298 GW.
Further, based on cooling type, the APAC HVAC market is categorized into ducted split/packaged unit, variable refrigerant flow (VRF), chiller, split unit, and room AC. Out of these, during the forecast period, the VRF category is expected to grow the fastest, owing to the higher energy efficiency of the equipment, coupled with the surging demand for green buildings in the region. Additionally, the VRF category is projected to offer ample opportunities to manufacturers in 2019–2024, as commercial spaces, such as offices, malls, and hospitals, use these systems in large numbers.
Coming to end-user, the APAC HVAC market is classified into industrial, commercial, and residential. Among these, the commercial end-user classification dominated the market with large-scale HVAC system installation in the historical period (2014–2018); the category also witnessed the highest CAGR during this period. Here, India witnessed the highest CAGR in the commercial end-user classification. This is attributed to the increasing number of commercial projects, predominately related to buildings and commercial offices. For instance, Marathon Futurex 2017, Urmi Estate 2014, Wave One Noida 2018, and Oberoi Commerz II 2015 are some of the projects being executed in the country.
The APAC HVAC market presents with acute fragmentation, with competition based on reputation, quality, price, energy efficiency, and technical know-how. During 2014–2016, the oil crisis negatively impacted the market. But, upcoming global events, such as Asian Games 2018 in Jakarta and Palembang, PyeongChang 2018 Olympic Winter Games, and XXIV Olympic Winter Games 2019 Beijing, and the resulting surge in tourism have boosted the demand for HVAC systems in APAC.
Asia-Pacific (APAC) HVAC Market Segmentation
Market Segmentation by HVAC Type
• Heating
- Furnaces
- Heat Pumps
- Boilers
- Unitary Heaters
• Ventilation
- Humidifiers/Dehumidifiers
- Air Cleaners
- Ventilation Fans
- Air Handling Units and Fan Coil Units
• Cooling
- Variable Refrigerant Flow
- Ducted Split/Packaged Unit
- Split Units
- Chillers
- Room ACs
Market Segmentation by End-User
• Commercial
- Commercial Offices/Buildings
- Supermarkets/Hypermarkets
- Government
- Healthcare
- Hospitality
- Transportation
- Others (Education, Data Centers, Banking, Departmental Stores, Convenience Stores)
• Industrial
- Oil and Gas
- Food and Beverage
- Automotive
- Energy and Utilities
- Others (Electronics, Textile, and Chemical and Cement Industries)
• Residential
Market Segmentation by Country
• China HVAC Market
- By HVAC Type
- By End-User
• Japan HVAC Market
- By HVAC Type
- By End-User
• India HVAC Market
- By HVAC Type
- By End-User
• South Korea HVAC Market
- By HVAC Type
- By End-User
• Rest of APAC HVAC Market
- By HVAC Type
- By End-User
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