Aug 16, 2023   SOURCE: BusinessWire

Asia-Pacific HVAC (Heating, Ventilation, and Air Conditioning) Market Insights 2023-2028: Emerging Giants - China and India Drive Market Growth Amidst Increased Urbanization and Industrialization - ResearchAndMarkets.com

The "APAC HVAC Market - Focused Insights 2023-2028" report has been added to ResearchAndMarkets.com's offering.

The APAC HVAC market will be valued at around $148.59 billion by 2028 from $102.17 billion in 2022, growing at a CAGR of 6.4%

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.

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.

Key Attributes:

Report Attribute Details
No. of Pages 108
Forecast Period 2022 - 2028
Estimated Market Value (USD) in 2022 $102.17 Billion
Forecasted Market Value (USD) by 2028 $148.59 Billion
Compound Annual Growth Rate 6.4%
Regions Covered Asia Pacific

Market Structure

  • Market Dynamics
  • Competitive Landscape of APAC HVAC
  • Key Vendors
  • Other Prominent Vendors

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

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

For more information about this report visit https://www.researchandmarkets.com/r/f1dip8

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