Asia Pacific HVAC Market Report and Forecast 2024-2032

Asia Pacific HVAC Market Size

The Asia Pacific HVAC market is projected to grow at a CAGR of 7.2% between 2024 and 2032. The market is being driven by the growing demand for energy-efficient HVAC systems.

Asia Pacific HVAC Market Outlook

• The installation of HVAC systems in new constructions is expected to become increasingly popular.

• India is expected to become one of the leading countries in the market over the forecast period.

• Energy-efficient HVAC systems are expected to witness a surge in demand in the coming years.

Asia Pacific HVAC Market Growth

According to the International Energy Agency, merely 15% of all Southeast Asian households own an air conditioner. Countries like Singapore and Malaysia report an installation rate of 80%, while in Vietnam and Indonesia, the rate is only 10%. With the increasing need for protecting children and the elderly from extreme weather conditions, it is expected that the total number of AC installations in Southeast Asia could reach 300 million by 2040.

Eco-friendly HVAC systems that rely on geothermal energy to heat/cool commercial and residential spaces are becoming increasingly popular. This is because they enable significant cost savings for consumers and organisations while driving the transition towards the usage of clean energy. Over the forecast period, solar power and wind energy are expected to become increasingly popular sources of powering these systems.

HVAC as a Service is expected to emerge as a lucrative business opportunity for major market players in the region. This can facilitate regular maintenance and repairs of heat pumps and other HVAC systems installed within buildings, thereby ensuring their effective functioning. Businesses can significantly benefit from the stable source of revenue generated from the subscription-based business  service. This is expected to drive the Asia Pacific HVAC market growth.

Asia Pacific HVAC Industry Segmentation

Asia Pacific HVAC Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:

Market Breakup by Equipment

• Heating
  • Heat Pumps
  • Furnaces
  • Unitary Heaters
• Ventilation
  • Air-Handling Units
  • Air Filters and Purifiers
  • Ventilation Fans
  • Dehumidifiers and Humidifiers
  • Others
• Cooling
  • Unitary Air Conditioners
  • VRF Systems
  • Chillers
  • Coolers
  • Cooling Towers
  • Others

Market Breakup by Implementation Type

• New Constructions

• Retrofits

Market Breakup by End Use

• Residential

• Commercial

• Industrial

Market Breakup by Country

• China

• Japan

• India

• ASEAN

• Australia

• Others

Asia Pacific HVAC Market Share

Based on country, the market is divided into China, Japan, India, ASEAN, and Australia, among others. Over the forecast period, India is expected to lead the demand for HVAC systems, as rising temperatures necessitate the demand for energy-efficient cooling systems among India’s middle-class households.

Leading Companies in the Asia Pacific HVAC Market

The report provides a detailed analysis of the following key players in the market, covering their competitive landscape and latest developments like mergers and acquisitions, investments, and capacity expansion.

• LG Corp.

• Robert Bosch GmbH

• Hitachi Ltd.

• Samsung Electronics Co. Ltd.

• Haier Smart Home Co. Ltd.

• Mitsubishi Electric Corporation

• Panasonic Holdings Corp.

• Daikin Industries Ltd.

• Lennox International Inc.

• Carrier Global Corp.

• Danfoss A/S

• Others

Major market players are manufacturing HVAC systems equipped with remote control features and smart sensors that reduce electricity bills and ensure high performance.

Key Highlights of the Report