Asia Pacific Unit Heater Market

Market Introduction

The unit heater market in APAC is further segmented into India, Japan, Australia, China, South Korea, and the Rest of APAC. China, South Korea, and India are the leading HVAC manufacturing countries in the region. Rising disposable income in developing countries, especially in South Korea, India and China, is leading to a large client base for HVAC systems, including unit heaters, which is driving the market growth in the region. China is a leading manufacturing hub for unit heaters, while South Korea, Japan, and India are among significant contributors to the regional market growth. Various APAC countries are characterized by the mass production of HVAC systems required for residential, commercial, and industrial applications. Increasing number of manufacturing facilities in India and China owing to the availability of skilled human resources is driving the HVAC system adoption, which is subsequently bolstering the unit heaters market growth. Moreover, an increase in sales of HVAC systems for the commercial sector and advancements in HVAC sensors support the market growth in the region. Further, the presence of leading HVAC manufacturing companies such as Mitsubishi Electric Corporation and Johnson Controls–Hitachi Air Conditioning is augmenting the market growth. In October 2019, Johnson Controls–Hitachi Air Conditioning Company invested US$ 22.5 million in India to form a new global development manufacturing center for the production of HVAC systems for commercial and residential segments. Advances in design complements modern infrastructure is the major factor driving the growth of the APAC unit heater market.

The COVID-19 outbreak has resulted in a substantial financial loss in the APAC region. The governments in Asia Pacific countries have taken several crucial steps to contain the spread of virus by imposing lockdown and physical distancing norms, which has negatively affected the manufacturing sector. In addition, China has significantly higher number of HVAC system manufacturers. The lockdown measures and physical distancing norms imposed by the Chinese government during Q1 has reflected huge fall in supply of HVAC systems, which ultimately resulted in decimation in revenue generation in the unit heater market in 2020. However, during later period of Q4 of 2020, the region experienced increase in adoption of unit heaters as infection rate were reduced and economic activities started to gain pace.

Market Overview and Dynamics

The unit heater market in APAC is expected to grow from US$ 923.11 million in 2021 to US$ 1,462.08 million by 2028; it is estimated to grow at a CAGR of 6.8% from 2021 to 2028. Major unit heater manufacturers are focusing on offering energy-efficient products that offer optimal heating, exhibit low maintenance and operational costs, and operate with decreased emission levels. For instance, Modine Manufacturing Company launched a new unit heater named Affinity, which features a dual heat exchanger, power exhauster, and separated combustion chamber, thereby emitting less CO2 levels and increases the overall heating efficiency. Rising demand for low-noise operations, integration of electric heaters with solar panels, growing use of sensors to automatically adjust the temperature, and elevated efficiency at lower costs are the factors driving the growth of the  unit heaters market. The manufacturers are focusing on the implementation of new motor designs with low-noise fans, and the integration of thermostat, remote control option, and screen display in unit heaters. Further, increase in demand for energy-efficient equipment in the food & beverages, manufacturing, chemicals, pharmaceutical, oil & gas, and other sectors is boosting the unit heater market growth.

Key Market Segments

The APAC unit heater market is segmented on the basis of installation, application product type, and country. By installation, the APAC unit heater market is bifurcated into horizontal unit heater, vertical unit heater, and suspended unit heater. The horizontal unit heater segment dominated the market in 2020 and vertical unit heater segment is expected to be the fastest growing during the forecast period. On the basis of application, the unit heater market is segmented into commercial, industrial, and residential. The commercial segment dominated the market and industrial segment is expected to be the fastest growing during the forecast period. On the basis of product type, the unit heater market is segmented into gas fired, hydronic, electric, and others. The hydronic segment dominated the market and electric segment is expected to be the fastest growing during the forecast period.

Major Sources and Companies Listed

A few major primary and secondary sources referred to for preparing this report on the unit heater market in APAC are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are Armstrong International Inc.; Dunham-Bush Limited; Kroll Energy GmbH; Reznor HVAC; Thermon Industries, Inc.; and Trane are among others.

Reasons to buy report

• To understand the APAC unit heater market landscape and identify market segments that are most likely to guarantee a strong return
• Stay ahead of the race by comprehending the ever-changing competitive landscape for APAC unit heater market
• Efficiently plan M&A and partnership deals in APAC unit heater market by identifying market segments with the most promising probable sales  
• Helps to take knowledgeable business decisions from perceptive and comprehensive analysis of market performance of various segment form APAC unit heater market
• Obtain market revenue forecast for market by various segments from 2021-2028 in APAC region.

APAC Unit Heater Market Segmentation

APAC Unit Heater Market -By Installation

• Horizontal Unit Heater
• Vertical Unit Heater
• Suspended Unit Heater

APAC Unit Heater Market -By Application

• Commercial
• Industrial
• Residential

APAC Unit Heater Market -By Product Type

• Gas Fired
• Hydronic
• Electric
• Others

APAC Unit Heater Market -By Country

• Australia
• China
• India
• Japan
• South Korea
• Rest of APAC

APAC Unit Heater Market -Company Profiles

• Armstrong International Inc.
• Dunham-Bush Limited
• Kroll Energy GmbH
• Reznor HVAC
• Thermon Industries, Inc.
• Trane

Asia Pacific Unit Heater Market Strategic Insights

Asia Pacific Unit HeaterMarket Report Highlights

Asia Pacific Unit Heater Market Country and Regional Insights