Report : Asia Pacific HVAC Chillers Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Technology (Air-Cooled, Water-Cooled, and Steam-Fired), Type (Process Chillers, Scroll Chillers, Screw Chillers, Centrifugal Chillers, and Absorption Chillers), and Application (Industrial, Commercial, and Residential)
Industrial Segment to Dominate APAC HVAC Chillers Market During 2021–2028
According to a new market research study on “APAC HVAC Chillers Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Technology, Type, and Application” is expected to reach US$ 6,847.80 million by 2028 from US$ 4,680.90 million in 2021. The market is estimated to grow at a CAGR of 5.6% from 2021 to 2028. The report provides trends prevailing in the APAC HVAC chillers market along with the drivers and restraints pertaining to the market growth. Growing development of IoT enabled HVAC chillers and economic growth in developing countries of the region are the major factor driving the growth of the APAC HVAC chillers market. However, dearth in efficiency in humid environment and high maintenance cost hinders the growth of APAC HVAC chillers market.
In case of COVID-19, APAC is highly affected specially India. APAC includes most of the world’s highly populated countries, such as China, India, and Japan, which has led to a harsh impact of the COVID-19 pandemic on these countries. Moreover, the temporary shutdown of industrial facilities has resulted in disruption in industrial as well as commercial operations due to reduction in demand caused by COVID-19 pandemic. Moreover, the pandemic has also raised the concerns regarding the reduction in investments under the commercial and industrial construction sector across Asian countries such as India, Japan, South Korea, and other Southeast Asian countries. However, the highest impact countries across the APAC HVAC chillers market in 2020 is China followed by Japan, and South Korea. Also, one of the major vendors of this market i.e., Daikin Industries Ltd. based in Japan has also announced that it has witnessed a decline of nearly 2.2% in its FY 2020 revenues compared to its previous year 2019. However, the APAC market has also witnessed a decline of 5.9% on y-o-y basis compared to its previous FY 2019 which is expected to regain and surpass its share in the market by the end of FY 2022, according to the research study.
The APAC HVAC chillers market is segmented based on technology, type, application, and country. The market, based on technology, is segmented into air-cooled, water-cooled, and steam-fired. The air-cooled segment dominated the market in 2020 and water-cooled segment is expected to be fastest growing during forecast period. On the basis of type, the market is segmented into process chillers, scroll chillers, screw chillers, centrifugal chillers, and absorption chillers. The screw chillers segment dominated the market in 2020 and absorption chillers segment is expected to be fastest growing during forecast period. The market, by application, is segmented into commercial, industrial, and residential. The industrial segment dominated the market in 2020 and commercial segment is expected to be fastest growing during forecast period. Based on country, the market is segmented into China, India, Japan, South Korea, Australia, and rest of APAC.
AIREDALE INTERNATIONAL AIR CONDITIONING LTD.; Carrier Global Corporation; DAIKIN INDUSTRIES, Ltd.; Johnson Controls, Inc.; Kaltra; LG Electronics; Mitsubishi Electric Corporation; SKM Air Conditioning; and Trane are among the leading companies in the APAC HVAC chillers market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2021, Johnson Controls adds the Quantech QWC4 water-cooled screw chiller to the expanded water-cooled chiller portfolio for the North American market.
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