Report : Asia Pacific HVAC Controls Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Component Type (Sensors, Controllers, Smart Vents, and Others), Installation Type (New Installation and Retrofit), System (Temperature Control System, Humidity Control System, Ventilation Control System, and Integrated Control System), and End User (Residential, Commercial, and Industrial)

At 17.8% CAGR, the Asia Pacific HVAC Controls Market is speculated to be worth US$ 3,661.03 million by 2028, says Business Market Insights           

According to Business Market Insights’ research, the APAC HVAC controls market was valued at US$ 1,370.07 million in 2022 and is expected to reach US$ 3,661.03 million by 2028, registering an annual growth rate of 17.8% from 2022 to 2028. Development in construction sector and progress of smart, connected, and energy efficient IOT-enabled HVAC systems.               

With the ongoing trend of urbanization, various governments are taking initiatives to develop smart cities in their respective economies. For instance, in 2021, under the smart city initiative in Singapore, the government announced to build 42,000 homes connected to a single central air conditioning unit. Moreover, the Indian government’s Smart Cities Mission was launched in 2015 to promote sustainable and inclusive cities that offer essential infrastructure and a decent quality of life, with a sustainable and clean environment and application of 'Smart' solutions. The initiative of the such governments toward green and smart cities is adding impetus to the present HVAC industry across the APAC for the development of energy-efficient and economical HVAC systems. This has resulted in shifting the focus of HVAC market players to the developing markets, thereby creating regional clusters for HVAC equipment manufacturing. This is expected to drive the market during the forecast period.

On the contrary, absence of awareness among end-users leads to low HVAC controls adoption hurdles the growth of APAC HVAC controls market. 

  • Based on component type, the APAC HVAC controls market is divided into sensors, controllers, smart vents, and others. The controller’s HVAC controls segment held 31.1% market share in 2022, amassing US$ 426.34 million. It is projected to garner US$ 640.31 million by 2028 to expand at 7.0% CAGR during 2022–2028.    
  • Based on installation type, the APAC HVAC controls market is categorized into new installation and retrofit. The retrofit segment held 79.3% market share in 2022, amassing US$ 1,085.81 million. It is projected to garner US$ 3,210.52 million by 2028 to expand at 19.8% CAGR during 2022–2028.
  • Based on system, the APAC HVAC controls market is categorized into temperature control system, humidity control system, ventilation control system, and integrated control system. The temperature control system segment held 35.0% market share in 2022, amassing US$ 480.08 million. It is projected to garner US$ 2,117.81 million by 2028 to expand at 28.1% CAGR during 2022–2028.
  • Based on end user, the APAC HVAC controls market is categorized into residential, commercial, and industrial. The commercial segment held 43.1% market share in 2022, amassing US$ 590.07 million. It is projected to garner US$ 2,277.72 million by 2028 to expand at 25.2% CAGR during 2022–2028
  • Based on country, the APAC HVAC controls market has been categorized into the Australia, India, China, Japan, India, South Korea, and Rest of APAC.  Our regional analysis states that China captured 51.0% market share in 2022. It was assessed at US$ 698.67 million in 2022 and is likely to hit US$ 4,043.49 million by 2028, exhibiting a CAGR of 24.7% during the forecast period.            

Key players dominating the APAC HVAC controls market are Carrier Global Corporation; DAIKIN INDUSTRIES, Ltd.; Delta Controls; Distech Control; Emerson Electric Co.; Honeywell International Inc.; Johnson Controls, Inc.; Schneider Electric SE; Siemens AG; and Lennox International Inc. among others.

In Jan 2020, Honeywell Helps Hoteliers Quantify Guest Comfort and Staff Productivity with Upgrades to INNCOM INNcontrol 5.

  • In Jun 2020, Johnson Controls and Accenture Join Forces on New AI-enabled OpenBlue Innovation Centers.

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