Report : Asia-Pacific HVAC System Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Component (Thermostat, Air Handling Units, Central ACs, Furnace, Heat Pump, Compressor, and Others), Type (Split System, Ductless System, and Packaged System), Implementation (New Installation and Retrofit), and Application (Residential, Commercial, and Industrial)
At 12.0% CAGR, the APAC HVAC System Market is speculated to be worth US$ 1,52,392.12 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the APAC HVAC system market was valued at US$ 77,255.30 million in 2022 and is expected to reach US$ 1,52,392.12 million by 2028, registering an annual growth rate of 12.0% from 2022 to 2028. Need for replacement of traditional HVAC systems with newer HVAC Systems and integration of IoT into HVAC systems are the critical factors attributed to the market expansion.
A traditional HVAC system is a split system with units both inside and outside the premises. The furnace is often located in a basement or garage. The air conditioner’s condenser unit cools off the refrigerant gas that cools down the air in the evaporator within the furnace unit outside the premise. Outside units produce a lot of noise, while indoor units are mostly low on noise. These older systems have less energy efficiency, and they generate and contribute to the emission of greenhouse gases due to the use of components with old standards in the system. They also need frequent maintenance, increasing the overhead costs. Modern ductless HVAC systems, also known as mini splits, are built to function without ducts. They are made up of an exterior unit connected to an air conditioner or heat pump with a tiny fan coil. These systems are typically more expensive to install initially, but as they are usually more energy-efficient, they compensate for initial high installation costs in very less time. As a result of these systems' zone-based functionality, individual units are deployed in various parts of the premise and used to regulate the temperature. These newer systems save and conserve energy by heating and cooling only the areas of premises that are in use. There is much less possibility of air pollution with ductless HVAC systems than with traditional ones. There is ductwork in traditional HVAC systems to hold a build-up of impurities that spread throughout the building. Since there is no ductwork in newer ones, there is no potential for leaks that could lead to energy loss. Such benefits provided by newer HVAC systems are creating the need for replacing traditional ones, eventually creating opportunities for the HVAC system market players.
On the contrary, lack of skilled technical workforce hurdles the growth of APAC HVAC system market.
Based on component, the APAC HVAC system market is segmented into thermostat, air handling units, central ACs, furnace, heat pump, compressor, and others. The central ACs segment held 24.5% market share in 2022, amassing US$ 18,906.66 million. It is projected to garner US$ 40,121.90 million by 2028 to expand at 13.4% CAGR during 2022–2028.
Based on type, the APAC HVAC system market is segmented into split system, ductless system, and packaged system. The split system segment held 44.0% market share in 2022, amassing US$ 33,962.51 million. It is projected to garner US$ 67,929.15 million by 2028 to expand at 12.2% CAGR during 2022–2028.
- Based on implementation, the APAC HVAC system market is bifurcated into new installation and retrofit. The new installation segment held 64.3% market share in 2022, amassing US$ 49,708.70 million. It is projected to garner US$ 93,118.49 million by 2028 to expand at 11.0% CAGR during 2022–2028.
- Based on application, the APAC HVAC system market is segmented into residential, commercial, and industrial. The residential segment held 44.8% market share in 2022, amassing US$ 34,599.65 million. It is projected to garner US$ 67,365.70 million by 2028 to expand at 11.7% CAGR during 2022–2028.
- Based on country, the APAC HVAC system market has been categorized into China, India, Japan, South Kore, Australia, and rest of APAC. Our regional analysis states that China captured 32.6% market share in 2022. It was assessed at US$ 25,194.96 million in 2022 and is likely to hit US$ 52,118.10 million by 2028, exhibiting a CAGR of 12.9% during the forecast period.
Key players dominating the APAC HVAC system market are Carrier Global Corporation; Daikin Industries, Ltd.; Emerson Electric Co.; EVAPCO, Inc.; Honeywell International Inc.; Johnson Controls, Inc.; Lennox International Inc.; LG Electronics; Rheem Manufacturing Company; and Trane Biomet among others.
- In 2021, Emerson announced the launch of its HVACR Educator Resource platform. The platform is designed to offer industry educators access to tools, training, and educational materials.
- In 2022, Carrier announced the launch of its new line of single stage split system air conditioners that follow the upcoming 2023 Department of Energy (DOE) minimum efficiency requirements.
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