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
APAC Unit Heater Market Segmentation
APAC Unit Heater Market -By Installation
APAC Unit Heater Market -By Application
APAC Unit Heater Market -By Product Type
APAC Unit Heater Market -By Country
APAC Unit Heater Market -Company Profiles
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 923.11 Million |
| Market Size by 2028 | US$ 1,462.08 Million |
| CAGR (2021 - 2028) | 6.8% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Installation
|
| Regions and Countries Covered |
Asia-Pacific
|
| Market leaders and key company profiles |
|
The Asia Pacific Unit Heater Market is valued at US$ 923.11 Million in 2021, it is projected to reach US$ 1,462.08 Million by 2028.
As per our report Asia Pacific Unit Heater Market, the market size is valued at US$ 923.11 Million in 2021, projecting it to reach US$ 1,462.08 Million by 2028. This translates to a CAGR of approximately 6.8% during the forecast period.
The Asia Pacific Unit Heater Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Asia Pacific Unit Heater Market report:
The Asia Pacific Unit Heater Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Asia Pacific Unit Heater Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Asia Pacific Unit Heater Market value chain can benefit from the information contained in a comprehensive market report.
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