Companies expanding in various APAC sectors to capture the potential customer base
The two economic giants of APAC, China and India, are experiencing significant demand for HVAC systems, especially the construction activities, rapid urbanization and industrialization propelling the sale growth, creating a CAGR of 6.4% that would boost the market value to around US$148.59 billion by 2028, up from US$102.17 billion in 2022.
Making this projection, the “APAC HVAC Market – Focused Insights 2023-2028” report from ResearchAndMarkets.com noted that bullish trend in the commercial construction in APAC, led by China, Japan and India.
“Major economies in the APAC region, including China, Japan and India, are witnessing increasing commercial construction activities due to an expanding number of companies in various APAC sectors setting up their offices in distinct regions to capture the potential customer base,” the report said on 15 Aug 2023.
“The residential sector dominates the HVAC market. The demand is characterized by different climatic conditions, necessitating several types of HVAC equipment. Most vendors in the APAC HVAC market dedicate their maximum operations to catering to the commercial sector.
“Further, the choice of equipment varies depending on the structure and purpose of commercial buildings. Furthermore, major players focus on strategic agreements, acquisitions, and collaboration with emerging players to enter the APAC HVAC market to gain access to commercially launched products,” it said.
The APAC region has constantly been the largest market for HVAC systems owing to its population, rising urbanization, climatic conditions, and demographic changes.
Switching from disintegrating fluorinated system equipment to natural refrigerants in energy-efficient systems is encouraged by the regulatory authorities of HVAC manufacturers. This measure helps to propel the growth rate of HVAC systems in the APAC region, according to the report.
The growing consumer awareness of energy efficiency, climate change challenges, and rising energy bills is a major growth driver for the energy-efficient HVAC market.
Environmental agencies and governments are initiating the formulation of policies for AC refrigerant and HVAC system manufacturers, suppliers, and service providers. This will facilitate the introduction of modern HVAC systems with low GWP, noted the report.
Key HVAC manufacturers are developing the R-717 refrigerant, which has the lowest GWP (Global Warming Potential). This effort aims to address the growing concerns of global warming and the depletion of the ozone layer.
Key Vendors are Daikin, Carrier, Johnson Controls, Mitsubishi Electric, Samsung and LG, according to the report. Fiinews.com
