Asia-Pacific (APAC) HVAC market is expected to reach $70.7 billion by 2024, registering a CAGR of 4.3%, during the forecast period. The growth in the market can be attributed to increasing construction sector in APAC, primarily in India and China.
Based on heating type, Asia-Pacific HVAC market is split into furnaces, heat pumps, boilers and unitary heaters, of which boilers category held the largest market share in the historical period, due to growing demand for boilers from thermal power sector and for electrical energy deriving from China, India, Japan, Indonesia, and Vietnam. Both China and India exhibiting a strong demand for electrical energy in the coming years.
For instance, it has been estimated that in India, the demand for electrical energy in fiscal year 2021-2022 is expected to be 191TWh, with a peak electrical energy demand of 298GW in the country.
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In terms of cooling type, the Asia-Pacific HVAC market is divided into variable refrigerant flow (VRF), ducted split/packaged unit, split units, chillers, and room ACs. Among these, VRF category is projected to register fastest growth during the forecast period.
Moreover, the aviation industry in China is registering rapid growth year-over-year (YoY). According to the International Air Transport Association, China is forecast to become the world’s largest aviation sector by 2022. As per Civil Aviation Administration of China (CAAC), China built 27 new airports between 2014 to 2017.
Surging infrastructure spend primarily in China and India is driving the growth of Apac HVAC market . In India, there are several upcoming infrastructure projects such as airport construction, and metro railway expansion projects. For instance, the Government of India granted around $57 million in the interim budget of 2019 for building Noida and Ghaziabad sections of the metro network.
Some of the key players operating in the Asia-Pacific HVAC market include Johnson Controls International PLC, Ingersoll-Rand plc, United Technologies Corporation, Daikin Industries Ltd., Mitsubishi Electric Corporation, Toshiba Carrier Corporation, LG Electronics Inc., Fujitsu Limited, Midea Group Co. Ltd., Panasonic Corporation, and Gree Electric Appliances, Inc. of Zhuhai.
Asia-Pacific (APAC) HVAC Market Segmentation
Market Segmentation by HVAC Type
Air Handling Units and Fan Coil Units
Variable Refrigerant Flow
Ducted Split/Packaged Unit