(MENAFN- GlobeNewsWire - Nasdaq) Dublin, Aug. 16, 2023 (GLOBE NEWSWIRE) -- The "apac hvac market - focused insights 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The Asia-Pacific (APAC) HVAC market is set to witness a remarkable transformation, projected to surge from its 2022 value of $102.17 billion to a substantial valuation of approximately $148.59 billion by the year 2028, reflecting a robust Compound Annual Growth Rate (CAGR) of 6.4%.
This surge is indicative of the region's escalating demand for Heating, Ventilation, and Air Conditioning (HVAC) systems across various sectors. As consumer preferences and adoption behaviors for HVAC solutions evolve, this comprehensive report delves into the intricacies of the APAC HVAC market, shedding light on crucial aspects such as consumer purchasing patterns and the manifold applications of HVAC technology across the region.
With standards and regulatory requirements demanding robust solutions, the market has witnessed a proliferation of HVAC adoption in sectors where uncompromised quality is essential. In this context, the residential sector emerges as a dominant player, driven by diverse climatic conditions necessitating a range of HVAC equipment types.
The increasing demand from both the residential and commercial sectors has led to a surge in strategic agreements, acquisitions, and collaborations among major players, aiming to harness the burgeoning potential of the APAC HVAC market and leverage commercially launched products.
Notably, major economies within the APAC region, including China, Japan, and India, are witnessing a surge in commercial construction activities, further elevating the significance of the HVAC market due to the rise in business establishments across diverse sectors, thereby creating a substantial customer base.
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.
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. The two economic giants of APAC are China and India, which experience significant demand for HVAC systems. Construction activities, rapid urbanization, and industrialization are propelling the sale growth for HVAC systems in the APAC region.
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. 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.
Due to spiking urbanization, the APAC market construction industry projected significant growth in 2022. Demand for residential construction remains strong in developing economies, with multiple real estate projects underway in varioAPACindustrial, residential, and commercial development zones. The current trend is expected to gain further momentum, making the new construction sector a crucial growth factor for APAC HVAC players.
| Report Attribute || Details |
| No. of Pages || 108 |
| Forecast Period || 2022 - 2028 |
| Estimated Market Value (USD) in 2022 || $102.17 Billion |
| Forecasted Market Value (USD) by 2028 || $148.59 Billion |
| Compound Annual Growth Rate || 6.4% |
| Regions Covered || Asia Pacific |
Market Dynamics Competitive Landscape of APAC HVAC Key Vendors Other Prominent Vendors
List of Vendors
Daikin Carrier Johnson Controls Mitsubishi Electric Samsung LG
Other Prominent Vendors
Panasonic Rheem Manufacturing Lennox International Ingersoll Rand Systemair Ostberg Honeywell Danfoss Alfa Laval Zehnder S & P Hitachi TCL Electronics Camfil Dunham Bush Backer Springfield Fujitsu Midea Grundfos VTS Nuaire LU-VE Wolf Vaillant Group
Heating Heat Pumps Boiler Units Furnaces Others
RACs CACs Chillers Heat Exchangers Others
Air Handling Units Air Filters Humidifiers & Dehumidifiers Fan Coil Units Others
Residential Commercial Office Space Airport & Public Utilities Hospitality Hospitals Industrial & Others
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APAC HVAC Market APAC HVAC Market Tags air conditioning air conditioning equipment air handling unit dehumidifier fan coil unit heating equipment hvac equipment id="media-image-1" loading="lazy" src=' />
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