Report
Our reports provide latest industry trends, forecasts, company profiles, competitive landscape, and strategic insights.
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)
- Report Code : BMIRE00026921
- Pages : 165
The APAC HVAC system market is expected to grow from US$ 77,255.30 million in 2022 to US$ 1,52,392.12 million by 2028; it is estimated to grow at a CAGR of 12.0% from 2022 to 2028.
Integration of IoT into HVAC Systems
Energy efficiency can be hard to monitor and improve with older HVAC systems. Generally, energy usage data is only discovered after it has been used, making it challenging to rectify or make up for. Additionally, if a system has a developing issue, it could struggle for days or weeks before failing entirely, wasting additional energy. IoT sensors installed on HVAC equipment can increase energy efficiency by monitoring usage trends and even considering weather predictions as they provide access to real-time data. The end effect is improved interior climate management with little electricity use. HVAC systems can be a significant component of IoT-enabled smart grid connectivity. IoT technology makes remote system monitoring possible, allowing users to identify issues from a distance by consulting a smartphone app or online portal. For Instance, some sensors track vital information, such as pressure, vibration, flow, temperature, humidity, on-off cycles, and fault tolerance for providing leak detection information. Technicians can easily access the insights they need to get into systems’ status and accordingly provide the solution to fix any malfunction. Most HVAC companies have a compulsory requirement for regulatory compliance, frequently requiring a field agent to inspect equipment regularly. It is challenging to accomplish and record such compliance with disconnected systems with no integration of IoT, which needs lots of paperwork and physical system checks to prove the adherence to compliance standards. Thus, the integration of IoT into HVAC systems is the key trend in the market, which is likely to boost the demand for HVAC systems.
Market Overview
APAC consists of several developed economies, such as Japan, Australia, and emerging economies like China, India, and others. HVAC industry growth in APAC is largely attributed to increasing urbanization, rising population growth especially in the APAC region and government regulations for creating the HVAC systems more energy efficient. The APAC region is witnessing a growth in numerous real estate projects and public-private investments in several industrial, residential, and commercial development areas due to the rise in urbanization. The need for HVAC services in the residential sector is mostly driven by new installations brough on by APAC region. Due to increased building and development projects, air conditioner penetration is rising throughout Southeast Asia nations including Vietnam, Thailand, Indonesia, Malaysia, the Philippines, and China. The region is moving towards implementing the newest innovations and energy efficient HVAC solutions, such as the introduction of R-32 low global warming potential refrigerants in urban and rural areas. The APAC region’s many regulatory, energy, and green building standards are some of the many factors that are forcing the HVAC manufacturers to aggressively develop and implement new HVAC solutions that meet such energy standards.
APAC HVAC System Market Revenue and Forecast to 2028 (US$ Million)
APAC HVAC System Market Segmentation
The APAC HVAC system market is segmented based on component, type, implementation, application, and country.
Based on component, the APAC HVAC system market is segmented into thermostat, air handling units, central ACs, furnace, heat pump, compressor, and others. Central ACs segment held a largest market share in 2022.
Based on type, the APAC HVAC system market is segmented into split system, ductless system, and packaged system. Split system segment dominated the market in 2022.
Based on implementation, the APAC HVAC system market is bifurcated into new installation and retrofit. New installation segment held a larger market share in 2022.
Based on application, the APAC HVAC system market is segmented into residential, commercial, and industrial. Residential segment dominated the market in 2022.
Based on country, the APAC HVAC system market is segmented into China, India, Japan, South Korea, Australia, and rest of APAC. China dominated the market in 2022.
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 are among the leading companies in the APAC HVAC system market.
TABLE OF CONTENTS
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. APAC HVAC System Market Landscape
4.1 Market Overview
4.2 APAC PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinions
5. APAC HVAC System Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Rise in Demand for Energy-efficient Solutions
5.1.2 Development of Smart HVAC System
5.2 Key Market Restraints
5.2.1 Lack of Skilled Technical Workforce
5.3 Key Market Opportunities
5.3.1 Need for Replacement of Traditional HVAC Systems with Newer HVAC Systems
5.4 Future Trends
5.4.1 Integration of IoT into HVAC Systems
5.5 Impact Analysis of Drivers and Restraints
6. HVAC System Market – APAC Analysis
6.1 APAC HVAC System Market Overview
6.2 APAC HVAC System Market Revenue Forecast and Analysis
6.3 APAC HVAC System Market Volume Forecast and Analysis
7. APAC HVAC System Market Analysis – By Component
7.1 Overview
7.2 APAC HVAC System Market, by Component (2021 and 2028)
7.3 Thermostat
7.3.1 Overview
7.3.2 Thermostat: HVAC System Market – Revenue and Forecast to 2028 (US$ Million)
7.4 Air Handling Units
7.4.1 Overview
7.4.2 Air Handling Units: HVAC System Market – Revenue and Forecast to 2028 (US$ Million)
7.5 Central ACs
7.5.1 Overview
7.5.2 Central ACs: HVAC System Market – Revenue and Forecast to 2028 (US$ Million)
7.6 Furnace
7.6.1 Overview
7.6.2 Furnace: HVAC System Market – Revenue and Forecast to 2028 (US$ Million)
7.7 Heat Pump
7.7.1 Overview
7.7.2 Heat Pump: HVAC System Market – Revenue and Forecast to 2028 (US$ Million)
7.8 Compressor
7.8.1 Overview
7.8.2 Compressor: HVAC System Market – Revenue and Forecast to 2028 (US$ Million)
7.9 Others
7.9.1 Overview
7.9.2 Others: HVAC System Market – Revenue and Forecast to 2028 (US$ Million)
8. APAC HVAC System Market Analysis – By Type
8.1 Overview
8.2 APAC HVAC System Market, By Type (2021 and 2028)
8.3 Split System
8.3.1 Overview
8.3.2 Split System: HVAC System Market Revenue and Forecast to 2028 (US$ Million)
8.4 Ductless System
8.4.1 Overview
8.4.2 Ductless System: HVAC System Market Revenue and Forecast to 2028 (US$ Million)
8.5 Packaged System
8.5.1 Overview
8.5.2 Packaged System: HVAC System Market Revenue and Forecast to 2028 (US$ Million)
9. APAC HVAC System Market Analysis – By Implementation
9.1 Overview
9.2 APAC HVAC System Market, By Implementation (2021 and 2028)
9.3 New Installation
9.3.1 Overview
9.3.2 New Installation: HVAC System Market Revenue and Forecast to 2028 (US$ Million)
9.4 Retrofit
9.4.1 Overview
9.4.2 Retrofit: HVAC System Market Revenue and Forecast to 2028 (US$ Million)
10. APAC HVAC System Market Analysis – By Application
10.1 Overview
10.2 APAC HVAC System Market, By Application (2021 and 2028)
10.3 Residential
10.3.1 Overview
10.3.2 Residential: HVAC System Market Revenue and Forecast to 2028 (US$ Million)
10.3.3 Residential: HVAC System Market Volume and Forecast to 2028 (Thousand Units)
10.4 Commercial
10.4.1 Overview
10.4.2 Commercial: HVAC System Market Revenue and Forecast to 2028 (US$ Million)
10.4.3 Commercial: HVAC System Market Volume and Forecast to 2028 (Thousand Units)
10.5 Industrial
10.5.1 Overview
10.5.2 Industrial: HVAC System Market Revenue and Forecast to 2028 (US$ Million)
10.5.3 Industrial: HVAC System Market Volume and Forecast to 2028 (Thousand Units)
11. APAC HVAC System Market – Country Analysis
11.1 Overview
11.1.1 APAC HVAC System Market Breakdown, by Country
11.1.1.1 Australia HVAC System Market, Revenue and Forecast to 2028 (US$ million)
11.1.1.1.1 Australia HVAC System Market Breakdown, by Component
11.1.1.1.2 Australia HVAC System Market Breakdown, by Type
11.1.1.1.3 Australia HVAC System Market Breakdown, by Implementation
11.1.1.1.4 Australia HVAC System Market Breakdown, by Application
11.1.1.1.5 Australia HVAC System Market Breakdown, by Application (Volume)
11.1.1.2 China HVAC System Market, Revenue and Forecast to 2028 (US$ million)
11.1.1.2.1 China HVAC System Market Breakdown, by Component
11.1.1.2.2 China HVAC System Market Breakdown, by Type
11.1.1.2.3 China HVAC System Market Breakdown, by Implementation
11.1.1.2.4 China HVAC System Market Breakdown, by Application
11.1.1.2.5 China HVAC System Market Breakdown, by Application (Volume)
11.1.1.3 India HVAC System Market, Revenue and Forecast to 2028 (US$ million)
11.1.1.3.1 India HVAC System Market Breakdown by Component
11.1.1.3.2 India HVAC System Market Breakdown, by Type
11.1.1.3.3 India HVAC System Market Breakdown, by Implementation
11.1.1.3.4 India HVAC System Market Breakdown, by Application
11.1.1.3.5 India HVAC System Market Breakdown, by Application (Volume)
11.1.1.4 Japan HVAC System Market, Revenue and Forecast to 2028 (US$ million)
11.1.1.4.1 Japan HVAC System Market Breakdown, by Component
11.1.1.4.2 Japan HVAC System Market Breakdown, by Type
11.1.1.4.3 Japan HVAC System Market Breakdown, by Implementation
11.1.1.4.4 Japan HVAC System Market Breakdown, by Application
11.1.1.4.5 Japan HVAC System Market Breakdown, by Application (Volume)
11.1.1.5 South Korea HVAC System Market, Revenue and Forecast to 2028 (US$ million)
11.1.1.5.1 South Korea HVAC System Market Breakdown, by Component
11.1.1.5.2 South Korea HVAC System Market Breakdown, by Type
11.1.1.5.3 South Korea HVAC System Market Breakdown, by Implementation
11.1.1.5.4 South Korea HVAC System Market Breakdown, by Application
11.1.1.5.5 South Korea HVAC System Market Breakdown, by Application (Volume)
11.1.1.6 Rest of APAC HVAC System Market, Revenue and Forecast to 2028 (US$ million)
11.1.1.6.1 Rest of APAC HVAC System Market Breakdown, by Component
11.1.1.6.2 Rest of APAC HVAC System Market Breakdown, by Type
11.1.1.6.3 Rest of APAC HVAC System Market Breakdown, by Implementation
11.1.1.6.4 Rest of APAC HVAC System Market Breakdown, by Application
11.1.1.6.5 Rest of APAC HVAC System Market Breakdown, by Application (Volume)
12. Industry Landscape
12.1 Overview
12.2 Market Initiative
12.3 Merger and Acquisition
12.4 New Development
13. Company Profiles
13.1 Daikin Industries, Ltd.
13.1.1 Key Facts
13.1.2 Business Description
13.1.3 Products and Services
13.1.4 Financial Overview
13.1.5 SWOT Analysis
13.1.6 Key Developments
13.2 Emerson Electric Co.
13.2.1 Key Facts
13.2.2 Business Description
13.2.3 Products and Services
13.2.4 Financial Overview
13.2.5 SWOT Analysis
13.2.6 Key Developments
13.3 Honeywell International Inc.
13.3.1 Key Facts
13.3.2 Business Description
13.3.3 Products and Services
13.3.4 Financial Overview
13.3.5 SWOT Analysis
13.3.6 Key Developments
13.4 Johnson Controls, Inc.
13.4.1 Key Facts
13.4.2 Business Description
13.4.3 Products and Services
13.4.4 Financial Overview
13.4.5 SWOT Analysis
13.4.6 Key Developments
13.5 LG Electronics
13.5.1 Key Facts
13.5.2 Business Description
13.5.3 Products and Services
13.5.4 Financial Overview
13.5.5 SWOT Analysis
13.5.6 Key Developments
13.6 Carrier Global Corporation
13.6.1 Key Facts
13.6.2 Business Description
13.6.3 Products and Services
13.6.4 Financial Overview
13.6.5 SWOT Analysis
13.6.6 Key Developments
13.7 Lennox International Inc.
13.7.1 Key Facts
13.7.2 Business Description
13.7.3 Products and Service
13.7.4 Financial Overview
13.7.5 SWOT Analysis
13.7.6 Key Developments
13.8 Trane
13.8.1 Key Facts
13.8.2 Business Description
13.8.3 Products and Services
13.8.4 Financial Overview
13.8.5 SWOT Analysis
13.8.6 Key Developments
13.9 EVAPCO, Inc.
13.9.1 Key Facts
13.9.2 Business Description
13.9.3 Products and Services
13.9.4 Financial Overview
13.9.5 SWOT Analysis
13.9.6 Key Developments
13.10 Rheem Manufacturing Company
13.10.1 Key Facts
13.10.2 Business Description
13.10.3 Products and Services
13.10.4 Financial Overview
13.10.5 SWOT Analysis
13.10.6 Key Developments
14. Appendix
14.1 About The Insight Partners
14.2 Word Index
LIST OF TABLES
Table 1. APAC HVAC System Market Revenue and Forecast to 2028 (US$ Million)
Table 2. APAC HVAC System Market Revenue and Forecast to 2028 (Thousand Units)
Table 3. Australia HVAC System Market, Revenue and Forecast to 2028 – by Component (US$ million)
Table 4. Australia HVAC System Market, Revenue and Forecast to 2028 – by Type (US$ million)
Table 5. Australia HVAC System Market, Revenue and Forecast to 2028 – by Implementation (US$ million)
Table 6. Australia HVAC System Market, Revenue and Forecast to 2028 – by Implementation (US$ million)
Table 7. Australia HVAC System Market, Revenue and Forecast to 2028 – by Application (Volume) (Thousand Units)
Table 8. China HVAC System Market, Revenue and Forecast to 2028 – by Component (US$ million)
Table 9. China HVAC System Market, Revenue and Forecast to 2028 – by Type (US$ million)
Table 10. China HVAC System Market, Revenue and Forecast to 2028 – by Implementation (US$ million)
Table 11. China HVAC System Market, Revenue and Forecast to 2028 – by Implementation (US$ million)
Table 12. China HVAC System Market, Revenue and Forecast to 2028 – by Application (Volume) (Thousand Units)
Table 13. India HVAC System Market, Revenue and Forecast to 2028 – by Component (US$ million)
Table 14. India HVAC System Market, Revenue and Forecast to 2028 – by Type (US$ million)
Table 15. India HVAC System Market, Revenue and Forecast to 2028 – by Implementation (US$ million)
Table 16. India HVAC System Market, Revenue and Forecast to 2028 – by Implementation (US$ million)
Table 17. India HVAC System Market, Revenue and Forecast to 2028 – by Application (Volume) (Thousand Units)
Table 18. Japan HVAC System Market, Revenue and Forecast to 2028 – by Component (US$ million)
Table 19. Japan HVAC System Market, Revenue and Forecast to 2028 – by Type (US$ million)
Table 20. Japan HVAC System Market, Revenue and Forecast to 2028 – by Implementation (US$ million)
Table 21. Japan HVAC System Market, Revenue and Forecast to 2028 – by Application (US$ million)
Table 22. Japan HVAC System Market, Revenue and Forecast to 2028 – by Application (Volume) (Thousand Units)
Table 23. South Korea HVAC System Market, Revenue and Forecast to 2028 – by Component (US$ million)
Table 24. South Korea HVAC System Market, Revenue and Forecast to 2028 – by Type (US$ million)
Table 25. South Korea HVAC System Market, Revenue and Forecast to 2028 – by Implementation (US$ million)
Table 26. South Korea HVAC System Market, Revenue and Forecast to 2028 – by Implementation (US$ million)
Table 27. South Korea HVAC System Market, Revenue and Forecast to 2028 – by Application (Volume) (Thousand Units)
Table 28. Rest of APAC HVAC System Market, Revenue and Forecast to 2028 – by Component (US$ million)
Table 29. Rest of APAC HVAC System Market, Revenue and Forecast to 2028 – by Type (US$ million)
Table 30. Rest of APAC HVAC System Market, Revenue and Forecast to 2028 – by Implementation (US$ million)
Table 31. Rest of APAC HVAC System Market, Revenue and Forecast to 2028 – by Implementation (US$ million)
Table 32. Rest of APAC HVAC System Market, Revenue and Forecast to 2028 – by Application (Volume) (Thousand Units)
Table 33. List of Abbreviation
LIST OF FIGURES
Figure 1. APAC HVAC System Market Segmentation
Figure 2. APAC HVAC System Market Segmentation – By Country
Figure 3. APAC HVAC System Market Overview
Figure 4. APAC HVAC System Market, by Application
Figure 5. APAC HVAC System Market, by Country
Figure 6. APAC – PEST Analysis
Figure 7. APAC HVAC System Market- Ecosystem Analysis
Figure 8. APAC HVAC System Market: Impact Analysis of Drivers and Restraints
Figure 9. APAC HVAC System Market Revenue Forecast and Analysis (US$ Million)
Figure 10. APAC HVAC System Market Revenue Forecast and Analysis (Thousand Units)
Figure 11. APAC HVAC System Market Revenue Share, by Component (2021 and 2028)
Figure 12. APAC Thermostat: HVAC System Market – Revenue and Forecast to 2028 (US$ Million)
Figure 13. APAC Air Handling Units: HVAC System Market – Revenue and Forecast to 2028 (US$ Million)
Figure 14. APAC Central ACs: HVAC System Market – Revenue and Forecast to 2028 (US$ Million)
Figure 15. APAC Furnace: HVAC System Market – Revenue and Forecast to 2028 (US$ Million)
Figure 16. APAC Heat Pump: HVAC System Market – Revenue and Forecast to 2028 (US$ Million)
Figure 17. APAC Compressor: HVAC System Market – Revenue and Forecast to 2028 (US$ Million)
Figure 18. APAC Others: HVAC System Market – Revenue and Forecast to 2028 (US$ Million)
Figure 19. APAC HVAC System Market, By Type (2021 and 2028)
Figure 20. APAC Split System: HVAC System Market Revenue and Forecast to 2028 (US$ Million)
Figure 21. APAC Ductless System: HVAC System Market Revenue and Forecast to 2028 (US$ Million)
Figure 22. APAC Packaged System: HVAC System Market Revenue and Forecast to 2028 (US$ Million)
Figure 23. APAC HVAC System Market, By Implementation (2021 and 2028)
Figure 24. APAC New Installation: HVAC System Market Revenue and Forecast to 2028 (US$ Million)
Figure 25. APAC Retrofit: HVAC System Market Revenue and Forecast to 2028 (US$ Million)
Figure 26. APAC HVAC System Market, By Application (2021 and 2028)
Figure 27. APAC Residential: HVAC System Market Revenue and Forecast to 2028 (US$ Million)
Figure 28. APAC Residential: HVAC System Market Volume and Forecast to 2028 (Thousand Units)
Figure 29. APAC Commercial: HVAC System Market Revenue and Forecast to 2028 (US$ Million)
Figure 30. APAC Commercial: HVAC System Market Volume and Forecast to 2028 (Thousand Units)
Figure 31. APAC Industrial: HVAC System Market Revenue and Forecast to 2028 (US$ Million)
Figure 32. APAC Industrial: HVAC System Market Volume and Forecast to 2028 (Thousand Units)
Figure 33. APAC HVAC System Market, by Key Country – Revenue (2021) (US$ Million)
Figure 34. APAC HVAC System Market Breakdown, by Country, 2021 & 2028 (%)
Figure 35. Australia HVAC System Market, Revenue and Forecast To 2028 (US$ million)
Figure 36. Australia: HVAC System Market – Volume and Forecast to 2028 (Thousand Units)
Figure 37. China HVAC System Market, Revenue and Forecast To 2028 (US$ million)
Figure 38. China: HVAC System Market – Volume and Forecast to 2028 (Thousand Units)
Figure 39. India HVAC System Market, Revenue and Forecast To 2028 (US$ million)
Figure 40. India: HVAC System Market – Volume and Forecast to 2028 (Thousand Units)
Figure 41. Japan HVAC System Market, Revenue and Forecast To 2028 (US$ million)
Figure 42. Japan: HVAC System Market – Volume and Forecast to 2028 (Thousand Units)
Figure 43. South Korea HVAC System Market, Revenue and Forecast To 2028 (US$ million)
Figure 44. South Korea: HVAC System Market – Volume and Forecast to 2028 (Thousand Units)
Figure 45. Rest of APAC HVAC System Market, Revenue and Forecast To 2028 (US$ million)
Figure 46. Rest of APAC: HVAC System Market – Volume and Forecast to 2028 (Thousand Units)
● Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the APAC HVAC system market.
● Highlights key business priorities in order to assist companies to realign their business strategies
● The key findings and recommendations highlight crucial progressive industry trends in the APAC HVAC system market, thereby allowing players across the value chain to develop effective long-term strategies
● Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
● Scrutinize in-depth APAC market trends and outlook coupled with the factors driving the HVAC system market, as well as those hindering it
● Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing, and distribution
The List of Companies – Asia-Pacific HVAC System Market
● 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
● Trane
At 12.0% CAGR, the APAC HVAC System Market is speculated to be worth US$ 1,52,392.12 million by 2028, says The Insight Partners
According to The Insight Partners’ 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.
Related Reports
- $3,000.00 – $5,000.00
