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.
NEW YORK, March 19, 2019 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Intelligence, 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. These countries have been witnessing major investments in infrastructure projects pertaining to commercial office buildings, retail space, manufacturing facilities, construction/expansion of airports, and metro rail lines.
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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.
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. This can be attributed to higher energy efficiency offered by the equipment along with growing demand for green buildings in the region. Moreover, VRF category would offer huge opportunity in the coming years, as commercial spaces such as malls, offices, and hospitals are the primary adopters of these systems in the region.
Based on end-user, the Asia-Pacific HVAC market is split into commercial, industrial, and residential; wherein commercial end-user category recorded the highest number of HVAC installations in the historical period, exhibiting highest growth rate during 2014-2018. India recorded highest growth rate in the commercial end-user category due to rising number of commercial projects, especially commercial office and building projects.
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Surging infrastructure spend primarily in China and India is driving the growth of Asia-Pacific 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. In addition, in 2017, the Government of India announced that it would construct around 100 new airports in the next 15 years.
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. Also, in 2017, the Government of China announced that it would construct 74 new civil airports by 2020. These developments would further support the growth in demand for HVAC systems in the transportation sector.
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Asia-Pacific HVAC market is fragmented with competition based on price, energy efficiency, reputation, quality, and technical know-how. During 2014-2016, oil crises had a major impact on the revenues of major market players. Although, events such as PyeongChang 2018 Olympic Winter Games, Asian Games 2018 in Jakarta and Palembang, and XXIV Olympic Winter Games 2019 Beijing revived the demand for HVAC systems in the APAC region.
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.
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