Southeast Asia HVAC Market to Grow at a CAGR of 6.4%, According to P&S Intelligence
NEW YORK, April 26, 2022 /PRNewswire/ — The HVAC market in Southeast Asia was rated at $18,745.5 million in 2021, and it is expected to grow at a CAGR of 6.4%, reaching $32,824.1 million in 2030, according to market research firm P&S Intelligence. The progress of the hotel industry and the increasing pace of infrastructure development are the major drivers of the market. Heating, ventilation, and air conditioning (HVAC) units are used to control humidity, temperature, and air purity in the space.
Due to rich cultural heritage, spicy cuisines and white sandy beaches, Southeast Asia’s tourism industry is growing year by year. This is expected to boost the demand for HVAC systems in the hospitality industry. In 2021, the hospitality category held the largest share of 37.0% among all business users and it is expected to grow at a CAGR of 7.1% over the forecast period.
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Key Findings of the Southeast Asia HVAC Market Report
- The advancement of the HVAC market in Southeast Asia is fueled by the growth of the hospitality industry. The region is one of the best-known tourist attractions due to its beaches and historical sites. It is also popular because it is cheaper than other travel places, especially in North America and Europe.
- In Indonesia, for example, 120 new hotels are expected to open by 2024, including 45 in the five-star category and 75 in the four-star category. The country has around 17,000 islands, which offer great potential for adventure as well as a huge opportunity for growth for the tourism industry. Over the next few years, this is expected to drive the need for HVAC systems in resorts and hotels.
- For example, Trane Technologies plc introduced Air-Fi wireless sensors for the Trane/Mitsubishi Electric CITY MULTI VRF system in April 2022. This sensor is used to detect and manage humidity, heat, carbon dioxide (CO2), and occupancy, thus avoiding the need for multiple sensors and, therefore, reducing the power consumption of the device.
- Over the projected period, the cooling category is expected to grow at the highest CAGR of 7.5% in terms of volume. This will be due to the hot and humid summers that characterize the region. These climatic conditions are fueling the expansion of the HVAC market in Southeast Asia by driving the demand for splits, air conditioners, split units and VRF systems.
- In addition, the International Energy Agency (IEA) reported that only 15% of households in countries in the region have an air conditioner, indicating a great opportunity for market expansion. Moreover, when income increases, affordability improves, which leads to a significant increase in the demand for air conditioners.
- Carrier Malaysia announced a VRF system for buildings and industrial spaces at December 2021. These systems can meet a wide range of temperature needs, while maintaining building aesthetics and maximizing operating efficiency. This HVAC system is suitable for use in offices, retail establishments and hotels.
The Southeast Asia HVAC market includes many key players, such as Samsung Electronics Co. Ltd., Johnson Controls International PLC, Carrier Global Corporation, Midea Group Co. Ltd., Panasonic Corporation, and Daikin Industries Ltd.
Browse the detailed report on Southeast Asia HVAC Market Size and Growth Report Forecast 2030
The commercial end-user category accounted for 45.3% of market revenue in 2021, owing to the growing number of commercial and office buildings, as well as the development of the hospitality industry. Tourist activities in South East Asia increase, leading to increased spending on infrastructure, for example, airports, entertainment centers and hotels.
Market Size Breakdown by Segment
- Heat pumps
- Unit heaters
- Air purifiers
- Air handling units (AHU) and fan coil units (FCU)
- Variable refrigerant flow
- Split/Packaged Units with Duct
- Split units
- Room air conditioners
Per end user
- Offices and buildings
- Health care
- oil and gas
- Food and drink
- Energy and Utilities
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SOURCE P&S Intelligence