South East Asia HVAC Market Size Booming at CAGR of 7.19% to Reach Value of USD 21.73 Billion by 2030

Published | 09 October 2024

South East Asia HVAC Market is flourishing because of a spurring demand for HVAC systems from an increasing number of building and construction projects and growing emphasis on energy efficient HVAC systems.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated South East Asia HVAC Market size at USD 13.56 billion in 2023. During the forecast period between 2024 and 2030, BlueWeave expects South East Asia HVAC Market size to expand at a CAGR of 7.19% reaching a value of USD 21.73 billion by 2030. Major growth drivers for South East Asia HVAC Market include the growing incorporation of cutting-edge technologies, like artificial intelligence (AI) and the Internet of Things (IoT). Additionally, notable changes in climatic patterns and the growing development of sustainable and energy-efficient buildings are projected to boost the growth of South East Asia HVAC Market during the period in analysis.

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Opportunity – Growing Awareness about Enhanced Indoor Air Quality

An increasing focus on improving the quality of indoor air is expected to boost the growth of South East Asia HVAC Market. Rising temperatures and air pollution in South East Asian countries are aggravating to illnesses including allergies and asthma, causing symptoms like sore throats, rashes, and eye discomfort. The United States Environmental Protection Agency (EPA) believes that indoor air quality is two to five times worse than outside air quality. The main cause of poor indoor air quality is usually more confined airflow indoors than outdoors. According to World Resources Institute, various factors, such as increased sunshine, lack of rainfall, and warmer temperatures are contributing to reduced air quality in the South East Asian region. HVAC systems help in reducing the risk of sickness by regularly replacing the interior air with fresh, outside air. It, in turn, is expected to spur the demand for HVAC systems across South East Asia.

Impact of Escalating Geopolitical Tensions on South East Asia HVAC Market

The geopolitical tensions are anticipated to hinder the growth of South East Asia HVAC Market. Geopolitical conflicts disturb the operations of HVAC system manufacturers, due to trade restrictions and sanctions, leading to disruption in supply chains in South East Asian countries. It could result in shortage of essential components required in the production of HVAC, leading to surge in price of commodities. Furthermore, escalating geopolitical conflicts could also deter foreign investments, particularly in politically unstable regions. The impact of geopolitical tensions on consumer spending power leads to a notable and immediate decline in the demand for non-essential products and services, such as HVAC systems.

Residential Segment to Grow at Fastest CAGR in HVAC Market

The residential end user segment is projected to register the fastest growth rate in South East Asia HVAC Market over the forecast period. According to International Energy Agency, only 15% of households in the region have air conditioners. The increasing temperature levels and improving electricity supply are all expected to fuel the demand for HVAC systems from the burgeoning residential sector across South East Asian countries. The increasing income levels of consumers also present significant growth opportunities to major players in South East Asia HVAC market.

Singapore & Malaysia Lead South East Asia HVAC Market

Singapore dominates South East Asia HVAC Market. Meanwhile, Malaysia is projected to register substantial growth rate during the forecast period. The growing construction of modern infrastructure and a rising demand for green and sustainable buildings are boosting the demand for energy efficient HVAC systems in Malaysia. The growing disposable income of consumers is also influencing the growth of the HVAC market in the country.

Competitive Landscape

Major players operating in South East Asia HVAC Market include Carrier Global Corporation, Trane Technologies plc, Daikin Industries, Ltd, Johnson Controls International plc, Mitsubishi Electric Corporation, Honeywell International Inc., Goodman Manufacturing Company, LP, Bosch Thermotechnology, American Standard Companies, and Fujitsu General Limited. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Don’t miss the business opportunity in South East Asia HVAC Market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and South East Asia HVAC Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in South East Asia HVAC Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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