Singapore Hvac System Market
Singapore HVAC System Market, By Product Type (Heating, Ventilation, Cooling); By Application (Commercial, Residential, Industrial), Trend Analysis, Competitive Landscape & Forecast, 2019–2030
- Published Date: April 2024
- Report ID: BWC24309
- Available Format: PDF
- Page: 200
Report Overview
A growing focus on energy efficient HVAC systems and an increasing demand for the systems from the thriving building and construction sector are expected to boost the growth of the Singapore HVAC System Market during the forecast period between 2024 and 2030.
Singapore HVAC System Market - Industry Trends & Forecast Report, 2030
The Singapore HVAC System Market size was estimated to be worth USD 2.65 billion in 2023. During the forecast period between 2024 and 2030, the Singapore HVAC System Market size is projected to grow at a CAGR of 5.88%, reaching a value of USD 3.47 billion by 2030. Major growth factors for the Singapore HVAC System Market include a rising demand for energy-efficient cooling systems and an increasing focus on sustainable buildings. In addition, the rising integration of advanced technologies, such as IoT and AI, is anticipated to present lucrative growth opportunities for the Singapore HVAC System Market during the period in analysis.
HVAC System – Overview
Heating, ventilation, and air conditioning, or HVAC, is a system of maintaining and controlling the temperature, humidity, and purity of the air in a room or enclosed space. HVAC systems are used in a wide range of commercial, residential, and industrial facilities, such as family homes, apartments, hotels, hospitals, trains, airplanes, and ships. Ventilation is an important aspect of HVAC, as it helps in maintaining indoor air quality, which involves the removal of moisture, odors, smoke, dust, temperature control, and oxygen replenishment.
Singapore HVAC System Market
Growth Drivers
Rising Integration of Advanced Technologies
With the use of cutting-edge technologies like artificial intelligence (AI) and the Internet of Things (IoT), HVAC systems are getting increasingly innovative. Consumers may attain maximum efficiency by incorporating sensors and the IoT into HVAC systems. IoT enables the HVAC system to communicate, share, and evaluate data to maximize efficiency across a range of items and run more smoothly. It is anticipated to offer the Singapore HVAC market significant growth opportunities during the forecast period.
Challenges
High Installation Cost Involved in HVAC Systems
The high cost of installing an HVAC system might be a major barrier to the expansion of Singapore HVAC System Market, as it includes several expensive parts, including the thermostat, ducting, refrigeration line, outdoor and interior units. HVAC systems also include the ongoing maintenance expenses that the customer must pay. For example, an HVAC system typically costs between USD 5,000 and USD 12,000, plus an additional USD 500 for labor.
Singapore HVAC System Market
Segmental Coverage
Singapore HVAC System Market – By Product Type
Based on product type, the Singapore HVAC System Market is segmented into heating, ventilation, and cooling. The heating segment is further classified into furnaces, heat pumps, and boilers. The ventilation segment is further classified into humidifiers/dehumidifiers, air cleaners, and ventilation fans. The cooling segment is further divided into ducted split/packaged units, split units, and chillers. The cooling segment accounts for the highest market share due to the tropical climate of Singapore, as the country is situated near the equator.
Singapore HVAC System Market – By Application
Based on application, the Singapore HVAC System Market is divided into commercial, residential, and industrial segments. The residential segment dominates the Singapore HVAC System Market due to Singaporean customers' high disposable income and changing lifestyles. The increasing investment in the development of commercial buildings, including hotels, shopping centers, and offices, is expected to drive the commercial segment during the forecast period.
Competitive Landscape
Major players operating in the Singapore HVAC System Market include Daikin Industries Ltd, Mitsubishi Electric Corporation, Johnson Controls International plc, Carrier Global Corporation, Trane Technologies plc, LG Electronics Inc., Hitachi, Ltd, Panasonic Corporation, Samsung Electronics Co., Ltd, and Toshiba Corporation.
To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
Recent Developments
-
In September 2023 – ECM Technologies, an HVAC system efficiency provider based in the United States, announced its partnership with AC Wise, an energy savings company, to distribute ThermaClear, an HVAC anti-thermal degradation technology, to Asian markets, including Singapore.
Scope of the Report
Attributes |
Details |
Years Considered |
Historical Data – 2019–2023 |
Base Year – 2023 |
|
Estimated Year – 2024 |
|
Forecast Period – 2024–2030 |
|
Facts Covered |
Revenue in USD Billion |
Market Coverage |
Singapore |
Product/ Service Segmentation |
Product Type, Application |
Key Players |
Daikin Industries Ltd, Mitsubishi Electric Corporation, Johnson Controls International plc, Carrier Global Corporation, Trane Technologies plc, LG Electronics Inc., Hitachi, Ltd, Panasonic Corporation, Samsung Electronics Co., Ltd, Toshiba Corporation |
By Product Type
-
Heating
-
Furnaces
-
Heat Pumps
-
Boilers
-
Ventilation
-
Humidifiers/Dehumidifiers
-
Air Cleaners
-
Ventilation Fans
-
Cooling
-
Ducted Split/Packaged Unit
-
Split Units
-
Chillers
By Application
-
Commercial
-
Residential
-
Industrial
- Research Framework
- Research Objective
- Product Overview
- Market Segmentation
- Executive Summary
- Singapore HVAC System Market Insights
- Industry Value Chain Analysis
- DROC Analysis
- Growth Drivers
- Growing Demand for Energy Efficiency
- Rising Construction Activities
- Focus on Indoor Air Quality
- Restraints
- High Initial Investment Costs
- Skilled Labor Shortage
- Limited Space Constraints
- Opportunities
- Growth of Green Building Certifications
- Focus on Smart Cities
- Rising Demand for Maintenance and After-Sales Services
- Challenges
- Economic Fluctuations
- High Competition in the Market
- Regulations on Refrigerants
- Growth Drivers
- Technological Advancements/Recent Developments
- Regulatory Framework
- Porter’s Five Forces Analysis
- Bargaining Power of Suppliers
- Bargaining Power of Buyers
- Threat of New Entrants
- Threat of Substitutes
- Intensity of Rivalry
- Singapore HVAC System Market: Marketing Strategies
- Singapore HVAC System Market Overview
- Market Size & Forecast, 2019–2030
- By Value (USD Billion)
- Market Share & Forecast
- By Product Type
- Heating
- Furnaces
- Heat Pumps
- Boilers
- Ventilation
- Humidifiers/Dehumidifiers
- Air Cleaners
- Ventilation Fans
- Cooling
- Ducted Split/Packaged Unit
- Split Units
- Chillers
- Heating
- By Application
- Commercial
- Residential
- Industrial
- By Product Type
- Market Size & Forecast, 2019–2030
- Competitive Landscape
- List of Key Players and Their Offerings
- Singapore HVAC System Company Market Share Analysis, 2023
- Competitive Benchmarking, By Operating Parameters
- Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
- Impact of Escalating Geopolitical Tensions on Singapore HVAC System Market
- Company Profiles (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, and SWOT Analysis)
- Daikin Industries Ltd
- Mitsubishi Electric Corporation
- Johnson Controls International plc
- Carrier Global Corporation
- Trane Technologies plc
- LG Electronics Inc.
- Hitachi, Ltd
- Panasonic Corporation
- Samsung Electronics Co., Ltd
- Toshiba Corporation
- Other Prominent Players
- Key Strategic Recommendations
- Research Methodology
- Qualitative Research
- Primary & Secondary Research
- Quantitative Research
- Market Breakdown & Data Triangulation
- Secondary Research
- Primary Research
- Breakdown of Primary Research Respondents, By Region
- Assumptions & Limitations
- Qualitative Research
*Financial information of non-listed companies can be provided as per availability.
**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable.
List of Figures
Figure 1 Singapore HVAC System Segmentation
Figure 2 Singapore HVAC System Market Value Chain Analysis
Figure 3 Company Market Share Analysis, 2023
Figure 4 Singapore HVAC System Market Size, By Value (USD Billion), 2019–2030
Figure 5 Singapore HVAC System Market Share, By Product Type, By Value, 2019–2030
Figure 6 Singapore HVAC System Market Share, By Application, By Value, 2019–2030
List of Tables
Table 1 Singapore HVAC System Market Size, By Value (USD Billion), 2019–2030
Table 2 Singapore HVAC System Market Share, By Product Type, By Value, 2019–2030
Table 3 Singapore HVAC System Market Share, By Application, By Value, 2019–2030
Table 4 Daikin Industries Ltd Company Overview
Table 5 Daikin Industries Ltd Financial Overview
Table 6 Mitsubishi Electric Corporation Company Overview
Table 7 Mitsubishi Electric Corporation Financial Overview
Table 8 Johnson Controls International plc Company Overview
Table 9 Johnson Controls International plc Financial Overview
Table 10 Carrier Global Corporation Company Overview
Table 11 Carrier Global Corporation Financial Overview
Table 12 Trane Technologies plc Company Overview
Table 13 Trane Technologies plc Financial Overview
Table 14 LG Electronics Inc. Company Overview
Table 15 LG Electronics Inc. Financial Overview
Table 16 Hitachi, Ltd Company Overview
Table 17 Hitachi, Ltd Financial Overview
Table 18 Panasonic Corporation Company Overview
Table 19 Panasonic Corporation Financial Overview
Table 20 Samsung Electronics Co., Ltd Company Overview
Table 21 Samsung Electronics Co., Ltd Financial Overview
Table 22 Toshiba Corporation Company Overview
Table 23 Toshiba Corporation Financial Overview
Table 24 Other Prominent Players Company Overview
Table 25 Other Prominent Players Financial Overview
Market Segmentation
To request a free sample copy of this report, please complete the form below.
We value your investment and offer free customization with every report to fulfil your exact research needs.
Frequently Asked Questions (FAQs):
RELATED REPORTS
WHY CHOOSE US
-
24/7 Research Support
Get your queries resolved from an industry expert. Request for a free product review before report purchase.
-
Custom Research Service
Ask the Analyst to customize an exclusive study to serve your research needs
-
Quality & Accuracy
Ask the Analyst to customize an exclusive study to serve your research needs
-
Data Visualization
As the business world is changing dynamically every day. We need to stay pin point in relation to data management and optimum data utilization
-
Information security
We never share your personal and confidential information. Your personal information is safe and secure with us.