Report Overview

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

By Product Type

• Heating

1. Furnaces

2. Heat Pumps

3. Boilers

• Ventilation

1. Humidifiers/Dehumidifiers

2. Air Cleaners

3. Ventilation Fans

• Cooling

1. Ducted Split/Packaged Unit

2. Split Units

3. Chillers

By Application

• Commercial

• Residential

• Industrial

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Executive Summary
3. Singapore HVAC System Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
         1. Growing Demand for Energy Efficiency
         2. Rising Construction Activities
         3. Focus on Indoor Air Quality
      2. Restraints
         1. High Initial Investment Costs
         2. Skilled Labor Shortage
         3. Limited Space Constraints
      3. Opportunities
         1. Growth of Green Building Certifications
         2. Focus on Smart Cities
         3. Rising Demand for Maintenance and After-Sales Services
      4. Challenges
         1. Economic Fluctuations
         2. High Competition in the Market
         3. Regulations on Refrigerants
   3. Technological Advancements/Recent Developments
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
4. Singapore HVAC System Market: Marketing Strategies
5. Singapore HVAC System Market Overview
   1. Market Size & Forecast, 2019–2030
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Product Type
         1. Heating
            1. Furnaces
            2. Heat Pumps
            3. Boilers
         2. Ventilation
            1. Humidifiers/Dehumidifiers
            2. Air Cleaners
            3. Ventilation Fans
         3. Cooling
            1. Ducted Split/Packaged Unit
            2. Split Units
            3. Chillers
      2. By Application
         1. Commercial
         2. Residential
         3. Industrial
6. Competitive Landscape
   1. List of Key Players and Their Offerings
   2. Singapore HVAC System Company Market Share Analysis, 2023
   3. Competitive Benchmarking, By Operating Parameters
   4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
7. Impact of Escalating Geopolitical Tensions on Singapore HVAC System Market
8. Company Profiles (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, and SWOT Analysis)
   1. Daikin Industries Ltd
   2. Mitsubishi Electric Corporation
   3. Johnson Controls International plc
   4. Carrier Global Corporation
   5. Trane Technologies plc
   6. LG Electronics Inc.
   7. Hitachi, Ltd
   8. Panasonic Corporation
   9. Samsung Electronics Co., Ltd
   10. Toshiba Corporation
   11. Other Prominent Players
9. Key Strategic Recommendations
10. Research Methodology
    1. Qualitative Research
       1. Primary & Secondary Research
    2. Quantitative Research
    3.  Market Breakdown & Data Triangulation
       1.  Secondary Research
       2.  Primary Research
    4.  Breakdown of Primary Research Respondents, By Region
    5.  Assumptions & Limitations

*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