Report Overview

South East Asia HVAC Market - Industry Trends & Forecast Report, 2030

South East Asia HVAC Market size was estimated to be worth USD 13.56 billion in 2023. During the forecast period between 2024 and 2030, South East Asia HVAC Market size is projected to grow at a CAGR of 7.19%, reaching a value of USD 21.73 billion by 2030. Major growth factors for South East Asia HVAC Market include a spurring demand for HVAC systems and an increasing number of sustainable and energy-efficient commercial and industrial buildings driven by climate change. In addition, the increasing integration of advanced technologies, including IoT and artificial intelligence (AI), and growing launches of smart HVAC systems are projected to provide lucrative growth opportunities to the players in South East Asia HVAC Market during the period in analysis.

HVAC Systems – Overview

Heating, ventilation, and air conditioning, or HVAC, is a system for maintaining and controlling the temperature, humidity, and air purity 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, and dust, temperature control, and oxygen replenishment.

South East Asia HVAC Market

Growth Drivers

Rising Integration of Advanced Technologies

HVAC original equipment manufacturers (OEMs) are now launching smart HVAC assets that can be remotely monitored and managed through integration of advanced technologies, such as AI and the Internet of Things (IoT). Predictive algorithms leverage database information to facilitate IoT HVAC system control, monitoring, and support. In addition to offering ever-increasing convenience, IoT helps consumers save a significant amount of energy. LG Electronics (Thailand) Co. Ltd, for instance, recently launched the MULTI V i, a Variable Refrigerant Flow solution equipped with an advanced AI engine for HVAC system performance optimization. Such developments are expected to further drive South East Asia HVAC Market in the coming years.

Challenges

High Maintenance and Installation Costs

The installation of costly and complex integrated systems could restrict the growth of South East Asia HVAC Market. Air conditioning systems include a heating system, water heater, circulation pump, boiler, and controls, among other components that raise maintenance costs and could cause leaks. The average cost of a heat pump ranges around USD 3,700 and USD 11,000 and central AC costs around USD 5,750. As a result of the prohibitive cost, the HVAC system is still concentrated among consumers in higher income groups, which could limit the growth of South East Asia HVAC Market.

Impact of Escalating Geopolitical Tensions on South East Asia HVAC Market

Intensifying and further spreading of geopolitical tensions could hinder the growth of South East Asia HVAC Market. Prolonging Russia-Ukraine war or further escalation of geopolitical tensions in the Middle East could further affect the building and construction sector across the world. Trade restrictions and sanctions resulting from geopolitical crises cause disruptions in supply chains and manufacturing operations related to HVAC systems in South East Asia. It might lead to a lack of vital parts needed to produce HVAC systems, which would raise the cost of commodities. Additionally, it may discourage foreign investments, especially in unstable areas, which might have a detrimental effect on the market for HVAC systems. The geopolitical tensions also directly affect the purchasing power of the consumers, which results in the direct and significant demand for non-essential goods and services, including HVAC systems.

South East Asia HVAC Market

Segmental Coverage

South East Asia HVAC Market – By Offering

Based on offering, South East Asia HVAC Market is split into equipment and services segments. The equipment segment is further divided into heating (furnaces, heat pumps, and boilers), ventilation (humidifiers/dehumidifiers, air cleaners, and ventilation fans), and cooling (ducted split/packaged units, split units, and chillers). The services segment, on the other hand, is further divided into upgradation/replacement, maintenance and repair, installation, and consulting.

The equipment segment holds a larger market share of South East Asia HVAC Market by offering. Among the equipment sub-segments, the cooling segment accounts for the highest share due to the rising temperatures and rising disposable income of consumers, particularly in middle-income and lower-income groups.

South East Asia HVAC Market – By End User

By end user, South East Asia HVAC Market is divided into commercial, industrial, and residential segments. The commercial segment accounts for the largest market share in the market by end user. The high energy consumption and peak electricity demands are fueling the demand for energy efficiency in commercial buildings. Additionally, it is expected that governments’ incentives and allowance programs designed to promote the use of energy-efficient equipment would bolster the growth of the HVAC industry in the commercial sector. HVAC systems are also used in creative construction and remodeling of residential, commercial, or industrial structures.

South East Asia HVAC Market – By Country

The in-depth research report on South East Asia HVAC Market covers the region’s major countries including Indonesia, Thailand, Vietnam, Malaysia, Singapore, The Philippines, Taiwan, and Rest of SEA. Singapore dominates South East Asia HVAC Market owing to the rising temperature and high purchasing power of consumers. Furthermore, the launch of sustainable building projects, such as Gardens by the Bay in Singapore, further drives the HVAC market in the country. Malaysia also holds a substantial market share owing to the humid climatic conditions and growing demand for HVAC systems from the hospitality sector.

Competitive Landscape

Major players operating in the highly competitive 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.

Recent Developments

• In May 2024 – Climaveneta Chat Union Refrigeration Equipment Vietnam, a joint venture between Chat Union, a Hong Kong-based HVAC distribution compact, and Mitsubishi Electric Japan, launched advanced HVAC solutions in Vietnam.

Scope of the Report

By Offering

• Equipment

1.Heating

• Furnaces

• Heat pumps

• Boilers

2. Ventilation

• Humidifiers/Dehumidifiers

• Air Cleaners

• Ventilation Fans

3. Cooling

• Ducted Split/Packaged Unit

• Split Units

• Chillers

4. Services

• Upgradation/Replacement

• Maintenance & Repair

• Installation

• Consulting

By Sales Channel

• Direct Sales

• Distributors

• Retail

• Online

By End User

• Commercial

• Residential

• Industrial

By Region

• Indonesia

• Thailand

• Vietnam

• Malaysia

• Singapore

• The Philippines

• Taiwan

• Rest of SEA

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Executive Summary
3. South East Asia HVAC Market Insights
   1. DROC Analysis
      1. Growth Drivers
         1. Rising Integration of Advanced Technologies
         2. Increasing Emphasis on Energy Efficiency
         3. Growing Awareness about Improving Indoor Air Quality
      2. Restraints
         1. High Maintenance and Installation Costs
         2. Complex Installation and Maintenance
      3. Opportunities
         1. Urbanization and Population Growth
         2. Changing Climate Patterns
      4. Challenges
         1. Economic Fluctuations
         2. Competition from Alternative Heating and Cooling Solutions
   2. Technological Advancements/Recent Developments
   3. Porter’s Five Forces Analysis
4. Industry Value Chain Analysis
   1. Raw Material Suppliers
   2. HVAC Equipment Manufacturers
   3. Distributors and Wholesalers
   4. Retailers and Dealers
   5. HVAC Contractors and Installers
   6. Service and Maintenance Providers
   7. End Users (Residential, Commercial, Industrial, Institutional)
5. Regulatory Framework
   1. Singapore Building and Construction Authority (BCA)
   2. Thailand Green Building Council (TGC)
6. Analysis of Local Policies in SEA Region
7. South East Asia HVAC Market: Marketing Strategies
8. Evaluation of Sales Channels
9. South East Asia HVAC Market: Pricing Analysis
10. South East Asia HVAC Market Overview
    1. Market Size & Forecast, 2019–2030
       1. By Value (USD Billion)
    2. Market Share & Forecast
       1. By Offering
          1. Equipment
             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. Services
             1. Upgradation/replacement
             2. Maintenance and repair
             3. Installation
             4. Consulting
       2. By Sales Channel
          1. Direct Sales
          2. Distributors
          3. Retail
          4. Online
       3. By End User
          1. Commercial
          2. Residential
          3. Industrial
       4. By Region
          1. Indonesia
          2. Thailand
          3. Vietnam
          4. Malaysia
          5. Singapore
          6. The Philippines
          7. Taiwan
          8. Rest of SEA
11. Indonesia HVAC Market
    1. Market Size & Forecast, 2019–2030
       1. By Value (USD Billion)
    2. Market Share & Forecast
       1. By Offering
       2. By Sales Channel
       3. By End User
12. Thailand HVAC Market
    1. Market Size & Forecast, 2019–2030
       1. By Value (USD Billion)
    2. Market Share & Forecast
       1. By Offering
       2. By Sales Channel
       3. By End User
13. Vietnam HVAC Market
    1. Market Size & Forecast, 2019–2030
       1. By Value (USD Billion)
    2. Market Share & Forecast
       1. By Offering
       2. By Sales Channel
       3. By End User
14. Malaysia HVAC Market
    1. Market Size & Forecast, 2019–2030
       1. By Value (USD Billion)
    2. Market Share & Forecast
       1. By Offering
       2. By Sales Channel
       3. By End User
15. Singapore HVAC Market
    1. Market Size & Forecast, 2019–2030
       1. By Value (USD Billion)
    2. Market Share & Forecast
       1. By Offering
       2. By Sales Channel
       3. By End User
16. The Philippines HVAC Market
    1. Market Size & Forecast, 2019–2030
       1. By Value (USD Billion)
    2. Market Share & Forecast
       1. By Offering
       2. By Sales Channel
       3. By End User
17. Taiwan HVAC Market
    1. Market Size & Forecast, 2019–2030
       1. By Value (USD Billion)
    2. Market Share & Forecast
       1. By Offering
       2. By Sales Channel
       3. By End User
18. Rest of SEA HVAC Market
    1. Market Size & Forecast, 2019–2030
       1. By Value (USD Million)
    2. Market Share & Forecast
       1. By Offering
       2. By Sales Channel
       3. By End User
19. Competitive Landscape
    1. List of Key Players and Their Offerings
    2. South East Asia HVAC Market Company Market Share Analysis, 2023
    3. Competitive Benchmarking, By Operating Parameters
    4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
20. Impact of Escalating Geopolitical Tensions on South East Asia HVAC Market
21. Company Profiles
    1. Carrier Global Corporation *(same data pointers will be provided for the below companies)
       1. Introduction & Company Profile
       2. Product Benchmarking
       3. Strategic Outlook
       4. Key Personnel
       5. Key Competitors
       6. Financial Analysis
       7. Recent Developments
       8. SWOT Analysis
    2. Trane Technologies plc
    3. Daikin Industries, Ltd
    4. Johnson Controls International plc
    5. Mitsubishi Electric Corporation
    6. Honeywell International Inc.
    7. Goodman Manufacturing Company, LP
    8. Bosch Thermotechnology
    9. American Standard Companies
    10. Fujitsu General Limited
    11. Other Prominent Players
22. Key Strategic Recommendations
23. 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 Country
    5.       Assumptions & Limitations

*Financial information of non-listed companies can be provided as per the availability.

**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable.